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Microinsurance Policy Perspective, Trends and key issues Presentation to SECP and Insurance Sector Seminar 29 November PowerPoint Presentation
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Microinsurance Policy Perspective, Trends and key issues Presentation to SECP and Insurance Sector Seminar 29 November 2011. Policy Perspective. From a pyramid . Non-Poor . Transitory Non-Poor. Microfinance (Credit, Deposit, Insurance and Remittances). Transitory Vulnerable.

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Presentation Transcript
slide1

Microinsurance

Policy Perspective, Trends and key issues

Presentation to

SECP and Insurance Sector Seminar

29 November 2011

from a pyramid
From a pyramid

Non-Poor

Transitory Non-Poor

Microfinance

(Credit, Deposit, Insurance and Remittances)

Transitory Vulnerable

Transitory Poor

Chronic Poor

Extremely Poor

to a diamond
To a Diamond

HNWI

Middle Class

Poor

slide5

Responding to poverty: The arsenal

HEALTH

CARE

What to do is, by and large known and simple

EDUCATION

Access

To

PovertySIGNIFICANT

REDUCTION

MICRO

FINANCE

HOUSING

BASIC

SERVICES

slide6

Relationship between Financial Exclusion and poverty exists…

*Source: : http://maps.grida.no/go/graphic/poverty-by-country-share-of-population-living-under-usd-2-per-day-2004

slide7

There is a moderate to strong relationship between GDP per capita and usage of financial services

slide11

Insurance Density: Gross Premium per capita

Insurance density in USD$

Indonesia

15.8

Bangladesh

2.5

Thailand

92.1

USA

3,790.2

Brazil

101.1

UK

4,484.4

Pakistan

4.0

India

19.7

Sri Lanka

14.2

Malaysia

25.7

Kenya

11.1

Argentina

105.4

slide18

Issues/Challenges

  • Awareness & Low literacy
  • High Premium
  • High Transportation Cost (Rural)
  • Product viability
  • Culture (Low demand for voluntary insurance
  • distrust
  • Diseases high
  • Consumer protection
  • Transparency
  • Cashless vs. cash based
  • Settlement of claims (time required)
  • Competition (product pricing)
  • Volumes required (low cost)
  • Existing products not meet the need
  • Product diversification
  • Marketing difficult then Credit/Savings
  • Push Vs. Pull
  • Late reimbursement of claims

MFPs & Insurance Co.

Regulation

Client

  • Lack of understanding of microinsurance
  • Lack of appropriate information
  • Legal framework not supportive
  • MFPs agents or brokers
  • Product diversification