Over the course of 2018, the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii) and Microinsurance Network (MiN) organised three Consultative Forums on the topic of 'InsurTech - rising to the regulatory challenge'. The forums provided a platform for in-depth discussions about the future of insurance and regulation given the rise of new digital technologies.
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Les innovations technologiques émergentes, l'utilisation du Big Data et de l'IA offrent un potentiel considérable pour atteindre de nouveaux clients, offrent aux consommateurs des produits à plus forte valeur ajoutée et améliorent l'efficacité de leurs opérations. Les technologies numériques transforment rapidement le secteur des assurances, suscitant de nouvelles questions et de nouveaux défis réglementaires pour les autorités de contrôle des assurances.
Emerging technological innovations, the use of big data and AI hold great potential to reach out to new customers, offers consumers greater value products and enhance operating effeciency. Digital technologies are transforming the insurance industry rapidly, generating new questions and regulaory challenges for insurance supervisors. Globally, the use of consumer data is the area of most rapid innovation and change in the insurance sector.
Supervisors play an important role in addressing risks and challenges that climate change poses on the insurance sector. This call took a closer look at the IAIS and Sustainable Insurance Forum (SIF) “Issues Paper on Climate Change Risks to the Insurance Sector." An overview of the impacts of climate change on the insurance sector including current and future risks, and potential supervisory responses were explored.
On 24 October the IAIS, A2ii and Microinsurance Network in partnership with the Association of Insurance Supervisors of Latin America (ASSAL) and the Superintendencia de Seguros de la Nación (SSN) organised the Latin American Consultative Forum. Exciting discussions took place on the future of insurance given the rise of new digital technologies.
Welcome to the A2ii 2017/2018 Annual Report.
The report covers the period October 2017 to September 2018 and showcases the A2ii’s activities in supporting supervisors to make their markets more inclusive. It also examines key trends in inclusive insurance markets and their implications.
Data innovation is challenging the traditional role of insurance regulators. Two major dilemmas emerge that insurance regulators and indeed all financial sector regulators face when confronted with how to regulate consumer data: 1. They must tread the balance to achieve positive consumer outcomes, by both enabling data-driven innovation but still protecting consumers from the risks that arise 2.
Policy makers and supervisors have been recognising the importance of National Financial Inclusion Strategies (NFIS) and Financial Sector Strategies as policy tools for financial inclusion. More recently, the topic of insurance has become an integral part of these strategies.
This report summarizes the status quo and lessons learnt on inclusive insurance in National Financial Inclusion Strategies (NFIS), based on a survey as well as four country case studies. For more than a decade, international guidance has been promoting the integration of insurance alongside other financial services. As such, inclusive insurance has increasingly gained importance with a growing number of policies and an increasing variety of products being offered.
Extreme weather events continue to undermine the resilience of low income countries in particular, mainly due to a limited capacity to recover and absorb losses associated with climatic hazards. This consultation call focused on climate risk insurance. Practical examples of climate risk insurance at different levels (macro and micro) were given and the role of the insurance supervisor discussed.