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The Landscape of Microinsurance in Asia and Oceania 2013
Mapping the state of microinsurance in the regions of Asia and Oceania
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This briefing note summarizes the preliminary findings of the study conducted to analyze the landscape of microinsurance in Asia and Oceania. It discusses the growth of microinsurance in the region from 2010 to 2012, and plots the country-wise microinsurance coverage in the region. It discusses the delivery channels followed by significant trends and observations. Key findings include:
- Nearly 173 million people in Asia and Oceania are covered by contributory and co-contributory microinsurance schemes;
- Some countries in the region attained a sustainable growth of up to 30% between 2010 and 2012;
- Bangladesh, China, India, Thailand, and the Philippines are leading in the region with the Philippines being the country with the highest microinsurance coverage ratio;
- Life and accident microinsurance dominate the market;
- Microinsurance specific regulations are evolving constantly in countries like Bangladesh, China, Cambodia, Indonesia, Nepal, Pakistan, and Vietnam;
- Only four countries have a microinsurance coverage ratio of >5% (the Philippines, Thailand, India, and Bangladesh);
- Though countries in Asia and Oceania are varied in terms of size and development of their microinsurance sectors, even the small countries have started innovations (e.g. mobile microinsurance in Papua New Guinea).
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