APEC finance ministers ratify Cebu Action Plan including measures to expand microinsurance

Tuesday, September 15, 2015
Microinsurance Network, represented by Network Chairman, Michael J. McCord was present at the 22nd Asia-Pacific Economic Cooperation (APEC) Finance Ministers Meeting  last Thursday 10 and Friday 11 September in the Philippines to launch the Cebu Action Plan (CAP).
 
The outline of the Plan is supported by four pillars: promoting financial integration, advancing fiscal reforms and transparency, enhancing financial resilience and accelerating infrastructure development and financing.
 
Microinsurance is encompassed within the enhancement of financial resiliency, under the umbrella of disaster risk financing and insurance initiatives.
 
Chairman of the Microinsurance Network, Michael J. McCord expressed his delight at the ratification of the CAP and stressed the benefits that microinsurance will bring to APEC´s member economies. 
 
“The ratification of the Cebu Action Plan by Senior Finance Ministry authorities of the 21 member economies of APEC is a historical event that kicks off a series of actions within the region. The [APEC] region now has a deliverable to deepen insurance penetration within member economies. This will include the development of a strategic roadmap specifically for the expansion of microinsurance to help member economies achieve this deliverable.”
 
Mr. McCord also added that the elaboration of details of the roadmap were already underway and said that important implemented outputs were expected before November 2016, with Microinsurance Network taking the lead in that work stream.
 
“We believe that this effort by the Network will prove to be an important step in achieving the Network´s objective of creating and improved environment for business for all our members who work in the APEC economies”, concluded the Chairman. 

To read the full press release on the meeting, click here.