Philippine Insurers Team Up to Promote Inclusive Insurance in Asia

MEFIN Inc to facilitate growth of inclusive insurance in Asia

Five leading insurance companies in the Philippines have bonded together to form an organization that seeks to promote the growth of the inclusive insurance market in Asia.

The insurers – Cebuana Lhuiller Insurance Solutions, CARD Pioneer Microinsurance Inc, CLIMBS Life and General Insurance Cooperative, Western Guaranty Corporation, and Pru Life UK – launched the non-stock and non-profit organization Mutual Exchange Forum on Inclusive Insurance (MEFIN) Inc.

The organization seeks to facilitate the growth of the market by finding solutions to challenges in the regulation of the industry and in the creation of suitable business models.

The partnership of the five insurance industry leaders to develop the market for affordable insurance in Asia is supported by the German government through its international development cooperation company, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

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Insurance Commissioner Atty. Dennis Funa and other key stakeholders in the Philippine insurance sector were present to grace the launching of MEFIN Inc.

Business models and drivers of insurance growth in the Philippines, Indonesia, Mongolia, Nepal, Sri Lanka, Thailand, and Vietnam were also presented. –