RP cited for microinsurance opportunities

THE PHILIPPINES, India and Indonesia offer the biggest opportunities for the fledging microinsurance industry, which has a potential market of 3 billion people, industry officials said on Tuesday.
Microinsurance offers coverage for people with low incomes, including products such as life insurance, and is branching into areas such as offering farmers polices against extreme weather.
Over 140 million people, mostly in Africa and Asia, are now covered by affordable insurance premiums, and studies showed the potential market is up to 3 billion, the Munich Re Foundation and International Labour Organisation said ahead of a three-day microinsurance conference in Manila that began yesterday.
Craig Churchill, head of the global Microinsurance Network and team leader of the International Labour Office’s Microinsurance Innovation Facility, said more than half of microinsurance products were focused on life and health while less than 10% cover farms.
“We’re still at the experimental stage in offering products that could cover agriculture,” he said, adding there was huge potential growth for such products, citing impacts of typhoons Ketsana and Parma in the northern Philippines in late 2009.

Business World — The Philippines, India and Indonesia offer the biggest opportunities for the fledging microinsurance industry, which has a potential market of 3 billion people, industry officials said on Tuesday.

Microinsurance offers coverage for people with low incomes, including products such as life insurance, and is branching into areas such as offering farmers polices against extreme weather.

Over 140 million people, mostly in Africa and Asia, are now covered by affordable insurance premiums, and studies showed the potential market is up to 3 billion, the Munich Re Foundation and International Labour Organisation said ahead of a three-day microinsurance conference in Manila that began yesterday.

Craig Churchill, head of the global Microinsurance Network and team leader of the International Labour Office’s Microinsurance Innovation Facility, said more than half of microinsurance products were focused on life and health while less than 10% cover farms.

“We’re still at the experimental stage in offering products that could cover agriculture,” he said, adding there was huge potential growth for such products, citing impacts of typhoons Ketsana and Parma in the northern Philippines in late 2009.

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