Saving and improving lives in the world’s toughest places. How to Develop and Market Disaster Microinsurance Products Lesson Learned from Indonesia Liquidity.

Slides:

Advertisements

Similar presentations

The Role of Microfinance in Disaster Risk Management Presentation to the Inter-Agency Task Force for the ISDR May 25, 2005 Margaret Arnold, Program Manager.

Advertisements

National Presentation Republic of Serbia SEMINAR: Insurance as a method for Disaster Risk Reduction in SEE April 2013 Berovo, Macedonia.

What is a business incubator?. It is a business that provides advice, equipment, temporary premises, or other facilities to those starting up a business.

Pricing Micro Insurance Products: Experience from the Field Atish Govil October 14, 2005.

How to | WIN | with UNIFI Companies Orientation Seminar For Producer or Registered Representative use only. Not for use with clients. Ameritas Life Compass.

Microinsurance and MFIs Craig Churchill Microinsurance Innovation Facility International Labour Organization.

Stocktaking review: The status of PPPs for DRR in East Asia Helen Roeth

1 STRENGTHENING THE BANKING SECTOR CAPACITY FOR MSMEs FINANCING : THE ROLE OF BANK INDONESIA as THE CENTRAL BANK.

37 th OESAI Conference David Lesolle University of Botswana.

Innovative Lending Instruments in Microfinance – Lessons from the Africa Region Finance Forum 2004 – September 24, 2004 Workshop on Microfinance Operations.

Presentation to the 2 nd GPM Conference. Overview of MiCRO Barbados domiciled specialty reinsurer founded in 2011 after Haiti earthquake Focus on natural.

1 Natural Catastrophe Insurance Scheme for Small States Presentation by Peter M Jones - MIGA World Bank Catastrophe Risk Financing Seminar, October 27,

HEALTH INSURANCE HEALTH INSURANCE --INDIAN EXPERIENCE.

Role of Insurers & Reinsurers in achieving the objectives of National Policy on Disaster Management Embedding insurance products into Disaster Management.

WRC 2 World Reconstruction Conference 2 Resilient Recovery- an imperative for sustainable development Conference Objective To advance consensus on resilient.

Mount Merapi An Active Volcano in Indonesia. By Frankie O’Donnell & Gary Cannell.

Sesión Temática 4: Inversión Pública y herramientas financieras para RRD Sistemas de seguros, reaseguros y transferencia de riesgos Swiss Re Nikhil da.

Copy right of MAIPARK Global Conference on Insurance and Reinsurance for Natural Catastrophe Risk: Istanbul, December 8 th - 9 th, 2005 Natural.

Marketing Model for Redding College and OnLine Training, Inc. Learn A Living TM.

The Regional Risk Transfer Initiative: Is Afro Asian Link Possible? Mihir R. Bhatt Honorary Director All India Disaster Mitigation Institute 411, Sakar.

Aurore NOUMAZALAY – Orange Money

Introduction Microfinance and Disaster Management.

Saving and improving lives in the world’s toughest places. The Role of Rural Banks in Disaster Preparedness Lesson Learned from Indonesia Liquidity Facility.

Microinsurance: Links to Occupational Safety & Health Workshop for OSH through provision of MI, MF & Banking Services Cairo, Egypt – December 2009 Jeanna.

PinoyME Forum October 30, 2009 CARD MRI Experience in Responding to the Needs of Victims of Natural Calamities Thru CARD Disaster Relief Assistance Program.

THE ROLE OF COOPERATIVES IN A NATURAL DISASTER RECOVERY (Case in NAD and Yogyakarta Provinces ) Presented by Indonesia Cooperative Council ( DEKOPIN) In.

Have you ever wondered what home insurance is and why you need it ?

Module 2: Client Preparedness Microfinance and Disaster Management.

The Challenges of Managing Microinsurance Schemes in Uganda Objective to analyze the challenges of managing microinsurance schemes in Uganda. (i) Introduction.

UNDP Crisis Prevention and Recovery Rajesh Sharma Regional Programme Specialist UNDP Regional Centre Bangkok Meeting of the ISDR Asia Partnership Bangkok,

Ashley McDonald Aon New Zealand WINERY INSURANCE RISK.

1 BY SAM AFRANE PH.D ASSOCIATE PROFESSOR, KNUST, KUMASI-GHANA MARCH, 2007 “PROMOTION OF RURAL SAVINGS THROUGH MICROFINANCE: THE EXPERIENCE OF SINAPI ABA.

Vimo SEWA – Asset Insurance SEWAVIMOSEWA. The Need Evolved in response to the needs and demands of its members House is not only a roof over the head.

Common Disasters and Uncommon Responses Shamima Khan.

Roumen Galabinov Chairman. Currently about 8% of the 3.6 million homes in Bulgaria are insured against natural disasters as earthquakes and floods. Although.

© 2003, The Tokio Marine Management, Inc. All rights reserved. Government as Reinsurers-of-Last-Resort: The Japanese Experience June 2003 Yuichi Takeda.

Distribution team is the first and in some cases, the only contact with the customer It is not merely selling but an entire customer experience contacting.

Case Study Implementation of credit life in Senegal Mathieu Dubreuil, PlaNet Guarantee.

Our Mission MITIGATIONS. MEANING OF MITIGATION MITIGATION IS THE PERMANENT REDUCTION OF THE RISK OF DISASTER MITIGATION IS THE PERMANENT REDUCTION OF.

1 Dealing with Disasters: The Global Facility for Disaster Reduction and Recovery Dr. Josef Leitmann Disaster Management Coordinator World Bank/Indonesia.

1 Adie20 years of activity business financed new job created Success ratio for companies over a 2 year period: 65% active clients.

Moscow, Russia November 19th, 2009 Symbiotics SA Jerome Savelli Regional Manager Europe and Asia 2009 Russian Micro finance Center Conference “Microfinance.

CALA Social Capital introduces ACT-CALA Microfinance Company Limited Grassroots networks and innovative technology delivering accessible and affordable.

International wing of cera MFIs and microinsurance: does it work? European Microfinance Week 2010 Bert Opdebeeck,

 IBLI is a product that is designed to protect against drought-related livestock mortality due to lack of forage within a geographically defined space.

Carbon Revenue and MFIs: Making it Work Marco van der Linden Ramesh K. Gautam.

SEEP Annual Conference 2015 Inclusion and Resilience: The Next Challenge Insuring Farm and Family: Innovative Risk Management Strategies in Developing.

The World Bank’s Role in Disaster Mitigation Financing the Risks of Natural Disasters June 3, 2003 Alcira Kreimer Manager, Disaster Management Facility.

Yuki Matsuoka The United Nations International Strategy for Disaster Risk Reduction th CEOS Plenary 5 November 2015.

SEEP 2015 Arlington, Virginia October 1, 2015 Insuring Farm and Family: Innovative Risk Management Strategies in Developing Markets Pact Global Microfinance.

Indonesian National DM Agency Bangkok, 22 April 2014.

The Experience of CCRIF SPC Second Committee Special Event “A crisis mitigation and resilience building mechanism for LDCs, LLDCs and SIDS” Isaac Anthony.

1 Jakarta, May 12, 2009 OPENING AND KEYNOTE SPEECH MINISTER OF PUBLIC WORKS REPUBLIC OF INDONESIA MINISTRY OF PUBLIC WORKS INDONESIAN-DANISH WATER DAYS.

Scale of tsunami response = trigger for IDRL work The tsunami response revealed legal issues, gaps, weaknesses IFRC studies conducted in 2004 & 2006 PMI.

1 EASTERN MUNICIPAL WATER DISTRICT Risk Management and Insurance Program Doug Hefley Director of Safety, Risk and Emergency Management June.

ILO Office in Vietnam INTRODUCTION OF RISK MANAGING FINANCIAL SERVICES Lessons learnt in Viet Nam PROJECT “E XTENSION OF MICROFINANCE AND MICROINSURANCE.

Alternative Risk Financing Vehicles. Began development in 2010 Launched first captive in 2011 Current Active Captive Portfolio ‒ Legacy health – Heterogeneous.

Janice Rahman Program Manager Metropolitan King County Council Law, Justice, Health and Human Services Committee May 14 th, 2013 HAZARD MITIGATION A Regional.

29 TH AIO CONFERENCE 27 TH – 30 TH MAY KHARTOUM, SUDAN MICROINSURANCE AS STIMULUS FOR MICROFINANCE “ SUDAN VIEW ” OMER ELFAROWG AHMED (DIP CII)

ASEAN Safe School Initiative (ASSI) Open Session of the 21st Meeting of the ASEAN Committee on Disaster Management (ACDM) Chiangmai, Thailand, 10 January.

Country experience: Thailand.

Personal Finance Home and Auto Insurance

InaSAFE: interoperability and sustainability

Albania Disaster Risk Mitigation and Adaptation Project

A Lesson from Recovery and Reconstruction after Mega-Disaster: Banda Aceh 2004 Indian Ocean Tsunami Yasuo Tanaka Department of Civil Engineering, Universiti.

AGA RISK MANAGEMENT COMMITTEE Business Interruption Due to Fires, Storms, and Other Extreme Conditions Presented by: Kurt Tentinger, Managing.

Indonesia Sales Performance

Map of INDONESIA.

Produce Seguro Innovating in El Salvador with parametric insurance

ASOSIASI ASURANSI UMUM INDONESIA

Presentation transcript:

Saving and improving lives in the world’s toughest places. How to Develop and Market Disaster Microinsurance Products Lesson Learned from Indonesia Liquidity Facility After Disaster (ILFAD) Program Presented by: M Alfi Syahrin ILFAD Program Manager Mercy Corps Indonesia A presentation for: Third UN World Conference on Disaster Risk Reduction (WCDRR) Sendai, March 2015

Saving and improving lives in the world’s toughest places. DISASTER MICROINSURANCE? »The USAID-funded ILFAD (Mercy Corps) program is currently partnering with insurance companies to mitigate the impact of disaster on communities and businesses through risk insurance distributed by Microfinance Institutions (MFIs). »To date, ILFAD, in partnership with ACA Insurance, is the first microinsurance product providing earthquake and fire coverage to MFIs clients. How to Develop and Market Disaster Microinsurance Products

Saving and improving lives in the world’s toughest places. ILFAD INSURANCE MODEL How to Develop and Market Disaster Microinsurance Products Indemnity / Index-based Reinsurance INSURANCE COMPANY REINSURANCE COMPANY MFI Clients Microinsurance: Clients compensated for disaster loss Strengthening DRR capacity of MFIs

Saving and improving lives in the world’s toughest places. DRR PRODUCT PACKAGE IN MFI How to Develop and Market Disaster Microinsurance Products DRR Savings DRR Micro- insurance DRR Product Bundled

Saving and improving lives in the world’s toughest places. PRODUCT FEATURES DRR Savings ProductDRR Microinsurance Product  In case of earthquakes, clients can withdraw their savings, leaving a minimum balance of 10,000 IDR.  In case of no disasters within a one-year period, cash can be withdrawn up to the minimum balance or clients can keep their account savings for another year.  For the clients who wish to close their account, cash withdrawal is allowed up to the minimum balance, within a one- month time limit.  Once registered, clients is automatically covered by disaster microinsurance.  Covers damages (fire and earthquake) to home and business  Premium: Rp. 20K per year  Coverage: Fixed Rp. 2M payout  Payout triggered for any damage regardless of intensity  Each case is assessed individually How to Develop and Market Disaster Microinsurance Products

Saving and improving lives in the world’s toughest places. A SIGNIFICANT OPPORTUNITY How to Develop and Market Disaster Microinsurance Products ProvinceMFIs# of MFI Clients Population TotalLow Income 1Aceh17 50,6794,494, ,260 2North Sumatra2 6,10112,982,204 1,286,670 3West Sumatra21 188,1414,846, ,200 4DKI Jakarta12 56,1199,607, ,980 5West Java17 63,73643,053,732 4,327,070 6Central Java18 88,57832,382,657 4,836,450 7DI Yogyakarta24 232,7143,457, ,870 8East Java16 5,98337,476,757 4,786,790 9West Nusa Tenggara10 11,0294,500, ,820 10East Nusa Tenggara28 121,8834,683, ,680 11Maluku25 71,3611,533, ,110 Total ,324159,019,492 19,567,900 Potential marketAddressable market today »164 MFIs from disaster-prone areas approved to enroll in ILFAD. MFI sales to non-clients will increase addressable market significantly.

Saving and improving lives in the world’s toughest places. THE PROCESS July 2011: Start of ILFAD Mar 2013: ACA signed up as partner Today: 1,322 clients on earthquake/ fire indemnity product Jan 2015: ACA and MC start 2 year program to drive adoption, expand coverage to tsunami, volcanic eruption and flood Nov 2014: Gov’t officially launched microinsurance product prototype 1 Licensing of MFI Loan Officers as Insurance Agents Potential for Portfolio level disaster insurance for ILFAD and MFIs How to Develop and Market Disaster Microinsurance Products ! Significant Event Today 1

Saving and improving lives in the world’s toughest places. PARTNERSHIP ROLES ILFAD Micro- Insurance Mercy Corps Re- insurance Local Carrier Product development Drive product sales Process claims Re-insure portfolio Facilitate market creation Implement ILFAD Phase 3 – drive adoption Provide re-insurance to local carriers Provide technical expertise on local product development Guide development of national ILFAD scheme ? How to Develop and Market Disaster Microinsurance Products

Saving and improving lives in the world’s toughest places. M Alfi Syahrin Mercy Corps Indonesia ILFAD Program Manager For further information: Thank You!