The insurance penetration rate is traditionally calculated based on total premiums as a percentage of Gross Domestic Product (GDP). This has served as a useful high-level measure of insurance development, while providing a good basis for international comparison. However, supervisors pursuing more specific policy goals, such as financial inclusion or client value, may find that this measure on its own does not provide enough meaningful information to guide policy strategies.
The IAIS-A2ii Consultation Call took place on Thursday 23 March 2017 and focused on "Measuring insurance development: beyond the insurance penetration rate".
This call looked at the usefulness of the insurance penetration rate as a measure for supervisors involved in insurance development. It also explored other potential measures that could be useful to address a wider range of supervisory policy goals.
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Report:
