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From simple life insurance towards old age income protection: Micro-pension
The pension system in the South leaves room for improvement in most cases. The state pension is often insufficient to pay for the cost of living. Supplementary pension schemes are hardly available and if they are available at all, they are mostly the privilege of civil servants and/or employees of companies in the formal sector. The greater part of the population in the South often works in the informal sector where there are no pension provisions. Micro-pensions can help offer people in the informal sector some form of old age provision. The system is based on accruing an old age pension via small contributions. The participants often pay these contributions in cash, though sometimes payment of the contributions may be arranged in another ways. Micro- pensions are usually defined contribution schemes in which the saved contributions are invested and wjere the ultimate pension benefit depends on the investment returns obtained and the interest rate at the moment when the accrued capital is converted into a pension benefit. The distribution and financial administration is often done by NGO’s, or microinsurance organisations. The handling of the investments is often is done with the help of local life insurers. The Expert Forum would look at existing schemes in India and Ghana and explore what the opportunities are to create more resilience for the elderly poor and at the same time diversify the offer of both microinsurance providers and life insurers. Potential contributors: Foundation for Sustainable (Micro) Pensions in Developing Countries, World Granny, DHAN Foundation People Mutuals and Enviu.
Diversifying product range:
How do we move on from life and credit life products which currently make up the bulk of the microinsurance landscape? A multi-stakeholder conversation looking at how the business case for non-life products can be improved and how credit life products can provide more value. Potential contributors: IAIS, ILOs Impact Insurance Facility, CGAP, Allianz Indonesia, Jordan Insurance Company, AXA and Mapfre.
The pension system in the South leaves room for improvement in most cases. The state pension is often insufficient to pay for the cost of living. Supplementary pension schemes are hardly available and if they are available at all, they are mostly the privilege of civil servants and/or employees of companies in the formal sector. The greater part of the population in the South often works in the informal sector where there are no pension provisions. Micro-pensions can help offer people in the informal sector some form of old age provision. The system is based on accruing an old age pension via small contributions. The participants often pay these contributions in cash, though sometimes payment of the contributions may be arranged in another ways. Micro- pensions are usually defined contribution schemes in which the saved contributions are invested and wjere the ultimate pension benefit depends on the investment returns obtained and the interest rate at the moment when the accrued capital is converted into a pension benefit. The distribution and financial administration is often done by NGO’s, or microinsurance organisations. The handling of the investments is often is done with the help of local life insurers. The Expert Forum would look at existing schemes in India and Ghana and explore what the opportunities are to create more resilience for the elderly poor and at the same time diversify the offer of both microinsurance providers and life insurers. Potential contributors: Foundation for Sustainable (Micro) Pensions in Developing Countries, World Granny, DHAN Foundation People Mutuals and Enviu.
Diversifying product range:
How do we move on from life and credit life products which currently make up the bulk of the microinsurance landscape? A multi-stakeholder conversation looking at how the business case for non-life products can be improved and how credit life products can provide more value. Potential contributors: IAIS, ILOs Impact Insurance Facility, CGAP, Allianz Indonesia, Jordan Insurance Company, AXA and Mapfre.
Effective microinsurance marketing:
A 3-part series delving into successful marketing experiences in microinsurance, focusing on one region per call. Possible contributors: General: Women’s World Banking, ILOs Impact Insurance Facility, World Bank Group. Africa: Hollard, Cenfri, MFW4A, Sanlam, Liberty, Old Mutual. Latin America: Bradesco, Mapfre, MetLife, FIDES, La Positiva (contacted), Zurich. Asia: MIA, ManuLife, Sun Life.
A 3-part series delving into successful marketing experiences in microinsurance, focusing on one region per call. Possible contributors: General: Women’s World Banking, ILOs Impact Insurance Facility, World Bank Group. Africa: Hollard, Cenfri, MFW4A, Sanlam, Liberty, Old Mutual. Latin America: Bradesco, Mapfre, MetLife, FIDES, La Positiva (contacted), Zurich. Asia: MIA, ManuLife, Sun Life.