The International Finance Corporation (IFC), a part of the World Bank Group that focuses on accelerating financial inclusion and literacy in various developing countries, has officially become an investor in PasarPolis, according to a statement issued by the Indonesian InsurTech company yesterday. PasarPolis raised $5m in equity finance from IFC.
The number of lives covered by the microinsurance products of mutual benefit associations (MBAs) grew by 1.723m last year to 26.66m, but total premiums earned declined due to the COVID-19 pandemic, the Microinsurance MBA Association of the Philippines (MiMAP) has revealed.
Conventional insurance companies have been allowed by the National Insurance Commission (NAICOM) to have microinsurance window operations since 1 December 2020.
Singapore-based InsurTech Igloo is closing the year with very favourable performance results, expecting a fivefold increase in gross written premiums facilitated through its platform compared to 2019, the company says in a statement.
Facebook-owned messaging app WhatsApp says it expects to facilitate the purchase of "affordable sachet-sized" health insurance and micro-pension products as part of its efforts to provide users in India with greater access to financial solutions.
The Philippine government aims to have 50m Filipinos covered by microinsurance by 2022, according to the head of the Insurance Commission (IC).
The Office of the Insurance Commission (OIC) in Thailand has partnered with insurance companies to launch a new normal plus protection cover for accidents and COVID-19 as a micro-product for those concerned about risks related to the pandemic.
A new study by United Nations Development Programme (UNDP) has found that an additional 207m people could be pushed into extreme poverty by 2030 due to the severe long-term impact of the coronavirus pandemic, bringing the total number of the world's extremely poor to more than 1bn.
Bank Negara Malaysia (BNM) has released an exposure draft seeking to promote more innovative, sustainable and inclusive insurance and takaful business models.
Amid the COVID-19 pandemic, the microinsurance market in Cambodia saw a significant 21.7% decline in premiums in 3Q2020. In comparison, the overall insurance market saw an 8.2% increase in premiums compared to the same period in 2019.