Proportionate regulation

On May 30-31, 2012, the African Insurance Organization (AIO), the Access to Insurance Initiative (A2ii), and the programme Promoting Financial Sector Dialogue in Africa: Making Finance Work for Africa (GIZ/MFW4A) hosted for the second time the High-level Seminar on Microinsurance Regulation for Supervisory Authorities in Khartoum, Sudan back to back with the 39th AIO Conference and General Assembly. The organizers welcomed more than 50 representatives of 25 African insurance regulatory and supervisory authorities interested in or already implementing a regulatory reform agenda to promote access to insurance in their jurisdictions.

The seminar focused on policy and regulatory options supervisors have in order to motivate their industry while at the same time protecting consumers. Supervisors presented the status quo in their countries confirming that the market potential is huge, with the vast majority of people still unprotected and even entirely unfamiliar with insurance. They also confirmed that a proactive attitude by the supervisor can make a difference in motivating the industry to enter the low-income segment.

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