Malaya Business Insight
The Philippines has the highest microinsurance coverage ratio in the Asia and Oceania region at 21.3 percent, an international report showed.
In the Philippines these are life insurance coverages that average at P10,000.
According to the briefing note titled, “The Landscape of Microinsurance in Asia and Oceania 2013,” there are 19.9 million Filipinos covered by microinsurance in the Philippines.
The report was jointly published by Munich Re Foundation and Deutsche Gesellschaft für Internationale Zusammenarbeit.
“Bangladesh, China, India, Thailand, and the Philippines are leading in the (Asia and Oceania) region, the Philippines being the country with the highest microinsurance coverage ratio,” the report said.
The microinsurance coverage ratio is the total number of insured people as a percentage of the total population.
According to the briefing note, while India and the Philippines led the way, microinsurance specific regulations are evolving constantly in countries like Bangladesh, China, Cambodia, Indonesia, Nepal, Pakistan, and Vietnam.
“Only four countries have a microinsurance coverage ratio of greater than 5 percent: the Philippines, Thailand, India, and Bangladesh,” the report said.
“The countries in Asia and Oceania are varied in terms of size and development of their microinsurance sectors. However, even the small countries have started innovations which will eventually contribute to the advancement of the sector in a sophisticated way,” it added.
Thailand has a microinsurance coverage ratio of 14 percent, followed by India and Bangladesh with 9.2 percent and 6.2 percent, respectively.
This was followed by the countries of Malaysia (3.8 percent), Fiji (3.5 percent), Pakistan (3.1 percent), Cambodia (2.1 percent), East Timor (1.6 percent), and Jordan (1.5 percent).
In terms of number of people covered, India leads the Asian microinsurance market with 111.1 million.
The briefing note said that there are 172.8 million individuals and properties identified as having microinsurance coverage in the region.
According to the report, life insurance emerged as the main type of coverage in Asia and Oceania covering 83.9 million people.
This was followed by accident insurance which covers 77.8 million people, and health insurance which covers 28 million individuals.
Category:
Business News
The Philippines has the highest microinsurance coverage ratio in the Asia and Oceania region at 21.3 percent, an international report showed.
In the Philippines these are life insurance coverages that average at P10,000.
According to the briefing note titled, “The Landscape of Microinsurance in Asia and Oceania 2013,” there are 19.9 million Filipinos covered by microinsurance in the Philippines.
The report was jointly published by Munich Re Foundation and Deutsche Gesellschaft für Internationale Zusammenarbeit.
“Bangladesh, China, India, Thailand, and the Philippines are leading in the (Asia and Oceania) region, the Philippines being the country with the highest microinsurance coverage ratio,” the report said.
The microinsurance coverage ratio is the total number of insured people as a percentage of the total population.
According to the briefing note, while India and the Philippines led the way, microinsurance specific regulations are evolving constantly in countries like Bangladesh, China, Cambodia, Indonesia, Nepal, Pakistan, and Vietnam.
“Only four countries have a microinsurance coverage ratio of greater than 5 percent: the Philippines, Thailand, India, and Bangladesh,” the report said.
“The countries in Asia and Oceania are varied in terms of size and development of their microinsurance sectors. However, even the small countries have started innovations which will eventually contribute to the advancement of the sector in a sophisticated way,” it added.
Thailand has a microinsurance coverage ratio of 14 percent, followed by India and Bangladesh with 9.2 percent and 6.2 percent, respectively.
This was followed by the countries of Malaysia (3.8 percent), Fiji (3.5 percent), Pakistan (3.1 percent), Cambodia (2.1 percent), East Timor (1.6 percent), and Jordan (1.5 percent).
In terms of number of people covered, India leads the Asian microinsurance market with 111.1 million.
The briefing note said that there are 172.8 million individuals and properties identified as having microinsurance coverage in the region.
According to the report, life insurance emerged as the main type of coverage in Asia and Oceania covering 83.9 million people.
This was followed by accident insurance which covers 77.8 million people, and health insurance which covers 28 million individuals.
Category:
Business News
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