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Microinsurance Policy Perspective, Trends and key issues Presentation to SECP and Insurance Sector Seminar 29 November

Microinsurance Policy Perspective, Trends and key issues Presentation to SECP and Insurance Sector Seminar 29 November 2011. Policy Perspective. From a pyramid . Non-Poor . Transitory Non-Poor. Microfinance (Credit, Deposit, Insurance and Remittances). Transitory Vulnerable.

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Microinsurance Policy Perspective, Trends and key issues Presentation to SECP and Insurance Sector Seminar 29 November

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  1. Microinsurance Policy Perspective, Trends and key issues Presentation to SECP and Insurance Sector Seminar 29 November 2011

  2. Policy Perspective

  3. From a pyramid Non-Poor Transitory Non-Poor Microfinance (Credit, Deposit, Insurance and Remittances) Transitory Vulnerable Transitory Poor Chronic Poor Extremely Poor

  4. To a Diamond HNWI Middle Class Poor

  5. Responding to poverty: The arsenal HEALTH CARE What to do is, by and large known and simple EDUCATION Access To PovertySIGNIFICANT REDUCTION MICRO FINANCE HOUSING BASIC SERVICES

  6. Relationship between Financial Exclusion and poverty exists… *Source: : http://maps.grida.no/go/graphic/poverty-by-country-share-of-population-living-under-usd-2-per-day-2004

  7. There is a moderate to strong relationship between GDP per capita and usage of financial services

  8. Bank Loan per 1,000 adults

  9. Deposit Accounts per 1,000 Individuals

  10. Bank Branches per 1,000 Adults

  11. Insurance Density: Gross Premium per capita Insurance density in USD$ Indonesia 15.8 Bangladesh 2.5 Thailand 92.1 USA 3,790.2 Brazil 101.1 UK 4,484.4 Pakistan 4.0 India 19.7 Sri Lanka 14.2 Malaysia 25.7 Kenya 11.1 Argentina 105.4

  12. Industry Trends

  13. Trends in credit, Deposits and insurance

  14. Trends in Insurance

  15. Trends in Insurance

  16. Trends in Insurance

  17. Issues/Challenges

  18. Issues/Challenges • Awareness & Low literacy • High Premium • High Transportation Cost (Rural) • Product viability • Culture (Low demand for voluntary insurance • distrust • Diseases high • Consumer protection • Transparency • Cashless vs. cash based • Settlement of claims (time required) • Competition (product pricing) • Volumes required (low cost) • Existing products not meet the need • Product diversification • Marketing difficult then Credit/Savings • Push Vs. Pull • Late reimbursement of claims MFPs & Insurance Co. Regulation Client • Lack of understanding of microinsurance • Lack of appropriate information • Legal framework not supportive • MFPs agents or brokers • Product diversification

  19. Role of PMN

  20. THANK YOU…….

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