A workshop on Increasing Access to Inclusive Insurance, hosted by the Pakistan Microfinance Network (PMN) and the Microinsurance Network (MiN) developed consensus that client awareness and designing simple insurance products is necessary for growth of the life and health insurance in Pakistan. Chairman of the Board of Pakistan Microfinance Network (PMN), Syed Nadeem Hussain inaugurated the two-day workshop, here at Lahore, hosted by the Pakistan Microfinance Network (PMN) and the Microinsurance Network (MiN), with leaders of the sector in attendance.
Nadeem iterated the importance of innovation given the overall low penetration of life and health insurance in Pakistan and the bulk of life and health clubbed with credit products. He also emphasized the importance of creating independent products that go beyond life and health.
According to the details of the workshop, Katharine Pulvermacher, Executive Director of the MiN, gave an overview of the role of the micro-insurance industry globally and within the Pakistani context, emphasizing how inclusive insurance provides crucial underpinning for sustainable development. It is designed to meet the needs of emerging consumers and plays a critical role in preventing households from falling back into poverty after a financial shock. It is therefore an important enabler in the economic and social development of a country and in the achievement of the United Nations' Sustainable Development Goals (SDGs).
As a risk mitigation strategy microinsurance is a tool that can considerably reduce losses for low-income people and provide solutions that are accessible, affordable and sustainable. She further highlighted how the growth of the inclusive insurance sector needs to be supported through the development industry infrastructure including data collection and research. The panelists highlighted the importance of client awareness and designing simple products that generate value.-PR