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Policy and Regulatory Issues and Challenges in Microinsurance: a Philippine Case

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  • Llanto, Gilberto M.

Abstract

When poor households face catastrophic events, they do not have any means for risk protection. Access to formal risk protection schemes such as insurance may be a more effective means to minimize the poor households' losses but traditional mainstream insurance has bypassed informal workers and poor households. To fill the gap, microfinance institutions (MFIs) have developed informal "insurance" schemes while the more enterprising MFIs have established licensed mutual benefit associations. This paper discusses the need for an appropriate regulatory framework for microinsurance and provides specific recommendations to address the emerging challenges in this segment of the financial markets.

Suggested Citation

  • Llanto, Gilberto M., 2008. "Policy and Regulatory Issues and Challenges in Microinsurance: a Philippine Case," Philippine Journal of Development PJD 2007 Vol. XXXIV No. 1, Philippine Institute for Development Studies.
    • Handle: RePEc:phd:pjdevt:pjd_2007_vol__xxxiv_no__1-c
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    References listed on IDEAS

    as
    1. Jeffrey R. Brown & Amy Finkelstein, 2004. "Supply or Demand: Why is the Market for Long-Term Care Insurance So Small?," NBER Working Papers 10782, National Bureau of Economic Research, Inc.
    2. Siegel, Paul B. & Alwang, Jeffrey & Canagarajah, Sudharshan, 2001. "Viewing microinsurance as a social risk management instrument," Social Protection Discussion Papers and Notes 23305, The World Bank.
    3. Craig Churchill, 2002. "Trying to understand the demand for microinsurance," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(3), pages 381-387.
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