Microinsurance- social benefit towards the poors- Experiences of the Philippines and implication for Vietnam
Keywords:
Philippines, regulatory framework, microinsurance.
Abstract
The Philippines is known as one of the highest microinsurance coverage among Asia Pacific Economics Coperation
(APEC) member economics, experiencing exponential growth over the last ten years. According to Michael McCordChairman of Microinsurance Network: “Microinsurance coverage in the Philippines rose from 20% in 2012 to 28.1% in
2014, reaching an annual growth rate of 18.4% in terms of the number of person covered. As of 2015, microinsurance in
the Philippines has covered approximately 28 milion individuals”. The impressive numbers come as the the Philippines’s
strategy to develop financial inclusion by making financial services available and accessible to all regardless of income
class
