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Newsletters | 2022

A2ii Newsletter 09/22

Welcome! In this newsletter, we provide you with updates on the work of the A2ii, events and publications, and experiences and learning on inclusive insurance regulation and supervision across jurisdictions over the past month.

Follow us on Twitter @a2ii_org and LinkedIn and join the conversation on #inclusiveinsurance!

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Recent Events | Upcoming Events | A2ii TrainingBlog | Publications | Learning Opportunity | Useful Tools on Our Website

 

Recent events

Virtual launch of the Index Insurance Best Practices for Insurance Regulators & Practitioners Report | 16 August

The webinar on 16 August marked the virtual launch of the report Index Insurance Best Practices for Insurance Regulators and Practitioners, co-published by the UN Capital Development Fund (UNCDF) and the Access to Insurance Initiative. 

Launching the document, Benjamin Pereira, Assistant Governor, Central Bank of Samoa, highlighted the need amongst Pacific Central Banks and insurance supervisors to build better capacities to regulate and encourage index insurance solutions in the region. Preeti Sinha, Executive Secretary, UNCDF, spoke about the opportunities of index insurance for innovation and outside-of-the-box thinking. One such example is the first climate and disaster risk parametric micro-insurance product launched in Fiji, led by UNCDF’s flagship Pacific Insurance and Climate Adaptation Programme (PICAP). 

Speaking on behalf of A2ii, Manoj Pandey emphasised how the report builds on A2ii’s previous efforts in identifying and addressing issues and challenges insurance supervisors from emerging markets face in regulation and encouraging index insurance solutions. This publication’s strength lies in covering different aspects of supervision: prudential requirements, legal considerations, design and distribution strategies, and aspects of consumer education and protection. It is thus a comprehensive and informative document.  

Finally, lead author of the report, Agrotosh Mookerjee, MD and Lead Actuary, RiskShield Consulting, presented the key findings of the publication and took questions from the audience on the issues of data, scale and sustainability of index insurance solutions and highlighted the ways to minimise basis risk in index insurance. For more details, download the report.  

 

A2ii Supervisory Special: Honduras Case Study | 17 August

On 17 August, 24 supervisors from 11 jurisdictions attended the first A2ii Supervisory Special in Spanish. It was presented by Néstor Iván Quiñónez Valenzuela from the Superintendence of Insurance, of the National Commission of Banks and Insurance of Honduras (CNBS - Comisión Nacional de Bancos y Seguros), a Honduran insurer who presented the case study. Insurance supervisors can access the case study and the recording (in Spanish) on the Connect.A2ii platform.  

The A2ii Specials aim to promote peer exchange and discussions, based on presentations of real-life case studies. For this reason, they will always be held in the form of closed, supervisory-only meetings. The presentations are followed by a guided discussion, where the names of companies and individuals are changed in order to preserve the anonymity of those involved. Supervisors attending the meeting can familiarise themselves with the case study in advance through access to the Connect.A2ii platform.

We invite all supervisors who have a real case to share it with us. The A2ii team will be happy to organise Specials based on your experiences, where you can have a discussion with supervisors from other jurisdictions and hear different points of view. Please email secretariat@a2ii.org to express interest. 


Upcoming events

 Regional Training Seminar for Insurance Supervisors | 22-23 September, Lima, Peru  

 

The Regional Training Seminar for Insurance Supervisors on ‘Challenges facing Insurance Markets Systems in Latin America’ is being jointly organised by the Latin American Association of Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii), the Microinsurance Network (MiN) and the Superintendency of Banking, Insurance and Private Pension Fund Administrators of Peru (SBS)

This event will take place at the SBS Training Centre, Lima, Peru, on 22-23 September, 2022. The agenda of the seminar will include topics on risk-based capital, stress testing, cybersecurity, catastrophic risk and the protection gap, amongst other issues. Click here for more information

 

Q&A Special with the IAA on ‘Leveraging Actuarial Skills’ - for Supervisors | 27 September 

Following the launch of the self-directed modules on Connect.A2ii on the same topic, the IAA, A2ii and IAIS are organising a Q&A Special with the IAA experts, to take place on 27 September at 13.00 Central European Summer Time (CEST). 

The Special is a 90-minute MS Teams live session where participants will have the opportunity to discuss any learning gaps, insights, practical or conceptual actuarial questions with the IAA trainers.  
 
How do I register? 

To take part in the event, supervisors will need to complete the self-directed online modules on Connect.A2ii and consequently receive the “Leveraging Actuarial Skills” Digital Badge on Connect. The supervisors with the Badge will receive a personal invitation with a registration link for the Q&A Special. 

For more information, including how to submit your questions ahead of time, click here

 

MENA Seminar on Climate Risk Supervision and the Protection Gap I 27-28 September 

The Middle East and North Africa (MENA) Seminar on Climate Risk Supervision and the Protection Gap is organised by the Capital Market Authority of the Sultanate of Oman, in cooperation with the Supervisory Authority of Insurance and Social Welfare of the Kingdom of Morocco. The event is being organised as a response to growing concern in the region with on climate change issues. 

The seminar will explore challenges facing insurance sector supervisors in the MENA region, and the role of supervisory authorities in addressing these challenges. The event is being supported by the International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (A2ii), and Sustainable Insurance Forum (SIF).  

For more information and registration, please access this link

 

Regulatory challenges and supervisory demands in facilitating remittance-linked insurance, (SDG 1) - Public Dialogue | 29 September 

 

Approximately 280 million migrants, nearly half of whom are women, live and work outside their home countries and only less than three percent have access to portable social protection schemes that could address these issues, necessitating a comprehensive market-based approach toward migrant insurance.  

Any unforeseen events affecting these migrants, such as death, sickness, or job loss, negatively impact the financial stability of the recipient family, leading to an excessive debt trap, inequality, and poverty. Insurance and pensions are essential safeguards for migrant families against such unforeseen events. However, there is still a regulatory grey area in terms of supervisors’ roles. What can supervisors do to facilitate insurance products targeted at migrants and their families? How can specific migrant needs be reflected? These and other questions will be addressed during this dialogue, exploring the existing regulatory challenges and possible pathways to explore the full potential of migrant insurance. 

A2ii and IAIS are partnering with UNCDF for this Public Dialogue, taking place on 29 September from 14:00-15:15 CEST. 

William Price, UNCDF specialist on migrant financial resilience, will be presenting a set of priorities to achieve this ambitious agenda. This presentation will be followed by a panel discussion moderated by Manuela Zweimüller, Head of Implementation of IAIS with Jeremy Leach, founder and Executive Director of Inclusivity Solutions and Garance Wattez-Richard, Head of AXA Emerging Customers and Brian Gale Sibuyan, Manager of Regulation, Enforcement and Prosecution Division at the Philippine Insurance Commission. Another panellist from a supervisory authority will be confirmed soon. Stay tuned! 

Registration is open now

 

CAIR Conference on ‘Challenges ahead: Climate Change, Business Continuity and IFRS 17’ I 28-29 September 

The Caribbean Association of Insurers and Reinsurers (CAIR) together with the Caribbean Regional Technical Assistance Centre (CARTAC) are organising a 1.5 day virtual event for supervisors from the region from 28-29 September. The A2ii will be providing input to the event. For more information about this event, please contact A2ii Secretariat (secretariat@a2ii.org).


A2ii Training 

Capacity Building for Insurance Supervisors – Leveraging Actuarial Skills | 1-24 November 

We are pleased to invite insurance supervisors to the virtual training on ‘Leveraging actuarial skills’, organised by the International Actuarial Association (IAA), the International Association of Insurance Supervisors (IAIS) and the Access to Insurance Initiative (A2ii).  

This training is directed towards mid to high level technical staff of regulation and supervision agencies from Africa and Asia, ideally with a minimum of three years' experience in the insurance industry.  Participants are expected to commit to the training programme, consisting of self-paced modules and live sessions in November 2022. A mandatory onboarding session will take place on 18 October from 13:00-14:30 CET.   

The registration deadline is 23 September. You can find more information about the training and registration here


Blog

Artificial Intelligence and emerging regulatory expectations

By Laura Moxter Morales

Artificial Intelligence (AI), including Machine Learning (ML), is one of the technologies reshaping the financial sector, including insurance. AI has the potential to significantly improve the delivery of financial services to consumers as well as the operational and risk management processes within firms, which can present many opportunities for expanding financial inclusion. On the flip side, the complexities of AI could overshadow these benefits, as it may exacerbate and introduce new risk exposures, especially around transparency and fairness. For these reasons, clear guidelines and tailored regulatory responses are necessary to mitigate the potential negative consequences of AI-driven solutions to protect consumers and firms. Read more… 


Publications

Index insurance best practices for insurance regulators and practitioners in the Pacific Island countries 

A new report on Index insurance best practices for insurance regulators and practitioners in the Pacific Island countries has been published by the Pacific Insurance and Climate Adaptation Programme (PICAP) and the Access to Insurance Initiative (A2ii)

Index insurance solutions have been around for a number of years. However, supervisory frameworks to support their development and ensure consumer protection are still in the early stages of their evolution and development. These best practice regulatory guidelines are a step in the right direction to better regulating and encouraging index insurance-based solutions to build the capacities of insurance supervisors and regulators to create enabling market conditions for successful inclusive insurance interventions. 


Learning Opportunity

Free of charge for supervisors: tickets for CONVENTION A – an online event for the actuarial community | 19-23 September  

From September 19 to 23, 2022 the European Actuarial Academy (EAA) with support of actuview will organise the first CONVENTION A as an online-only conference.  

The theme is ‘Connecting Knowledge’. The event program is jointly created by 35 institutions from the actuarial community and companies active in the insurance industry. During the five days of the event, each participant will find offerings in a convenient time zone. More than 180 hours of actuarial content will cover all fields.  

Find all details on the partners, speakers, and the conference programme on the event page

Through the A2ii, a limited number of free tickets are available. Click here to request your ticket by 9 September 2022


Useful Tools on Our Website

 

Insurance and the Sustainable Development Goals (SDGs)

 

The SDG pages include resources on the importance and the role of insurance across nine SDGs: 01 No Poverty, 10 Reduced Inequalities02 Zero Hunger03 Good Health and Well-being, 05 Gender Equality08 Decent Work and Economic Growth, 09 Industry Innovation and Infrastructure, 13 Climate Change and 17 Partnerships for the Goals.

 

Supervisory KPIs Lexicon

 

Interactive, searchable directory of KPIs for insurance supervisors across four pillars: prudential soundnessmarket conductinsurance market development and the Sustainable Development Goals, with four accompanying handbooks.

 

 

Inclusive Insurance Regulations Map

The interactive map incorporates data about regulation and regulation which supports inclusive insurance sourced through A2ii's research, work and interaction with supervisory authorities worldwide. 

 

 

ICP Self-assessment Tool

 

 

 

 

 

 

 

 

 

 

The tool is intended to help supervisors assess the level of observance of the Insurance Core Principles (ICPs).

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