The photo is of the conference center auditorium at the hotel here is Dakar. It is an impressive facility that resembles the U.N. delegates conference area.There are headphones to use to translate for the audience members, as many of the speakers and conference attendees speak different languages.
There are about 400 people at the conference, from all over the world.
Today's plenary sessions covered the background of microinsurance and the potential impact.
Some key points include:
^Millions of low income families in the world are unprotected from risks of accidents and illnesses. Insurance to working poor and low income households is only about 2 percent.
^About 130 million people in the world have been thrown into poverty as a result of the latest financial crisis.
^Microinsurance is just one tool for helping the poor. They still need investments in education, and health insurance is underutilized tool.
^The working poor deserve security, equity, dignity, and social justice. This includes access to health care, education, and child care.
^Microinsurance can promote the working poor to efficient manage their risk
^Poverty intervention needs to foster interaction with private industry it cannot be just governments.
^Education and regulation of microinsurance is important because this is an uneducated population. Requires close cooperation between the industry and regulators
^Never give up on more financial inclusion
Some of the challenges include:
^Only about 2 percent of the poor have some kind of insurance protection.
There is a:
^Lack of market confidence in the product. There have been examples of insurers not providing the service or payments expected.
^Lack of education of populace on insurance
^Need for regulation that ensures good behavior and solvency but does not hamstring innovation
^Need for risk management services in addition to insurance (but insureds may not be able to afford so there is a need to coordinate with NGO's and governments offering these services).
^Need for a lot more partnering to help move microinsurance forward.
^Need for better-designed and delivered products.
Perhaps the best part of the day was all the great contacts I made and people I met. I am just so impressed (and quite honestly humbled) by the talent and commitment of the people working in this area. I met with people who had authored articles I had read and relied upon for our research, and met some other people who were working in providing funding and technical support. It truly is inspiring as they are so authentic and mission focused. People who just "get it", who understand the interconnectedness of humanity and need for developing sustainable solutions.
I am so grateful I have had the opportunity to meet with them, and I hope work with them in the future.
Well, looking forward to the next conference day.
Faithfully submitted,
Jim
