The regional program aims to improve the regulatory and supervisory conditions for effective insurance coverage of low-income people in Asia.
Low-income individuals in Asia do not only suffer from poverty but also struggle with risks and vulnerability. Risk transfer mechanisms, particularly insurance that could potentially pull out these individuals from poverty are far from reach. Weaknesses in the political, regulatory and supervisory conditions are a major reason why inclusive insurance markets are poorly developed. Insurance is somehow faint in the financial inclusion agenda in Asia.
Many countries are without strategies for integrating insurance solutions within their development frameworks. Capacities of insurance supervisory authorities and ministries to develop the markets for these insurance solutions are also lacking. Increasingly, both the public and private sectors have recognized that low-income people are insurable and evidence of the sustainability of inclusive insurance have abound. It is the mandate of insurance regulatory authorities to ensure that insurance solutions strategies are appropriate and are coordinated among all the relevant stakeholders.
RFPI Asia is a regional program that supports Asian insurance supervisory authorities to enhance the enabling conditions for pro-poor insurance. Regional and global exchange between insurance supervisors is promoted through training and dialogue. Insurance supervisory authorities in individual countries are provided with tailored support in pilot measures and coaching to develop and implement regulatory reforms.
The program utilizes the expertise of the International Association of Insurance Supervisors (IAIS) through the Access to Insurance Initiative (A2ii) to build the capacities of insurance supervisors. A2ii is hosted by GIZ as its secretariat and is a global partnership among such agencies as International Labor Organization (ILO), United Nations Capital Development Fund (UNCDF), Consultative Group to Assist the Poor (CGAP), Finmark Trust and the German Federal Ministry for Economic Cooperation and Development (BMZ). Synergies with other donors, in particular Asian Development Bank (ADB) and initiatives such as the Microinsurance Network (MiN) and the ILO-Microinsurance Facility, are enhancing the impact of RFPI Asia.Cooperation between public sector decision-makers and private stakeholders will be facilitated to develop strategic approaches to insurance solutions on thematic focus areas such as micro, small and medium enterprises (MSMEs), health, disaster risk management, microtakaful and agriculture.
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a federally-owned enterprise that supports the German government in the field of international development cooperation. For more than 30 years now, GIZ has been cooperating with Philippine partners in strengthening the capacity of people and institutions to improve the lives of Filipinos in this generation and generations to come. Together we work to balance economic, social and ecological interests through multistakeholder dialogue, participation and collaboration.