The Asian Development Bank (ADB), a multilateral financial institution operating across Asia, recently convened a meeting of its Board of Governors during which a panel of experts reiterated the significance of microinsurance in protecting poor populations from economic shocks. According to both microfinance experts and insurance executives on the panel, companies currently engaged in microinsurance are experiencing solid growth and constant demand for affordable insurance products. The private insurers cited a workable regulatory environment as a critical step in facilitating policy sales and claims payment on a large scale.
Michael McCord, president of consultancy The Microinsurance Centre, called for the commercial sector to take an integrative approach to support microinsurance “across the value chain” [1].
By Rohan Trivedi, Research Associate
About Asian Development Bank (ADB):
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a development finance institution that consists of sixty-seven members, of which forty-eight are located in the region. ADB has three strategic priorities: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, ADB uses loans, technical assistance programs, grants, equity investments and guarantees to private companies in member countries. ADB reported a total capitalization of USD 56 billion as of December 31, 2009.
About The Microinsurance Centre:
Established in 2000 and based in the US, the Microinsurance Centre is a for-profit initiative of MicroSave, an India-based technical assistance, training and technical resource center for microfinance with much of its experience in Africa. The Microinsurance Centre’s activities include research, product development, working groups support and the provision of training in microinsurance.
Sources and Additional Resources:
[1] Asian Development Bank (ADB) News Release: “Microinsurance Can Help Poor Prepare for a Better Future – Experts Say”, http://www.adb.org/Media/Articles/2011/13556-bottom-billion-private-sector/
MicroCapital Universe Profile: Asian Development Bank (ADB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+%28ADB%29
MicroCapital Universe Profile: The Microinsurance Centre, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+Microinsurance+Centre
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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