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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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.
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.
Read the Briefing Note to find out what were the key findings and lessons learned from the 11th Consultative Forum which took place in Lima, Peru on November 6, 2017.
The underlying goal of the Forum was to foster sound policymaking for the development and scaling up of agricultural insurance in Latin America. This was the last of a three-event series organised in 2017 on the topic of agricultural insurance as a tool for disaster resilience in Asia, Africa and Latin America.
A2ii hosts panel on digital technologies and trends in InsurTech at the 13th International Microinsurance Conference in Lima, Peru. Here’s the rundown.
Drawing on the experiences of Ghana, Mexico and the Philippines, the report “Proportionality in practice: Distribution" examines the practical aspects of distribution where insurance supervisors are flexible and adjust certain supervisory requirements in order to encourage the insurance industry to offer insurance to the underserved or those excluded from insurance services while protecting consumers.
The report “Proportionality in practice: Disclosure of information” draws on the experiences of Brazil, Pakistan, Peru and El Salvador and examines the practical aspects of disclosure in which supervisors adopt proportionate regulation in order to encourage the industry to offer inclusive insurance while ensuring consumer protection.
The project managed by the A2ii, which ran for 46 months concluding in May 2016, contributed to the growth of the inclusive insurance market in Latin America and the Caribbean.
The A2ii published an article in the new annual Microinsurance Network publication ‘The state of Microinsurance 2016’. In the article the A2ii gives an overview of its work in Peru, Columbia and Jamaica helping microinsurance market development though supporting the supervisory authorities in establishing an enabling regulatory environment.
The report analyses among other topics how the insurance market has evolved in the last years, which products have reached some segments of the low income population, how low income population have dealt with main risks confronted.