The Pacific Financial Inclusion Programme (PFIP), a Fiji-based United Nations initiative that attempts to extend financial services to unbanked Pacific Islanders, and Bima, a Sweden-based microinsurance provider that partners with mobile operators, recently launched an effort with the support of the European Union, the Australian government and the Bank of Papua New Guinea to provide two microinsurance products in Papua New Guinea (PNG) [1]. Bima will provide approximately 75,000 life insurance and hospitalization insurance policies in rural PNG during two years, “including 50% women and 90% rural-based” customers. The Bank of PNG is the central bank of the country.
The life insurance product covers “death and total permanent disability,” and the hospitalization insurance will provide compensation for nights spent in a hospital (from the second night), up to 30 nights over a 12-month period. Both products are available at different coverage levels, with monthly premiums ranging from PKG 3.6 (USD 1.32) to PKG 10.8 (USD 3.97).
As of May 2015, Bima serves 6 million customers in Bangladesh, Ghana, Indonesia, Mauritius, Senegal, Sri Lanka and Tanzania. As of May 2015, PFIP works in Fiji, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga and Vanuatu.
By Caroline Zhu, Research Associate
About The Pacific Financial Inclusion Programme (PFIP)
Based in Fiji, the Pacific Financial Inclusion Programme (PFIP) is a United Nations initiative that was established in 2008. It works with and helps fund microfinance institutions (MFIs) that deliver financial services to poor pacific islanders who may have had limited or no access to banks. The mission of PFIP is to increase the number of Pacific islanders who have ongoing access to affordable financial services and relevant education by 1 million by 2019. As of May 2015, PFIP has reached 687,620 people in Fiji, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga and Vanuatu.
About Bima
Bima is a Sweden-based microinsurance service provider that works via mobile phone network operators and is owned by Swedish investment group Investment AB Kinnevik and Mauritius-based LeapFrog Investments. As of May 2015, Bima serves 6 million customers in Bangladesh, Ghana, Indonesia, Mauritius, Senegal, Sri Lanka and Tanzania. It is in the process of expanding into Papua New Guinea.
Sources and Additional Resources:
[1] Pacific Financial Inclusion Program Press Release, “PFIP invests in BIMA to provide Microinsurance products,” http://www.pfip.org/media-centre/press-releases/2015-4/pfip-invests-in-bima-to-provide-microinsurance-products.html
MicroCapital Universe Profile: The Pacific Financial Inclusion Program (PFIP)
MicroCapital Universe Profile: Bima
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