Market Development

This paper considers the various regulatory approaches implemented by insurance regulators and supervisors globally in order to achieve the objective of inclusive insurance market development. The primary question that this paper seeks to address is: what is the optimal regulatory approach to be followed by a particular country to promote increased access to insurance in a particular product market or across multiple product markets? From the experience of the countries scrutinised as part of this synthesis process, five distinctive regulatory approaches to the promotion of access to insurance have been identified. These five regulatory approaches can be located on a continuum according to the level of state intervention in or direction of the market.