MICROCAPITAL BRIEF: Insular Life, IFC Launch “InLife Sheroes” Program to Boost Microinsurance Among Women in the Philippines

Insular Life, a Philippines-based insurance company, recently partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to form a program called “InLife Sheroes” to provide Filipino women with skills relating to “financial management, health, and well-being” and offer insurance programs with “specific coverage, bundling of products, and customized add-on services” intended to be of value to women. The program is to include both protection from financial risk and opportunities to invest.

Insular, which was launched in 1910, is affiliated with Union Bank of the Philippines; Prime Project International (PPI) Prime Ventures; and Mapfre Insular Insurance Corporation, which is 75-percent owned by Spain-based insurer Mapfre and 25-percent owned by Insular life. Insular Life reports total assets of PHP 136 billion (USD 2.6 billion) as of 2017.

IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2018, IFC reports total assets of USD 94.2 billion.

The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2018, it has 189 member nations. The group encompasses: (1) the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank; (2) the International Finance Corporation; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During the 12 months ending June 2018, the World Bank Group disbursed funds totaling USD 46 billion.

Tiannah Steele, Research Associate

Sources and Additional Resources

IFC press release
https://ifcextapps.ifc.org/ifcext/pressroom/ifcpressroom.nsf/vwAllDocumentsByUNID_NL/C473AFF2A0B7944D852583BB0032C47B

Insular Life press release
https://www.insularlife.com.ph/news/insular-life-and-ifc-sign-agreement-to-the-filipino-sheroes-14

Insular Life annual report
https://insular-life.s3.amazonaws.com/uploads/6f5fea89-5ccc-4080-9aba-a7bf1c1dc804/Insular-Life-2017.pdf

Insular Life homepage
https://www.insularlife.com.ph/

IFC homepage
https://www.ifc.org/

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