28 Inclusive Insurance in National Financial Inclusion Strategie
4. IMPRESSIONS FROM FOUR COUNTRIES: CASE STUDIES Case studies from countries that have included insurance in their NFIS provided additional insights on the inclusion of insurance in NFIS. The case study countries presented here are Malaysia, Papua New Guinea, Paraguay, and Tanzania. Due to the limited scope of the study, the case studies provide initial insights into the inclusion of insurance in these countries’ NFIS but cannot deliver a comprehensive analysis.
4.1 State of the inclusion of insurance in Malaysia’s NFIS Malaysia’s National Financial Inclusion Strategy While most countries have developed separate strategies on financial inclusion, Malaysia took an integrated approach by subsuming the topic into its financial sector development plan, the “Financial Sector Masterplan” (2001-2010) followed by the “Financial Sector Blueprint” (20112020). The objective of the Masterplan was “to develop a more resilient, competitive and dynamic financial system with best practices” through building the institutional capacity of the domestic intermediaries and developing the domestic financial infrastructure.36 The current “Financial Sector Blueprint” goes beyond the objective set in the first strategy. It has the aim; “to build a financial sector […] that will benefit a high value-added, high-income Malaysian economy, and generate a growth that is founded on productivity gains and innovation” being at the same time “inclusive, balanced and sustainable”.37 Over the 2011-2016 period, the value-added of the financial sector expanded at a compounded annual growth rate (CAGR) of 2.7%. A set of recommendations guides the implementation of the Financial Sector Blueprint according to four impact areas and 9 key objectives under which related initiatives are specified. 36 Bank Negara Malaysia, 2001. 37 Bank Negara Malaysia, 2011.
