The 9th Consultative Forum (CF9) on “Exploring challenges in scaling up insurance as a disaster resilience strategy for smallholder farmers” kicks off today at the Monetary Authority of Singapore. Co-organised by the International Association of Insurance Supervisors (IAIS), the Microinsurance Network and the Access to insurance Initiative (A2ii), the event will bring together over 50 high-ranking representatives from the public sector, supervisory authorities and the insurance industry.
“The majority of IAIS Member countries are developing and emerging economies, many of which rely substantially on agriculture. Policymakers and supervisors from these jurisdictions, including those from Asia, recognise the potential of insurance to reduce the vulnerabilities faced by farmers. This Forum is thus a timely dialogue and the IAIS is very happy to be able to support it”, states Yoshihiro Kawai, Secretary General of the global insurance standard-setting body IAIS.
“Agricultural index-based insurance has shown promising developments for smallholder farmers so far. In addition to helping farmers manage day-to-day production risks, it also contributes to national disaster resilience by providing financial protection to a vulnerable community that often forms a large part of developing country populations. However, recent discussions among regional policymakers have revealed challenges in scaling up index insurance in a sustainable way”, explains Annette Houtekamer-van Dam, Microinsurance Expert at the Microinsurance Network. The Forum will discuss these challenges, while highlighting how three equally critical stakeholders – insurance supervisors, policymakers and the industry – can cooperate and align their respective roles in addressing them.
The half-day Consultative Forum will take place two days before the 12th Annual Conference of the Asian Forum of Insurance Regulators. Highlights of the CF9 include a panel discussion and a workshop, which will then be followed by a field visit the next morning to offices of Lloyd’s in Singapore.
“We are really looking forward to the discussions and insights that will come out of this 9th Consultative Forum. We hope it will inspire policymakers, supervisors and the industry to take collective action in making a real difference in the lives of smallholder farmers”, adds Hannah Grant, Head of the Secretariat at the Access to Insurance Initiative (A2ii), a global initiative working to promote access to responsible, inclusive insurance.
Conference website: https://a2ii.org/en/event/save-date-9th-consultative-forum-topic-explori...
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