Key Performance Indicators are a powerful tool for supervisors to regularly evaluate the development, soundness and appropriateness of the inclusive insurance sector. ICP 9 on Supervisory Review and Reporting sets out that risk-based supervision should use both offsite monitoring and onsite inspection, and supervisors should collect the necessary information to conduct effective supervision and evaluate the insurance market.
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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.
This call that took place on 24 May 2018, dealt with supervisory ratios in insurance supervision, particularly in relation to client value and product cost structures. A record number of 89 supervisors from 36 countries participated on this call.
This Supervisory Dialogue event provided an overview of how informality is affecting insurance markets, examined the risks and focused on the challenges faced by insurance supervisors as a result.
The event also provided a platform for peer to peer information sharing on the topic. Presentations were made of the approaches taken by supervisors in different regions to encourage formalisation and greater financial inclusion.
Index-based insurances is defined as insurance contracts in which a claim is defined with reference to a pre-determined index (sometimes also referred to as parametric insurance). The paper, published on June 18th, focusses on the insurances usually directed at weather related or natural catastrophe event risks, primarily for insurance supervisors who are seeking to enhance financial inclusion in developing markets.
Despite its significant potential, there has been little regulatory and supervisory guidance on m-insurance. The Access to Insurance Initiative (A2ii) commissioned this study in order to address the gap and contribute to the preparation of an International Association of Insurance Supervisors (IAIS) Application Paper on the Use of Digital Technology in Inclusive Insurance.
The 12th Consultative Forum (CF12) on the topic of InsurTech: rising to the regulatory challenge took place on 20 March in Colombo, Sri Lanka gathering high-ranking representatives from the regulatory and supervisory bodies (in Asia), industry, NGOs and other stakeholders. Continue reading to access all the relevant documents and presentations.
The Access to Insurance Initiative (A2ii) and the International Labour Organization (ILO) through its Impact Insurance Facility (IIF) have commissioned this study to assess the impact of microinsurance regulatory frameworks on developingn inclusive insurance markets by way of a Regulatory Impact Assessment.
Implementation of the IAIS’ supervisory material and supporting capacity building efforts of insurance supervisors is key to achieving effective and globally consistent supervision of insurance. These pages contain information on the IAIS assessment programme and surveys, as well as key capacity building tools such as the Core Curriculum.
To access the Implementation and Capacity Building please click here.