Microinsurance has been making great progress in recent years. New markets are being explored, and new products and operational strategies are being introduced. A number of governments such as Ghana, Brazil or the Philippines have started developing a regulatory framework to enable the development of innovative solutions. As more and more stakeholders see the potential that microinsurance holds for both business and development, the importance of a detailed and updated overview of the status quo of microinsurance activities increases.
Landscape studies in retrospect
In 2006, results of the first landmark study, The landscape of microinsurance in the world's 100 poorest countries, were published. In 2009, the ILO’s Microinsurance Innovation Facility released The landscape of microinsurance in Africa, providing a detailed picture of microinsurance activities in Africa. In November 2012, the Munich Re Foundation, together with Making Finance Work for Africa (MFW4A), published an update of this study on the microinsurance landscape in Africa. One month earlier a landscape study on microinsurance in Latin America was released by the Inter-American Development Bank (IDB).
Making insurance work for Asia
Since only little data is available on the status of microinsurance in Asia and Oceania, the Munich Re Foundation, with the support of GIZ (German Agency for International Cooperation), comissioned a new study on the landscape of microinsurance in that region. The results were be published on 12 November 2013 at the 9th International Microinsurance Conference in Indonesia as a key contribution to this important annual gathering of insurance and development experts from all over the world.
The analytical work evaluated datasets and existing research and described the current status of microinsurance according to the definition of the International Association of Insurance Supervisors (IAIS). The project aimed at assisting the development of local and regional strategies to increase outreach by identifying markets with high potential for microinsurance. This included great demand as well as interest on the part of the insurance industry and the government.
“The study completed the World Map of Microinsurance. With this project the Munich Re Foundation provided key data on the supply and demand of microinsurance for the poor in over 50 countries in Asia and Oceania”, says Dirk Reinhard, Vice Chairman of the Munich Re Foundation and member of the Board of Directors of the Microinsurance Network. “It complemented the work that hadbeen done by other Microinsurance Network members, in particular the ILO, the Microinsurance Centre and the IDB, and make a holistic understanding of the current situation possible.” The study specifically aimed at exploring the identified key barriers in order to provide input for the development of policy and regulatory frameworks in future.