Following its mandate from the German Ministry for Economic Cooperation and Development (BMZ), the GIZ regional program on Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) has created in 2013 the Mutual Exchange Forum on Inclusive Insurance (MEFIN), a platform for peer-to-peer learning among insurance regulators in Asia. Six pioneer member-countries have decided to transform MEFIN into a Network which allowed knowledge exchange and dialogue with the insurance industry through Technical Working Groups and Public Private Dialogue (PPD) sessions. The MEFIN Network was officially launched on February 2016 in Ho Chi Minh City.
Two PPD dialogues had been carried out in Manila and in Hanoi on July 2016 and March 2017, respectively. The PPD brings together to a panel discussion format the regulators and industry leaders from 6 member countries of MEFIN to discuss good practices, lessons and next steps in regulations, business models and consumer protection. The PPD1 in Manila focused on Proportionality practices in regulation, while the PPD2 in Hanoi discussed regulatory practices and business models on MicroHealth and Disaster Risk Insurance.
The SME sector is considered the ‘engine of growth’ in most economies in Asia. Micro and SMEs compose 97%-99% of total enterprises in the APEC region, and contributes more than 50% to the GDP (China, Indonesia, Japan, Korea, and the United States) and to employment creation. However, despite the huge economic relevance of SMEs, access to financial services remains a perennial problem. Aside from credit-life and other traditional insurance products such as fire and medical reimbursement, there are no available insurance products that are tailored-fit to the value chain and distinct characteristics of SMEs. Proportionality of regulations to SMEs, including the use of digital platforms and technology, remain an issue to the regulators. The forthcoming PPD3 in Mongolia therefore will cover the theme on SME insurance. RFPI Asia, the Access to Insurance Initiative (A2ii) and the Financial Regulatory Commission (FRC) of Mongolia shall jointly organize the event.
Insurance regulators and industry leaders from the 6 member-countries of MEFIN shall be the core participants of the PPD. Insurance regulators in Asia who are members of the IAIS shall also be invited to the event through A2ii.
Up to 100 participants is expected to join in the event.