Workshop to build capacity and support development of microinsurance in the Pacific

October 24, 2011

aMicroinsurance is one of the fastest growing microfinance products in the world. There are a few microinsuranceproducts that have been launched in Timor Leste, PNG and Fiji but the concept is very new and best practices are yet to be established.

A 2 day training on business planning for microinsurance begins today at Novotel Lami to provide essential capacity training for participants from the region and provide a platform for sharing and exchanging ideas and build and expand this network in the Pacific and globally. This training follows on from a 3 day workshop on Financial Performance indicators which was held in Nadi last week.

Every year, the global Microinsurance Network and its partners hold several microinsurance training globally. This training, the first to be held in the region follows the first global Business training workshop piloted in Manilla,Phillippines last year.

The workshop has been organized by the partners of Pacific Financial Inclusion Programme (PFIP) and Inclusive Finance for the Underserved (INFUSE) in partnership with ILO’s Microinsurance Innovation Facility and theMicroinsurance Network. Participants include insurance providers, faith based organizations and non-government organizations from Papua New Guinea, Timor Leste and Fiji.

Facilitators for this workshop are internationally recognized microinsurance experts and the lead facilitator, Ms. KellyRendek, indicated that the trainings has been designed to meet the capacity needs of managers, regulators and NGOs active in this field. “Lack of adequate business planning has often resulted in failure for microinsurance programs. It is a key element in successfully and sustainably providing insurance to the low income market,” expressed Ms. Rendek.

The Microinsurance Network and GIZ have collaborated to provide materials and resources for this regional workshop and PFIP has been instrumental in bringing these trainings to the region.

The Pacific Financial Inclusion Programme (PFIP) is a Pacific-wide programme helping to provide sustainable financial services to low income households. It is funded by the Australian Agency for International Development (AusAID), the UN Capital Development Fund (UNCDF), the European Union and the United Nations Development Programme(UNDP) and operates from the UNDP Pacific Centre.