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PFIP: Microinsurance Information Exchange (PNG)

On Tuesday November 17th, The Pacific Financial Inclusion Programme (PFIP) in partnership with the Asian Development Bank (ADB), and the PNG Institute of National Affairs (INA), hosted an information exchange focused on microinsurance at the Holiday Inn in Port Moresby.  The Pacific Financial Inclusion Programme recently finished a brief assessment on the Prospects for Microinsurance in PNG.   Microinsurance is arguably the fastest growing product line in microfinance. Starting with credit life insurance in the early 1990s, a wide range of insurance products are now available to millions of very low-income households around the world, protecting them against death of a family member, sickness, and even crop failure. Many different models and distribution channels have emerged ranging from small community based associations to large insurers such as Allianz.  To date, there has been very little done in the way of microinsurance in the Pacific. 
 
The purpose of this informal information exchange was to evaluate the greatest impediments to and opportunities for Microinsurance in Papua New Guinea.  The Insurance Commissioner, Salamo Elema, opened the event by giving a speech on the need for microinsurance products in PNG, and Tillman Bruett, PFIP Project Advisor, then gave the presentation on microinsurance.  The event was attended by 34 representatives from the insurance commission, government officials, commercial banks, donor agencies, telecoms and civil society organizations.
 
The PFIP team is committed to doing a total of five information exchanges before September 2010 in Fiji, Vanuatu, Samoa, Solomon Islands, and Papua New Guinea. These exchanges begin with a short presentation on a topic of interest followed by some informal discussion on this topic as well as the promotion of financial inclusion in general with counterparts from financial institutions, microfinance institutions, donor organizations, the central bank and other professionals.