The country’s first microinsurance company, CARD Pioneer Microinsurance, Inc. (CMPI), is hosting the Microinsurance Master accelerator program in the Philippines for the fourth time to share best practices in how to pursue and promote financial inclusion for the low-income market segment.
Delegates from 15 different countries are attending this year’s Microinsurance Master to learn from CPMI’s holistic approach in protecting low-income households through simple, affordable, and accessible insurance solutions.
CPMI Board member and Pioneer Group Head Lorenzo Chan, Jr. said that bringing microinsurance to low-income families in countries like the Philippines builds resiliency by providing financial protection against various risks such as death, accident, hospitalization, fire, and other natural calamities, among others.
“This is the fourth time that we are hosting the Microinsurance Master where delegates will not only learn from the classroom sessions but also with direct interactions out in the field with some of our partners and microinsurance customers,” Mr. Chan said.
The Microinsurance Master will be held from March 4-15, 2024, at the Pioneer House in Makati.
Mr. Chan is also the chairperson of the Microinsurance Network which is a global nonprofit multi-stakeholder platform dedicated to promoting inclusive insurance to low-income households worldwide. The Microinsurance Network provides thought leadership, enables the sharing of best practices and the opportunity for collaboration. Its flagship program — The Landscape of Microinsurance study — provides a unique benchmark, tracking the uptake of inclusive insurance products and services, along with insights into emerging trends world-wide. Mr. Chan is likewise a member of the Advisory Committee on Climate Resilience of the World Bank’s CGAP (Consultative Group to Assist the Poor) — a global partnership working to advance the life of the poor through financial inclusion.
The microinsurance sector in the Philippines is experiencing a remarkable surge, as indicated in a recent report from the Insurance Commission (IC). Microinsurance premiums soared to ₱10.16 billion in the third quarter of 2023, marking a notable 19.6% increase from ₱8.49 billion in 2022. This surge is particularly pronounced compared to the ₱6.70 billion reported in the second quarter of 2023. Additionally, there has been a 2.34% uptake in the number of insured lives, rising from 54.99 million in the third quarter of 2022 to 56.28 million in 2023.
CPMI is a joint venture between the Pioneer group and CARD MRI, the country’s largest microfinance institution. It principally addresses the range of protection needs of the low-income population, including but not limited to coverage for calamity, agriculture, business interruption, health, accident, and loss of life.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.