INSURING THE POOR. By Emmanuel R. Que. Chairman, Philippine Insurers and Reinsurers Association
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1 INSURING THE POOR By Emmanuel R. Que Chairman, Philippine Insurers and Reinsurers Association Supporting the development of microinsurance: An industry perspective
2 ABOUT PIRA Philippine Insurers and Reinsurers Association 72 companies Rating organization Voice of the non-life insurance industry
3 ABOUT PIRA RIGHTS & INTEREST ALLIANCES STRENGTH UNITY, GOODWILL & COOPERATION VISION: STRONG, UNIFIED, INFLUENTIAL & COHESIVE NON-LIFE INDUSTRY GROWTH SOCIO- ECONOMIC DEVELOPMENT FORUMS & DIALOGUES
4 NON-LIFE INSURANCE IN PH INSURANCE PENETRATION SINGAPORE 6.1 % MALAYSIA 4.8 % THAILAND 4.3 % VIETNAM 1.55 % PHILIPPINES 1.42% INDONESIA 1.3 % More than 100 years old P54.57 billion in Gross Premiums (2013) 4.4% growth rate (2013) GPW = 1.42% of GDP
5 SAD REALITY IN PH 100 million people (2013) 25 million live below poverty line 50% of population say they are poor
6 SAD REALITY IN PH Health risks: Sickness, injury, death Environment risks: Accidents, crimes, natural calamities Typical solution: Loan sharks
7 LONG TERM SOLUTION
8 MICROINSURANCE 1997 Planting of seeds TIMELINE 2004 Intro with micro finance 2006 Policy and regulation launch 2010 National Strategy launch
9 WHAT PIRA HAS DONE National Strategy PIRA TECHNICAL SUB-COMMITTEE ON MICROINSURANCE Alternative Dispute Resolution Framework Regulatory Framework Fulfill PIRA s role in the National Microinsurance Initiatives (Inter-agency Projects) Financial Literacy Technical Working Groups Partnership with LGUs Microinsurance Conferences IIAP Seminars on Microinsurance
10 BEFORE 2009 Only MBA's have microinsurance No microinsurance agent category Only 3.1 million people have microinsurance
11 END OF insurance companies have microinsurance IC has approved 80 microinsurance products 17 new MBA's licensed to offer microinsurance IC has licensed 124 microinsurance agents, 34 of which are rural banks More than 12 million people have microinsurance
12 SUCCESS STORY
13 YOLANDA EXPERIENCE Deaths: 6,300 Missing: 1,061 Injured: 28, kph winds, 6 landfalls Affected people: 17 milion people in 9 regions AMAGE: P39 BILLION
14 YOLANDA DEATH TOLL SOURCE: NDRRMC
15 YOLANDA DAMAGES INSURED LOSSES $500 million (P21 billion) In PHP Agriculture 19,559,379, Infrastructure 20,262,118, Total damages 39,821,497, SOURCE: NDRRMC
16 WHAT MICROINSURANCE DID Used satellite imaging and crisis maps to assess claims. Participated in Agarang Proseso, Benepisyong Sigurado remote claims office in Tacloban. Paid out P500 million worth of claims within 10 days after Yolanda struck
17 WHAT MICROINSURANCE DID
18 OPPORTUNITIES More Filipinos are now conscious of risks and the importance of being insured. IC has relaxed requirements for microinsurance companies, agents, and products. IC has set up alternative dispute resolutions for microinsurance.
19 CHALLENGES Climate change is getting worse every year. Majority of Filipinos still rely on luck and view insurance negatively. Insurance companies suffered badly from Yolanda. High administrative costs hinder development of new products.
20 CHALLENGES Community-based & Highly-clustered Technology Simplification & Cost-efficiency Community-based & Highly-clustered Insurance Awareness SAVINGS & CREDIT Calamities Simple & Transparent Products
21 WHAT WE WANT TO DO Encourage more participation from members Align support resources to PIRA Technical Sub-Committee on Microinsurance Community-based & Highly-clustered Microinsurance seminars & Financial Literacy Roadshows Continuous support to Microinsurance Projects and PPPs PIRA Online Microinsurance Library
22 PARTING SHOT Microinsurance is a weapon against poverty. The government and private sector must work together to develop it further.
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