Insurers and regulators join hands for better microinsurance

In the wake of the recent weather disasters in East Asia experts from 40 countries discussed how to improve regulation for better microinsurance at the first Consultative Forum held in Jakarta recently.

The forum was held in connection with the ninth International Microinsurance Conference and brought together representatives of the insurance industry, hosted by the International Association of Insurance Supervisors (IAIS) and the Microinsurance Network.

Setting a frame for the discussions, Stefanie Zinsmeyer from the Access to Insurance Initiative presented emerging microinsurance business models from 25 jurisdictions around the globe, focusing on related risks and regulatory implications for supervisors. The forum was the stage for discussion of business models that work for low-income populations. Panel facilitator Arup Chatterjee from the Asian Development Bank underlined that “efficient distribution alone cannot sustain a market. Effective post sales services need to be in place.” The recent extreme weather events in the Philippines support this statement, with thousands of clients expecting rapid and un-bureaucratic payouts. Insurers and regulators agreed to join hands not only to achieve more scale but also to push value-for-money products and services.