A throwback to 2019: old challenges of inclusive insurance remain

Around this time of the year, we usually launch our Annual Report from the previous year. On the one hand, it is with a sense of pride and gratitude that I am presenting this special Anniversary Edition of the A2ii Annual Report. A decade of successes can be attrib­uted to our staff and partners’ unwa­vering commitment, to our donors’ continued support, and above all, to the insurance supervisors who have invested their time and expertise to­wards our shared goal of responsible and inclusive insurance for all.

On the other hand, 2020 has given the 2019 Annual Report an additional meaning – it is also a token to times of physical meetings and handshakes with supervisors, policymakers and industry representatives around the world.  Covid-19 has changed the world dramatically and exposed sobering vulnerabilities of our societies and economic systems. As countries continue to struggle with the immediate health crisis and longer-term economic recovery: what might the new normal look like post-Covid-19 and are we ready for it?

On the other hand, 2020 has given the 2019 Annual Report an additional meaning – it is also a token to times of physical meetings and handshakes with supervisors, policymakers and industry representatives around the world.

Guided by this question, the A2ii is exploring the impact on supervisory priorities from 2019 onwards and is tailoring its work plan to help supervisors cope with emerging challenges. Possible impact scenarios on global pover­ty in short to medium term are being wide­ly discussed, among the development community, policymakers, regulators and the industry alike. Where do insurance supervisors fit in the picture, and what can the A2ii do to support?

One lesson we have learned is that some lessons are not new. Inclusiveness is at the core of building back better, and the pandemic has accentuated many of the old challenges of inclusive insurance for all. The hardship caused by Covid-19 on individuals, businesses and economies has further highlighted the importance of a resilient, stable and developed insurance market and the importance of robust risk-based regulatory and supervisory frameworks has been brought to the fore. The A2ii will continue to address these key regulatory challenges through its on-going policy work and more directly through its capacity building.   

I invite you to read the A2ii 2019 Anniversary Annual Report for a sense of where we left off in 2019 and A2ii’s role in that, and remind ourselves how to get back on track to close the protection gap as we move ahead into the new normal.