MiMAP (Rimansi) is a perfect case study of the mutuality model in microinsurance provision. MiMAP is an association of 18 mutual microinsurers in the Philippines with a member count of roughly 7.22m (combined) that insures approximately 26.7 million Filipinos (as of 2020).
The association services about 60% of the microinsurance market. These mutuals have a shared vision of providing 12 million members with microinsurance cover by 2024, which will insure 48 million individual lives. Products offered include family life, health insurance and facilitated non-life insurance products.
Mutual microinsurance services epitomise and support the global SDGs agenda in normal circumstances and times of crisis. For example, CARD MRI Group’s interdependence of microfinance and microinsurance creates a circular system that generates sustainability for the members and their policyholders.
The MiMAP mutual benefit association model enhances the long-term resilience of marginalised populations and those in need. The regional insurance regulation is supportive of MiMAP, which is fundamental to enable low-income facilities that supports financial inclusion and economic resilience for all.
During the pandemic, the MIMAP team were classifieds as frontline workers due to the fact that the community was/is heavily dependent on the speed at which claims are paid in order to feed their families.
