Saturday, September 23, 2017

Philippine insurers promote inclusive insurance

Five major insurance firms in the Philippines have forged a coalition to promote the growth of inclusive insurance market across the Asian region.

They are Cebuana Lhuiller Insurance Solutions, CARD Pioneer Microinsurance, CLIMBS Life and General Insurance Cooperative, Western Guaranty Corporation and Pru Life UK.

The group launched a non-stock and non-profit organisation called Mutual Exchange Forum on Inclusive Insurance (MEFIN).

Its aim is to seek to facilitate the growth of the market by searching solutions to challenges in the regulation of the industry, as well as in the creation of suitable business models.

The partnership has garnered the support of the German government through its international development cooperation company, Deutsche Gesellschaft für Internationale Zusammenarbeit.

Dennis Funa, insurance commissioner, as well as other key stakeholders in the Philippine insurance sector were present during the MEFIN launch.

 

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