Assessment of Microinsurance as Emerging Microfinance for the Poor: The Case of the Philippines
Abstract
Description
This report assesses the expansion of microinsurance activities based on the Philippines’ experience, with guidance on next steps forward.
ADB is an active partner of the Government of the Philippines in developing microfinance—the provision of insurance products that meet the needs of the disadvantaged for risk protection and relief against misfortune. As a result, microfinance activities have increased, and diversified formal financial services were made available to impoverished clients at affordable costs. However, there is still the risk of making poverty-stricken clients worse off because of unexpected events, prompting ADB to create interventions that focus on microinsurance development.