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Wembanyama leads All-Rookie team

UNANIMOUS selections Victor Wembanyama of the San Antonio Spurs and Chet Holmgren of the Oklahoma City Thunder headline the 2023-24 NBA All-Rookie first team announced on Monday.

Both big men were named on all 99 ballots from a global panel of sportswriters and broadcasters. They were joined by Charlotte Hornets wing Brandon Miller (97 first-team votes), Miami Heat forward Jaime Jaquez, Jr. (89) and Golden State Warriors guard Brandin Podziemski (64).

The members of the All-Rookie second team are Dallas Mavericks center Dereck Lively II, Houston Rockets guard-forward Amen Thompson, Utah Jazz guard Keyonte George, Thunder guard Cason Wallace and Memphis Grizzlies forward GG Jackson II.

Mr. Wembanyama, 20, was the consensus choice as this season’s Rookie of the Year. The 2023 NBA Draft’s No. 1 overall pick averaged 21.4 points, 10.6 rebounds, 3.9 assists and a league-leading 3.6 blocks in 71 games.

Holmgren, 22, averaged 16.5 points, 7.9 rebounds and 2.3 blocks while starting all 82 games. He was the No. 2 overall pick in the 2022 NBA Draft but sat out the 2022-23 season with a foot injury.

Miller, 21, was the No. 2 pick in the 2023 draft and averaged 17.3 points and 4.3 rebounds in 74 games. He paced all first-year players with 184 made 3-pointers.

Jaquez, 23, averaged 11.9 points, 3.8 rebounds and 2.6 assists in 75 games (20 starts) and finished in the top 10 in Sixth Man of the Year voting.

Podziemski, 21, contributed 9.2 points, 5.8 rebounds and 3.7 assists in 74 games (28 starts) and finished third in the voting for the league’s Hustle Award. — Reuters

Mariners prick Yankees bubble

NEW YORK — Ty France hit a tiebreaking run batted in (RBI) single to cap a four-run ninth inning off Clay Holmes as the Seattle Mariners rallied for a 5-4 victory over the host New York Yankees on Monday night

The Mariners stopped New York’s seven-game winning streak by scoring four times off Mr. Holmes (1-1), who blew his second save in 15 chances and surrendered earned runs for the first time this season.

With the Mariners trailing 4-1 with two on and one out in the ninth, Luke Raley, who had two of Seattle’s three hits off starter Marcus Stroman, hit an infield single to Gleyber Torres. Julio Rodriguez scored the Mariners’ second run on Torres’ throwing error, which also allowed Cal Raleigh to advance to third and Raley to take second.

Mitch Haniger followed with an RBI single and Dominic Canzone hit a tying sacrifice fly. France followed by hitting a 2-0 sinker to right field for a 5-4 lead.

Eduard Bazardo (1-0) allowed an RBI single to Jon Berti that pushed New York’s lead to 4-1 in the eighth inning but earned the win as Seattle won for the second time in 23 games when trailing entering the eighth inning.

Andres Munoz stranded Juan Soto at first and retired Alex Verdugo for his ninth save.

Verdugo drove in the first three runs for the Yankees, who were 29-0 when leading after seven innings entering Monday. Verdugo hit a two-run double four batters in and added an RBI single in the fifth off Seattle starter Logan Gilbert.

Stroman allowed a run in 7 1/3 innings and Luke Weaver finished off the eighth before Holmes faltered. Stroman struck out six, walked one and exited to a nice ovation after allowing Canzone’s homer to end his night.

Gilbert allowed three runs and eight hits in six innings. He struck one and walked one and avoided his third straight loss thanks to Seattle’s comeback.

The Yankees went ahead when Verdugo followed Judge’s long double to center field with a two-base hit with one out down the right field line. After consecutive one-out singles by Soto and Judge, Verdugo lined a single to center for a 3-0 lead in the fifth. — Reuters

Scheffler’s arraignment moved

SCOTTIE SCHEFFLER — MATT STONE-USA TODAY SPORTSREUTERS

SCOTTIE SCHEFFLER’s arraignment scheduled for Tuesday morning in Louisville, Kentucky, has been postponed until June 3.

Louisville TV station WLKY reported that the attorney for Mr. Scheffler, Steve Romines, filed a motion to delay and it was granted by a district judge over the objection of Jefferson County Attorney Mike O’Connell.

Mr. Scheffler was arrested in the pre-dawn hours Friday, shortly after arriving at the golf course, and charged with felony assault of a police officer. 

He also was charged with third-degree criminal mischief, reckless driving and disregarding signals from officers directing traffic.

Louisville police said an officer was “dragged to the ground” by a vehicle driven by Scheffler, who was trying to bypass a backup caused by the fatal accident earlier that morning.

Romines, hired Friday to represent Scheffler, told reporters that the golfer “didn’t do anything wrong.”

“He was following the instructions of another traffic control officer and trying to get into the facility to warm up and work out,” Romines said.

Scheffler was released from custody after being booked at the Louisville Metro Department of Corrections, after his mug was taken while wearing an orange jail-issued jumpsuit. He was released in time to make his tee time, which was pushed back by 80 minutes for all players because of the traffic jam that resulted from the accident.

Scheffler finished T8 in the event after shooting a final round 65 on Sunday.

Louisville police confirmed Saturday night that the body camera of officer Bryan Gillis was not in operation during the incident. Reuters

Dethroned Kings

Head coach Michael Malone was in a foul mood in the aftermath of Game Seven of the Nuggets’ West semifinal round series against the Timberwolves. It wasn’t simply that the defending champions lost; it was that they found themselves eliminated from the 2024 National Basketball Association (NBA) Playoffs following a monumental collapse in the second half of a match that appeared to be theirs for the taking. And so he snapped at scribes who dared seek his thoughts on how a 20-point lead could turn into an eight-point setback at the buzzer, the biggest turnaround in pro hoops annals.

“Stupid-ass questions,” Malone contended. Never mind that when the Nuggets gained a three-two advantage in the best-of-seven affair, he saw fit to all but gloat about their status as favorites. He even made a big ado about putting together broadcast footage of armchair analysts who wrote them off after having given up the first two set-tos at Ball Arena. Casual observers showed their long memories as well by pointing out, rightly, that those who relish polishing their name also need to acknowledge when it is tarnished.

Make no mistake. The Nuggets lost because the Timberwolves were simply better under pressure. The togetherness that newly minted Most Valuable Player Nikola Jokic and Company hitherto had cause to highlight was next to nonexistent with all the marbles at stake. Instead, they saw it in their opponents. And as the writing on the wall became more and more evident with the clock edging closer to zero, Malone shockingly proved to be wanting.

Needless to say, the Nuggets will remain contenders for some time to come. They will be back next year, and certainly with more motivation to demonstrate that their march to the 2023 title was no fluke. That said, it’s telling that they have yet to win a single series versus competition with 50 wins or more in the Jokic era. Which is why talk of making personnel changes is already making hoops circles. To be sure, Malone would do well to ignore the knee-jerk reaction — even if he inadvertently fueled it by riding his starters to the point of exhaustion against the Timberwolves.

As conventional wisdom broke down the shocker of an outcome, much of the discussion focused on how Timberwolves president of basketball operations Tim Connelly assembled a lineup built to beat the Nuggets. In this regard, it’s probably no coincidence that he was likewise the architect of the ascendancy of Malone’s charges. He’s that good at assembling building blocks for success. Meanwhile, it’s onward and upward for the dethroned kings, decidedly bitter and, at the same time, pursing their lips for what is to come by way of redemption.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

US President defends Israel, says Gaza offensive is not genocide

Supporters of bereaved family members and the families of hostages who were kidnapped during the deadly Oct. 7 attack by Palestinian Islamist group Hamas, protest on a Day of Disruption by anti-government protest groups outside the Knesset, Israel’s Parliament in Jerusalem, May 20, 2024. — REUTERS

WASHINGTON — US President Joseph R. Biden strongly defended Israel on Monday, saying Israeli forces are not committing genocide in their military campaign against Hamas militants in Gaza in a rejection of criticism from pro-Palestinian protesters.

“What’s happening in Gaza is not genocide. We reject that,” Mr. Biden said at a Jewish American Heritage Month event at the White House.

Mr. Biden has faced protests at many of his events around the country from pro-Palestinian advocates who have labeled him “Genocide Joe” for his steadfast support for Israel.

In remarks at the White House event, Mr. Biden stressed his belief that Israel was the victim dating back to the Oct. 7 attack on southern Israel by Hamas militants who killed 1,200 people and took hundreds of hostages.

He said US support for the safety and security of Israelis is “ironclad.”

“We stand with Israel to take out (Hamas leader Yahya) Sinwar and the rest of the butchers of Hamas. We want Hamas defeated. We’re working with Israel to make that happen,” he said.

Negotiations have stalled between Israel and Hamas in trying to gain the freedom of sick, elderly and wounded hostages still held by the militants, but Mr. Biden vowed not to give up trying to gain their release.

“We’re going to get them home, we’re going to get ‘em home, come hell or high water,” Mr. Biden said.

Mr. Biden has also called for an immediate ceasefire in Gaza, something that he reiterated in his commencement speech at Morehouse College on Sunday

Mr. Biden also rejected the International Criminal Court’s (ICC) prosecutor for saying he had requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his defense chief over alleged war crimes.

The ICC prosecutor on Monday also said he requested arrest warrants for Hamas chief Sinwar and two other Hamas leaders.

Mr. Biden in recent months has faced growing political pressure from his own party over his handling of the Gaza conflict, as the Palestinian death toll climbed to more than 35,000 people, according to the Gaza Health Ministry, and Israel’s siege has created dire humanitarian conditions in the territory. — Reuters

Swarmed with tourists, Japan town blocks off viral view of Mt. Fuji

WORKERS erect a barrier to block the view of a popular Mount Fuji photo spot, near a convenience store in Fujikawaguchiko town, Yamanashi prefecture, Japan, May 21, 2024. — REUTERS

FUJIKAWAGUCHIKO, Japan — Japan’s majestic Mt. Fuji was some 700,000 years in the making, but on one sultry May morning, it was gone.

At least on one side of a busy road, views of the 3,776-meter (12,388 foot) symbol of Japan and the Lawson convenience store beneath it have vanished, as officials finished a 20-meter by 2.5-meter barrier to obstruct a photo spot that had become viral among tourists.

For locals, the mass of visitors and their refusal to obey rules on littering and parking had become a nuisance and traffic hazard.

“I’m really happy that foreigners are coming to our town,” said Kikue Katsumata, 73, a lifelong resident of Fujikawaguchiko. “But when it comes to taking pictures from the Lawson, the road is a bit narrow and it can be dangerous when people dash across without using a crosswalk.”

March and April set all-time records for visitor arrivals, driven by pent-up demand after the pandemic and as the yen’s slide to a 34-year low made Japan an irresistible bargain. That’s been good news for the economy, with travelers spending a record 1.75 trillion yen ($11.2 billion) in the first three months of 2024, according to the tourist agency.

The drastic decision to block the view of Mt. Fuji symbolizes tensions across the country as Japan reckons with the consequences of its tourism boom. The western metropolis of Osaka and the hot spring resort town Hakone are among municipalities considering new tourism taxes to deal with deluge of visitors.

Cyril Malchand, a 45-year old visitor from France, found out about the fence online and made a special trip to be among the last to take in the view. He said he empathized with the locals.

“When I see that there could be problems with people crossing the road without watching cars, I don’t find it that bad that they’re setting up that fence,” he said. — Reuters

Death of Iran’s Raisi could stir race for Khamenei succession, insiders say

IRANIAN PRESIDENT EBRAHIM RAISI — EN.WIKIPEDIA.ORG

DUBAI — Iranian President Ebrahim Raisi’s death in a helicopter crash upsets the plans of hardliners who wanted him to succeed Supreme Leader Ayatollah Ali Khamenei and will stir rivalries in their camp over who will take over the Islamic Republic when he dies.

A protege of Mr. Khamenei who rose through the ranks of Iran’s theocracy, Mr. Raisi, 63, was widely seen as a leading candidate to take over from the 85-year-old Supreme Leader — though it was far from being a foregone conclusion in Iran’s opaque politics.

His rise to the presidency was part of a consolidation of power in the hands of hardliners dedicated to shoring up the pillars of the Islamic Republic against the risks posed by dissent at home and powerful enemies in a turbulent region.

Mr. Raisi had enjoyed staunch backing from Mr. Khamenei, who had himself held the position of president before he became Supreme Leader in 1989 following the death of the Islamic Republic’s founder, Ayatollah Ruhollah Khomeini.

The Supreme Leader holds ultimate power in Iran, acting as commander-in-chief of the armed forces and deciding on the direction of foreign policy, defined largely by confrontation with the United States and Israel.

While Mr. Khamenei has not endorsed a successor, Iran watchers say Mr. Raisi was one of the two names most often mentioned, the second being Mr. Khamenei’s second son, Mojtaba, who is widely believed to wield influence behind the scenes.

Mr. Raisi, backed by a group that wanted to see him become Supreme Leader, clearly wanted the role, said Vali Nasr, professor of Middle East Studies and International Affairs at John Hopkins School of Advanced International Studies.

“Now they don’t have a candidate, and that opens the door for other factions or other figures to emerge as serious contenders,” he said.

For Mr. Raisi, a mid-ranking Shi’ite cleric, the presidency had been a vehicle to reach the supreme leadership. “There’s no other candidate right now (with) that kind of a platform and that’s why the presidential elections in Iran, however they unfold, will be the first decider about what comes next,” Mr. Nasr said.

‘BLOW TO THE ESTABLISHMENT’
Raisi’s views echoed Khamenei’s on every major topic and he enacted the leader’s policies aimed at entrenching clerical power, cracking down on opponents, and adopting a tough line on foreign policy issues such as the nuclear talks with Washington, two Iranian insiders said.

The hardliners maintained their grip in a parliamentary election held in March, but turnout sunk to the lowest level since the revolution.

Critics saw this as reflecting a crisis of legitimacy for the clerical elite, amid mounting economic struggles and dissent among Iranians chafing at the social and political restrictions which drove months of protests ignited by the death of a young woman arrested by the morality police in 2022.

Though his name has often been cited, doubts have swirled over the possible candidacy of Mojtaba, a mid-ranking cleric who teaches theology at a religious seminary in the Shi’ite holy city of Qom.

Mr. Khamenei has indicated opposition to his son’s candidacy because he does not want to see any slide back towards a system of hereditary rule in a country where the US-backed monarchy was overthrown in 1979, an Iranian source close to Mr. Khamenei’s office said.

A regional source familiar with the thinking in Tehran said Khamenei’s opposition to hereditary rule would eliminate both Mojtaba and Ali Khomeini, a grandson of the Islamic Republic’s founder who is based in Najaf, Iraq.

A former Iranian official said powerful actors including the Revolutionary Guards and influential clerics in Qom are now expected to step up efforts to shape the process by which the next supreme leader is picked.

“Raisi’s death is a blow to the establishment that has no other candidate now,” the official said, adding that while it was believed Raisi had been groomed to succeed Khamenei, nobody knew for sure what Khamenei’s intentions were.

UNCERTAINTY IN THE SUCCESSION
Khamenei had not been a clear favourite for the role in 1989 and only emerged after backroom dealings among the clerical elite.

Under Iran’s constitution, the Supreme Leader is appointed by the Assembly of Experts, an 88-member clerical body that supervises and in theory can sack the Supreme Leader.

While the Assembly is chosen in an election, another hardline watchdog body comprising clerics and jurists aligned to Khamenei has the power to veto laws and decide who may stand.

Two sources familiar with the matter said the Assembly of Experts had taken Raisi off a list of potential successors some six months ago because of his sagging popularity, reflecting economic hardship caused by U.S. sanctions and mismanagement.

One of the sources said intensive lobbying had been underway by influential, pro-Raisi clerics to get his name reinstated.

Ali Vaez, Iran project director at the International Crisis Group, said that “none but a handful at the top likely know how much of the Raisi-as-heir narrative had a basis in reality”.

“But if this was the plan, Raisi’s death introduces great uncertainty in the succession,” he said.

Alex Vatanka, director of the Iran Program at the Middle East Institute in Washington, said many viewed Khamenei’s role in promoting Raisi as a sign that he wanted him as successor.

His death “could result in internal infighting in (the) regime unlike anything we have seen since the early 1980s”, he said. — Reuters

Kirin’s electric spoon leaps from Ig Nobel infamy to the dinner table

Kirin Holdings started selling the Electric Salt Spoon at its official online store this month. — KIRIN HOLDINGS

TOKYO — Japanese drinks giant Kirin Holdings will start selling an electrified spoon that researchers claim can promote healthier eating by enhancing salty tastes without extra sodium.

Monday’s product launch marks the first commercialization of technology that last year won an Ig Nobel Prize, which honors unusual and whimsical research.

Kirin will sell just 200 of its Electric Salt Spoons online for 19,800 yen ($127) this month and a limited run at a Japanese retailer in June, but is hoping for 1 million users globally within five years. Sales overseas will start next year.

The spoon, made of plastic and metal, was co-developed with Meiji University professor Homei Miyashita, who previously demonstrated the taste-enhancing effect in prototype electric chopsticks. The effect works by passing a weak electric field from the spoon to concentrate sodium ion molecules on the tongue to enhance the perceived saltiness of the food.

Kirin, which is pivoting towards healthcare from its traditional beer business, said the technology has particular significance in Japan, where the average adult consumes about 10 grams of salt per day, double the amount recommended by the World Health Organization.

Excess sodium intake is related to increased incidence of high blood pressure, strokes and other ailments.

“Japan has a food culture that tends to favor salty flavors,” said Kirin researcher Ai Sato. “Japanese people as a whole need to reduce the amount of salt intake but it can be difficult to move away from what we’re used to eating.

“That’s what led us to develop this electric spoon.”

Weighing 60 grams, the spoon runs on a rechargeable lithium battery.

Mr. Miyashita and his co-creator, Hiromi Nakamura, were presented with the Ig Nobel Nutrition Prize by immunologist and Nobel Prize laureate Peter Doherty in an online ceremony last year. — Reuters

China rebukes South Korea, Japan lawmakers visiting Taiwan

CARLOS DE SOUZA-UNSPLASH

BEIJING — China on Tuesday scolded South Korean and Japanese lawmakers for visiting Taiwan despite its strong opposition, chiding both neighbors for attending Taiwan’s “so-called inauguration ceremony of the leader”.

Taiwan President Lai Ching-te, who won a January election, was officially sworn in on Monday.

China resolutely opposes the visits, its embassies in South Korea and Japan said, and has lodged solemn representations with the two northeast Asian countries.

A spokesperson for the embassy in South Korea said the move runs counter to the China-South Korea strategic cooperative partnership, while to Japan, the embassy there said the visit seriously contravened the spirit of Sino-Japanese commitments.

China urged South Korea to take “practical actions” to safeguard overall interests of bilateral relations while it seriously urged Japan to cease “provocative political manipulation” of the Taiwan issue.

It also told Japan, which has joined the United States in congratulating Ching-te as he was sworn in on Monday, to avoid causing further damage to peace and stability in the Taiwan Straits and to their bilateral relations.

On Monday, Japan’s Chief Cabinet Secretary Yoshimasa Hayashi called Taiwan “an extremely important partner and friend of our country” and said the Japanese government intends to further deepen cooperation and exchanges between both nations.

The three countries are due a trilateral summit next week in Seoul.

SEEKING STABLE TIES
Last week, Chinese Foreign Minister Wang Yi told his South Korean counterpart who visited Beijing that both nations should seek stable ties despite their recent “difficulties” including tensions over Taiwan and other regional issues.

South Korea’s Cho Tae-yul told Mr. Wang both countries should work together and “even if there are difficulties, momentum of cooperation should be continued while carefully managing the relations”.

South Korean President Yoon Suk Yeol said last year that democratically governed Taiwan, which China claims as part of its territory, was a “global issue,” not just an issue between China and Taiwan.

A month ago, following Japanese Prime Minister Fumio Kishida’s remarks to the US Congress calling Chinese military actions “the greatest strategic challenge” to the world, Chinese state-controlled media called Japan “two-faced.”

It said Japan is inaccurately portraying China as a regional security threat while chasing more stable bilateral ties, and warned of Chinese measures if Tokyo acted recklessly.

Japan and China have also clashed over mutual maritime claims in the East China Sea, as well as China’s actions against the Philippines’ territorial claims in the South China Sea. — Reuters

Mexico’s howler monkeys dropping dead as heat toll mounts

PAULO-B.-CHAVES—FLICKR

COMALCALCO — Threatened howler monkeys have been dropping dead from trees in Mexico’s southeastern tropical forests in recent weeks amid a nationwide drought and heat waves that have sent temperatures soaring across much of the country.

In the state of Tabasco, where temperatures are forecast this week to surpass 45°C (113°F), local media have reported up to 85 deaths, while local authorities have confirmed the trend without providing a death toll.

In a statement over the weekend, Tabasco’s Civil Protection agency attributed the deaths to dehydration.

A source from the agency told Reuters on Monday that monkeys have been confirmed dead in three municipalities of the state.

In a forest outside Camalcalco, Tabasco, volunteers collected the corpses of mantled howler monkeys (alouatta palliata) that died from high temperatures, before placing buckets of water and fruit to try to stave off more deaths.

The mantled howler monkey is classified as vulnerable on the International Union for Conservation of Nature (IUCN) Red List.

“It is because the heat is so strong. I’ve been visiting the states for a long time and I have never felt it as much as now,” Mexican President Andres Manuel Lopez Obrador, who hails from Tabasco, said on Monday when asked about the monkey deaths.

“So, yes, we have to care for the animals and yes we are going to do it,” he said in his regular news conference.

Later on Monday, Mexico’s environment ministry said in a statement that it was coordinating efforts to address the monkeys’ deaths, which it attributed to several possible reasons, including “heat stroke, dehydration, malnutrition or the spraying of crops with toxic agro-chemicals.”

Mexico is also home to the Yucatan howler monkey, which because of deforestation is classified as endangered on the IUCN Red List.

Mexico’s health ministry reported a preliminary count of 26 people who have died from heat-related causes between the start of Mexico’s heat season on March 17 and May 11. — Reuters

DOTr apprehends colorum vehicles, 2M in fines collected

PHILIPPINE STAR/WALTER BOLLOZOS

More than Php 2 million in fines were collected yesterday, May 20, by the Special Action and Intelligence Committee for Transportation (DOTr-SAICT) imposed on illegal and unregistered vehicles.

According to Transport Secretary Jaime J. Bautista, the Department of Transportation (DOTr), LTO, and LTFRB are working with the Philippine National Police (PNP) and Metro Manila Development Authority (MMDA) towards apprehending colorum PUVs. 

“Ang LTO, LTFRB and in coordination with PNP and MMDA—ready kami manghuli ng colorum, (The LTO, LTFRB, in coordination with PNP and MMDA are ready to apprehend colorum vehicles,”) Mr. Bautista stated. 

Indicated in the Anti-Colorum program spearheaded by DOTr-SAICT, illegal van operators could face a P200,000 fine, while a P1 million penalty for illicit buses. 

By imposing such policies, the government is “showcasing steadfast dedication to ensuring road safety for all,” the department added. 

Aside from vans and buses, after the 15-day grace period given last April 30, traditional public utility jeepneys (PUJs) that failed to consolidate with the modernization program (PUVMP) were barred from plying their routes. 

Since the deadline, over 10,000 unauthorized jeepney units nationwide, including 1,900 units in Metro Manila, were deemed illegal due to expired franchises. Apprehended jeepneys would result in a P50,000 fine for the operator, one-year suspension for the driver, and vehicle impound for 30 days at Pampanga, LTFRB Chairman Teofilo Guadiz III mentioned. 

“We can now flag down and we can apprehend drivers or vehicles because the grace period we had given them had already lapsed so that those that were unconsolidated can no longer travel,” Mr. Guadiz said. 

As of May 16, around 81%, or approximately 160,000 units, have consolidated with the government’s modernization program. – Almira Louise S. Martinez

Microinsurance Network Chair urges more action to close the protection gap

Microinsurance Network Chairman and Pioneer Group Head Lorenzo Chan, Jr.

Microinsurance Network Chairman (MiN) and Pioneer Group Head Lorenzo Chan, Jr. shares breakthroughs in inclusive insurance but stresses that much is still to be done to better serve the low-income sector who need it most.  

In a recent article published by the European Financial Review, an online business intelligence platform, Mr. Chan highlights the MiN’s 2023 “Landscape of Microinsurance Study” findings. According to the study, 330 million people in 36 surveyed countries, equivalent to 11.5% of the target population, now have microinsurance coverage. This is a significant increase from the 7% reported in 2019. However, this also reveals that nearly 90% of the target market still lacks insurance protection, emphasizing the need for sustained efforts in this area.

The low-income sector has few resources and cannot afford to wait long to receive their insurance benefits. Many live hand to mouth and, hence, need to claim quickly so they can rebuild as soon as possible. “Speedy claims settlement and turnaround time should be part of the equation if one is to win more converts and believers,” Mr. Chan shared.

Mr. Chan also highlighted the driving forces behind microinsurance: the billions of individuals comprising the market, the significant risk exposure necessitating protection, and the abundance of insurers. However, the challenge lies in finding people willing to explore the micro market’s unique needs and what it can afford, going beyond conventional business models.

 “The time is ripe. Regulators must continue enabling the industry to do more, whether by creating awareness, innovating products, and approaches, digitalizing and simplifying processes for ease of doing business or creating value propositions that benefit the client,” Mr. Chan added.

Microinsurance Network (MiN) is a global nonprofit multi-stakeholder platform that promotes inclusive insurance to low-income households worldwide. Since 2021, Mr. Chan has been the first and only Asian to serve as MiN Chairperson. 

The “2023 Landscape of Microinsurance Study” by the Microinsurance Network gathered data from 294 insurance providers across 36 countries. It provides a unique benchmark tracking uptake of microinsurance products and services with insights into emerging trends.

 


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