Financial Literacy

Lack of insurance demand is one of the most important obstacles for the development of responsible inclusive insurance markets. In managing risk, the unserved and underserved population generally do not know which risk management tools – such as insurance – exist, and they do not trust the insurance sector. This has an important impact on the willingness to buy and renew insurance products. Although first-hand experience with insurance products is the most effective tool to increase insurance awareness, risk management and insurance awareness programmes also play an important role to confront the demand challenge. This consultation call on Thursday, 18 July 2019, and explored key issues with regard to stimulating demand and the role of the supervisor in building insurance awareness.

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