Thursday, February 23, 2012
Iloilo Training on Microinsurance Advocacy Feb. 21-23, 2011
Pictures taken during the conduct of the Training on Microinsurance Advocacy held at the MO2 Westown Hotel, Iloilo City https://plus.google.com/photos/116777308408555490155/albums/5712192735186467473?authkey=CIr4xYn7xbHF-wE
Wednesday, February 22, 2012
Wednesday, February 15, 2012
Sunday, February 12, 2012
Gabi ng Parangal at Pasasalamat sa Mga Tagapagtaguyod ng Microinsurance
To access, please click this link - https://picasaweb.google.com/116777308408555490155/2012_01_31MICROINSURANCEGABINGPARANGAL?authkey=Gv1sRgCMH9y9iIxcjeSg
Monday, January 30, 2012
Insurance Commission sees more Filipinos buying microinsurance
Manila Times
Saturday, January 28, 2012 00:00
by : KATRINA MENNEN A. VALDEZ
The country’s microinsurance industry is seen to grow by more than half this year because of the increasing awareness among low-income Filipinos after a series of calamities last year.
Insurance Commission (IC) Commissioner Emmanuel Dooc said that as of December last year, there were about 3.1 million microinsurance policies sold.
Such number are comprised of families, associations, individuals and group policies to cover them and their respective members from contingent events such as death, sickness, accident and environmental calamities.
“With the sheer number of low income populace in the country, the market is definitely huge and that translates to potential profits,” Dooc said.
At present, the Philippines lags behind its regional peers in terms of insurance penetration, which hovers at below 14 percent of the total population.
The country has about eight microinsurance providers from the non-life industry, seven from life and 15 from the mutual benefit association sector.
Under a micro insurance policy, an individual could cover a contingent event such as death for only P1 a day or up to P20 a day, with claims ranging from P500 up to P200,000.
Department of Finance Director Joselito Almario said that the industry starting this year is expecting to sell 5 million more policies or 60 percent more than it has sold from the previous year.
”There is indeed an increasing awareness among low-income Filipinos regarding the need for them to avail of insurance policy. We are seeing that we could make more people buy insurance products and generate an additional 5 million policies this year,” he said.
”The series of calamities made a lot of impact with regard to ordinary people’s awareness of the necessity to have themselves and their properties covered by insurance. Sales of microinsurance policies shot up since last year,” Almario added.
He said that it is only this year that microinsurance companies were required to report every month to the IC the necessary figures that would enable the government to monitor the penetration rate and equivalent value of micro-insurance products they sold.
Almario added said that to further attract low-income earners to avail of insurance, the government in partnership with the private sector will simplify the terms and conditions on the policies, and would hasten the process of approval of claims to not more than 10 days
Saturday, January 28, 2012 00:00
by : KATRINA MENNEN A. VALDEZ
The country’s microinsurance industry is seen to grow by more than half this year because of the increasing awareness among low-income Filipinos after a series of calamities last year.
Insurance Commission (IC) Commissioner Emmanuel Dooc said that as of December last year, there were about 3.1 million microinsurance policies sold.
Such number are comprised of families, associations, individuals and group policies to cover them and their respective members from contingent events such as death, sickness, accident and environmental calamities.
“With the sheer number of low income populace in the country, the market is definitely huge and that translates to potential profits,” Dooc said.
At present, the Philippines lags behind its regional peers in terms of insurance penetration, which hovers at below 14 percent of the total population.
The country has about eight microinsurance providers from the non-life industry, seven from life and 15 from the mutual benefit association sector.
Under a micro insurance policy, an individual could cover a contingent event such as death for only P1 a day or up to P20 a day, with claims ranging from P500 up to P200,000.
Department of Finance Director Joselito Almario said that the industry starting this year is expecting to sell 5 million more policies or 60 percent more than it has sold from the previous year.
”There is indeed an increasing awareness among low-income Filipinos regarding the need for them to avail of insurance policy. We are seeing that we could make more people buy insurance products and generate an additional 5 million policies this year,” he said.
”The series of calamities made a lot of impact with regard to ordinary people’s awareness of the necessity to have themselves and their properties covered by insurance. Sales of microinsurance policies shot up since last year,” Almario added.
He said that it is only this year that microinsurance companies were required to report every month to the IC the necessary figures that would enable the government to monitor the penetration rate and equivalent value of micro-insurance products they sold.
Almario added said that to further attract low-income earners to avail of insurance, the government in partnership with the private sector will simplify the terms and conditions on the policies, and would hasten the process of approval of claims to not more than 10 days
Saturday, January 28, 2012
REGULATOR TO RECOGNIZE MICROINSURANCE PROVIDERS
To culminate this year’s Microinsurance month celebration, the Insurance Commission (IC) will give due recognition to life and non-life insurance entities actively engaged in the delivery of microinsurance products and services. Microinsurance, as defined by the IC, are insurance products that are affordable, simple and accessible to low-income and informal sectors of society.
Dubbed as the “Gabi ng Parangal at Pasasalamat sa mga Tagapagtaguyod ng Microinsurance”, the awarding ceremony shall be held at the Philippine International Convention Center on 31 January 2012. The month of January of every year was declared as “National Microinsurance Month” through Proclamation No. 1212 issued in 2006.
According to Insurance Commissioner Emmanuel Dooc, this year’s event will highlight “Government’s steadfast commitment, in partnership with the private sector, to uplift the conditions of our poor countrymen by providing them access to simple and low-cost protection against risks and unexpected events.” Microinsurance has been identified as one of the financial inclusion priorities of Government in its 2011-2016 Medium-Term Philippine Development Plan.
To be honored are government’s partners in the promotion and advocacy of microinsurance. These entities are insurance associations, life and non-life insurance commercial companies, mutual benefit associations and cooperative insurance entities licensed by the IC. As part of the criteria, these entities have supported microinsurance through the development of small insurance products approved by the IC and have actually sold these products to the low-income market as of 15 December 2011.
Prior to this year’s culminating event, the IC and the Department of Finance-National Credit Council (DOF-NCC) conducted a Training on Microinsurance Advocacy (TOMA) for various stakeholders on 18-20 January 2012. Participants came from both national agencies and local governments, insurance providers, microfinance institutions, support institutions, donor agencies and non-government organizations. The training is geared towards creating a core mass of advocates in the government and private sectors in increasing awareness of the general public on the importance of insurance for risk protection. Currently, the Philippines lags behind its neighbors in terms of insurance penetration which hovers at below 14 percent of total population.
On 27 January 2012, a public seminar and a press conference was conducted at the Diamond Hotel. The seminar, together with the “Gabi ng Parangal” awards ceremony, is part of the nationwide roadshow “Financial Literacy on Microinsurance” campaign spearheaded by the DOF-NCC and the IC. The financial education drive aims to cascade the knowledge and importance of microinsurance among all sectors of the economy in 16 regions all over the country. So far, two roadshows have been conducted in Tacloban City, Leyte and Butuan City, Agusan del Norte in the last part of 2011.
The government’s microinsurance initiative is provided technical assistance support from various multilateral agencies such as the Japan Fund for Poverty Reduction-Asian Development Bank (JFPR-ADB) and the German Technical Cooperation (GIZ) for its potential to help alleviate poverty in the Philippines. Designed for the low-income group, microinsurance products are priced affordably and require simple documentation for easy access by its target market.
Dubbed as the “Gabi ng Parangal at Pasasalamat sa mga Tagapagtaguyod ng Microinsurance”, the awarding ceremony shall be held at the Philippine International Convention Center on 31 January 2012. The month of January of every year was declared as “National Microinsurance Month” through Proclamation No. 1212 issued in 2006.
According to Insurance Commissioner Emmanuel Dooc, this year’s event will highlight “Government’s steadfast commitment, in partnership with the private sector, to uplift the conditions of our poor countrymen by providing them access to simple and low-cost protection against risks and unexpected events.” Microinsurance has been identified as one of the financial inclusion priorities of Government in its 2011-2016 Medium-Term Philippine Development Plan.
To be honored are government’s partners in the promotion and advocacy of microinsurance. These entities are insurance associations, life and non-life insurance commercial companies, mutual benefit associations and cooperative insurance entities licensed by the IC. As part of the criteria, these entities have supported microinsurance through the development of small insurance products approved by the IC and have actually sold these products to the low-income market as of 15 December 2011.
Prior to this year’s culminating event, the IC and the Department of Finance-National Credit Council (DOF-NCC) conducted a Training on Microinsurance Advocacy (TOMA) for various stakeholders on 18-20 January 2012. Participants came from both national agencies and local governments, insurance providers, microfinance institutions, support institutions, donor agencies and non-government organizations. The training is geared towards creating a core mass of advocates in the government and private sectors in increasing awareness of the general public on the importance of insurance for risk protection. Currently, the Philippines lags behind its neighbors in terms of insurance penetration which hovers at below 14 percent of total population.
On 27 January 2012, a public seminar and a press conference was conducted at the Diamond Hotel. The seminar, together with the “Gabi ng Parangal” awards ceremony, is part of the nationwide roadshow “Financial Literacy on Microinsurance” campaign spearheaded by the DOF-NCC and the IC. The financial education drive aims to cascade the knowledge and importance of microinsurance among all sectors of the economy in 16 regions all over the country. So far, two roadshows have been conducted in Tacloban City, Leyte and Butuan City, Agusan del Norte in the last part of 2011.
The government’s microinsurance initiative is provided technical assistance support from various multilateral agencies such as the Japan Fund for Poverty Reduction-Asian Development Bank (JFPR-ADB) and the German Technical Cooperation (GIZ) for its potential to help alleviate poverty in the Philippines. Designed for the low-income group, microinsurance products are priced affordably and require simple documentation for easy access by its target market.
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