Developing Principles for the Regulation of Microinsurance: Philippine Case Study

Gilberto M. Llanto, Ma. Piedad S. Geron and Joselito S. Almario
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Gilberto M. Llanto: PIDS

Development Economics Working Papers from East Asian Bureau of Economic Research

Abstract: Illness or injury, death of a family member, man-made calamities and natural disasters have a devastating effect on those poor households cash flow, liquidity and earning capacities and thus, on household welfare. Demand for micro-insurance products is growing in view of continuing risks to household welfare and the seeming inability of the government to address this issue. This study seeks to provide a better understanding of the micro-insurance market in the Philippines and to draw certain principles for micro-insurance regulation from a review of the Philippine experience with micro-insurance. The study describes how policies, legal, regulatory and supervisory framework governing insurance have shaped the development of the market and vice versa. The Philippine experience on the provision of micro-insurance services and the interaction between the insurance providers and the regulator may help inform the development of certain principles for micro-insurance regulation.

Keywords: micro-insurance; catastrophic events; moral hazard; market conduct regulation; product regulation (search for similar items in EconPapers)
JEL-codes: G21 G22 G28 (search for similar items in EconPapers)
Date: 2008-01
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Citations: View citations in EconPapers (1)

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