Philippines: MicroHealth

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In Philippines healthcare financial risk protection is being provided by the government through the Philippine Health Insurance Corporation (PhilHealth), other social protection programs, and by the licensed private insurance companies and Health Maintenance Organizations (HMOs). In 2014, 87% of Filipinos were covered by PhilHealth and the 13% of uncovered population belonged to the low-income and informal sectors, which are the target market of Microinsurance.

Indonesia: SiPINTAR, an Asuransiku (microinsurance) and Emasku (microinvestment) Hybrid Product

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Indonesia has a low index of financial services literacy, mostly in insurance sectors, leasing, pension fund and stock markets. The national survey on financial literacy of 2013 suggested that those who were insurance literate and bought insurance products were only 17.84% while 39.8% were not literate at all. This condition is persistent due to various reasons, such as lack of education, lack of awareness on insurance, high distribution cost to the remote islands, inaccessibility to financial institutions, among others.

Indonesia: Allianz’s SEKOCI, responding to the ‘client value’ challenge

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Microfinance institutions (MFIs) remain to be the easiest entry point of microinsurance providers. Its captive market enabled insurance providers to immediately reach business scale. Asuransi Allianz Life Indonesia has mastered the MFI channel business model and its microinsurance product Payung Keluarga credit-life has a strong 5.4 million customer base which generated USD 2.9 million in gross written premium (2016).
 

 

Nepal: Implementing Microinsurance Standard Products

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Shikhar Insurance Company Ltd. (SICL) is a publicly-listed general insurance company established in 2004. It holds 14% market share of total industry premium and 18% market share of total number of policies. With regard to its microinsurance products, SILC offers livestock, poultry and crop insurance under the agriculture insurance line of business. These products are enjoying up to 75% subsidy on premium from the government. Its main target group are farmers and their families who are policy holders of Shikhar’s agriculture insurance.

Nepal: Endowment and Term Microinsurance Products

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In Nepal almost 80% of the total population lives in the rural areas. Nepal Life Insurance Company Limited (NepalLife) is the leading life insurance company contributing 33% to the total industry premium. NepalLife enters the microinsurance market by offering Micro Endowment Life Insurance and Micro Term Life Insurance, which are pre-approved by BeemaSamiti. However reaching the targeted group at remote locations is the most challenging tasks for the company.

 

Pakistan: Delivering affordable life insurance solutions through mobile phones

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Low-income households and micro, small and medium size enterprises are particularly vulnerable to risks and those risks generally bring heavy financial implications. As climate change has an impact on all regions of the world, the poor and the vulnerable are the most at risk of the dire consequences that push millions into poverty every year. Nevertheless, there are two key challenges to extending effective insurance services to low-income households and a deterrent for the engagement of commercial insurers.

 

Pakistan: Delivering health based plan for women and their families through a non-government organisation

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Pakistan is the sixth most populous country in the world with an estimated population of 190 million in 2015. Approximately 40% are poor according to the Multidimensional Poverty Index. The proportion of people identified as multidimensionality poor in urban areas is significantly lower than in rural areas – 10% and 55% respectively.

Vietnam: Delivering Microinsurance

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Vietnam is a developing country which has more than 60 million people living in the countryside with low-incomes and facing any type of risks. Access to insurance products is low due to the high cost of premium and complexity of the products. Insurance companies have difficulties selling microinsurance with low tariff due to the high cost of delivery and operations.

Indonesia: Synergy in Public-Private Partnership in Implementing the National Strategy for Financial Inclusion

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National Strategy for Financial Inclusion (Strategi Nasional Keuangan Inklusif – SNKI) focuses on six pillars: financial education, public financing facilities, financial information mapping, supportive regulations, distribution networks and intermediation facilities, and consumer protection. Their main target is to increase the proportion of citizens who have access to product and services of financial service from 36% in 2013 to 75% by 2019. In some less develop provinces, the index is still below 67.82%.

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