The Access to Insurance Initiative helps establish effective insurance markets around the world in order to improve lives, strengthen communities and grow economies
The challenge: In many parts of the world, people and businesses live and operate without the security of insurance. When loss strikes, it does not discriminate between the rich and poor, or the developed or developing world. Yet too often, regulators and supervisors do not have the technical knowledge to establish an effective insurance framework which enhances access for all, insurance providers may not see a compelling business opportunity to offer products to the low-income population, and there is a lack of understanding of the benefits of insurance to individuals and companies.
The solution: The protections offered by insurance help safeguard against unexpected loss and minimise risk, whether for the well-being of a household, the operations of a business or the health of a community. A financially sound insurance sector contributes to economic growth and well-being by supporting the management of risk, allocation of resources, and mobilisation of long-term savings. The Access to Insurance Initiative (A2ii) is addressing this need by working with policymakers, regulators and insurance supervisors to implement solutions which increase insurance access. A2ii also seeks to ensure that low-income people understand the value of insurance, and then help supervisors and regulators structure the market with the end goal of poverty reduction and economic development.