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26.10.2021 | Hannah Grant | A2ii, Covid-19, Inclusive Insurance

Empowering Regulators - Developing Communities: A2ii 2020 Annual Report

Once again, I have the pleasure to present the A2ii 2020 Annual Report

Throughout 2020, the A2ii experienced many changes. What remained constant was our commitment to adjust our activities to the context of the Covid-19 crisis to meet the ever-changing situation and needs of supervisors.

The Secretariat team pulled together for a seamless transition to continue supporting insurance supervisors in these challenging times through virtual work and releasing several new tools and resources: the Covid-19 Supervisory Response Tracker, the Pandemic Risk webinar series organised jointly with the IAIS and the blog series on Covid-19.

The pandemic has caused us distress privately and professionally. It has accentuated many of the old challenges of inclusive insurance for all as well as the importance of a resilient, stable and developed insurance market. At its heart are robust risk-based regulatory and supervisory frameworks.

The outlook is still uncertain. Development stakeholders are largely focusing their energies on the economic impact of the pandemic. As vaccination progresses at different paces around the world, the threat of subsequent waves has not subsided, and the recovery path looks to be volatile.

What is clear is that all hands will be needed on deck to help put development progress back on track. A2ii will remain committed to this within our mission and interactions with supervisors. To this end, we firmly believe that insurance can play a truly powerful role in building back a more resilient world.

Our priorities will remain rooted in helping supervisors deal with the fallout from the pandemic. At the same time, we will look ahead to how insurance can be better integrated into resilience-building as policymakers and development organisations double up efforts towards achieving development goals.

The support of international financial institutions and the development community is vital in tackling the current crisis but also for keeping a close eye on the 2030 development agenda, accelerating
financial inclusion and particularly the role of insurance within.

Supervisors have a crucial role in this process. As technical experts, there is a strong case for insurance supervisors to have a seat at the policymaking table and contribute to cross-cutting issues such as climate change. Supervisors can also be mediators and conveners for the public and private sectors.

We also continue to assert that good supervision and regulation plays a fundamental role. Good prudential supervision leads to more financially sound markets that are better able to support the kind of insurance solutions needed. Consumer protection leads to stronger confidence in the insurance sector and people who are better equipped to use insurance to meet their financial needs.

Lastly, through regulatory and policy initiatives, supervisors can ensure that their insurance market offers the necessary range and diversity of products and services that support the development goals in an inclusive way.

The support of international financial institutions and the development community is vital in tackling the
current crisis but also for keeping a close eye on the 2030 development agenda, accelerating
financial inclusion and particularly the role of insurance within.

I invite you to read the A2ii Annual Report 2020: Empowering Regulators - Developing Communities for the full overview of A2ii's regional interventions across Africa, Asia, Latin America and the Caribbean and the CEET as well as across topics of Pandemic Risk, Proportionate Regulation and Supervision, Climate and Disaster Risk, Digitalisation, Gender, Index Insurance and Retirement and Pensions.  

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