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Newsletters | 2021

A2ii Newsletter 09/21

Welcome! In this newsletter, we provide you with updates on the work of the A2ii, events and publications, and experiences and learning on inclusive insurance regulation and supervision across jurisdictions over the past month.

Follow us on Twitter @a2ii_org and LinkedIn and join the conversation on #inclusiveinsurance!

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Recent Events | Upcoming Events | PublicationsPartner Events | Scholarship OpportunityUseful Tools on Our Website

 

The A2ii taking precautionary measures related to Covid-19

To safeguard the well-being of the A2ii staff and its partners, the A2ii is currently conducting all its activities through virtual formats. As soon as it is possible, we will announce a return to physical events. The A2ii will continue to communicate any changes pertaining to our events on our website, social media channels and through our newsletter.


Recent events

Capacity Building for Insurance Supervisors - Leveraging Actuarial Skills Launches on Connect.a2ii | 18 August

The A2ii, in partnership with the International Actuarial Association (IAA) and the IAIS launched the first fully virtual Actuarial skills training for insurance supervisors on the new A2ii learning platform, Connect.a2ii. The 40 participating supervisors from more than 20 jurisdictions met for the first time in an onboarding session on 18 August. The focus of the training is on the Sub-Saharan Africa region.

The IAA-IAIS-A2ii training was originally designed as a week-long in-person training and rolled out as such three times in 2019. The training will now be delivered as a combination of online self-paced learning modules and live sessions by a team of 11 experienced actuaries with broad risk management and supervisory backgrounds. The four-week training aims at teaching the principles of actuarial concepts and providing the tools needed to support effective insurance supervision and regulation. Topics covered include insurer distress, risk management, valuation and actuarial reports, risk-based capital, reinsurance, supervisory frameworks as well as monitoring for risk-based solvency. 

 


IAIS-A2ii First Strategic Roundtable for Asian Supervisors | 10 August
 

The First Strategic Roundtable for Asia supervisors took place on Tuesday, 10 August 2021, jointly organised by the Access to Insurance Initiative (A2ii) and the International Association of Insurance Supervisors (IAIS). It marks the first time A2ii has organised such an event for supervisors in the region.

The event was opened by Jonathan Dixon, IAIS Secretary General, and Erickson H. Balmes, the A2ii Regional Coordinator for Asia. The A2ii, the IAIS and the Financial Stability Institute (FSI) presented their strategic priorities and current capacity building programmes for Asian supervisors, which was then discussed with meeting participants. 

Supervisory authorities were subsequently invited to share their strategic priorities and capacity building needs. In total about 45 supervisors from 10 Asian jurisdictions attended, reflecting the diversity of markets in Asia:  Hong Kong, India, Malaysia, Mongolia, Pakistan, the Philippines, Singapore, Taiwan, Thailand and Vietnam. The main priorities mentioned by  supervisors were moving towards risk-based supervisory regimes, as well as actively looking into IFRS17 implementation and climate risk.

Finally, participants heard from development and capacity building partners in the region. The Asian Development Bank, the ASEAN Insurance Training & Research Institute and the GIZ-Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) team shared updates on their workstreams. Following the meeting, the A2ii is now developing a summary of supervisory capacity building needs in Asia. The A2ii is grateful for the input and participation from all participants.
 

 

Organisation of Eastern & Southern Africa Insurers Annual Conference | 24 August

On 24 August, the A2ii participated in the Organisation of Eastern and Southern Africa Insurers (OESAI) annual conference and general assembly.  The focus of the conference was on the recent pandemic and the impact on the insurance sector as well as new emerging risks and opportunities such as the Sustainable Development Goals and the rise of Big Data.  The A2ii presented the regulatory response to Covid-19 and highlighted the role that supervisors were playing during the crisis and as part of the recovery phase.  A panel discussion followed with  David Mburu from GCR Ratings,  Khadija Said from the Tanzania Insurance Regulatory Authority (TIRA) and Ronald Dodo-Tabaziva at Allianz Global Corporate & Specialty.  The panel discussion covered recent high profile interventions by regulators on business interruption (BI) cover and whether lessons could be learnt from the pandemic when addressing climate change.

 

 

 


Upcoming events

A2ii-ASSAL-IAIS Regional Dialogue on “Insurance and the Sustainable Development Goals” | 16 September

The Sustainable Development Goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. The 17 Goals were adopted by all United Nations member states in 2015, as part of the 2030 Agenda for Sustainable Development which set out a 15-year plan to achieve the goals, which recognize that ending poverty must go hand-in-hand with strategies that build economic growth and address a range of social needs including education, health, social protection, and job opportunities, while tackling climate change and environmental protection. More important than ever, the goals provide a critical framework for Covid-19 recovery. This opens a new range of possibilities and opportunities for the insurance market as insurance services can be a major ally for governments committed to reaching the SDGs.  

The Regional Dialogue, open to all stakeholders, will provide an opportunity not only to hear and learn from our experts, but also to discuss the role of insurance in achieving the Sustainable Development Goals with key stakeholders.

It will take place on Thursday, 16 September 2021 from 16:00-17:30 CEST. Simultaneous interpretation will be provided in English and Spanish.

To register for the event, please click here.

 

 

Closing the health financial protection gap: Expanding Access to Health Insurance in times of crisis and beyond - A2ii-IAIS Public Dialogue | 30 September

On 30 September, the A2ii and IAIS will be hosting a public dialogue titled "Closing the health financial protection gap: Expanding Access to Health Insurance in times of crisis and beyond". Participants will hear from speakers representing international organisations, insurance providers, as well as select supervisory authorities who will share experiences related to increasing access to health insurance services.

Panellists:
•    Lisa Morgan, Technical Officer, ILO Impact Insurance Facility 
•    Randip Singh Jagpal, Chief General Manager, Intermediaries Department, Insurance Regulatory and Development Authority of India (IRDAI)
•    Asitha Rodrigo, Chief Technology & Product Officer, (MILVIK), BIMA
 

This webinar will be open to all stakeholders and will take place at 14:00 CEST in English (with simultaneous Spanish and French interpretation). It will last one hour and will take place via WebEx.

If you have any questions or comments, please send them to dialogues@a2ii.org.

Please click here to find out more and to register.

 

 

Apply now for the SSA Inclusive Insurance Training Programme: focus on climate change and technology | 12 September

Are you an insurance supervisor from Sub-Saharan Africa? Would you like to gain a better understanding of how themes such as climate change and technology are impacting the insurance sector?  Apply by 12 September for the Inclusive Insurance Training Programme from A2ii and the Toronto Centre, offered free of charge to insurance supervisors. 

The Programme is a combination of self-paced learning modules and live virtual sessions taking place in English from 4 to 12 October 2021

Limited places are still available for SSA supervisors, please apply as soon as possible. For supervisors wishing to participate from other regions, please register and the A2ii Secretariat will contact you depending on available spaces.  For more information, please click here.

 

 


Publications

'The Role of Insurance Supervisors in Boosting Women's Access to Insurance'

This report is a high-level situation assessment by A2ii based on which it would define its next steps towards promoting women's access to insurance.


Women's access to insurance contributes to the mandate of insurance supervisors to maintain a fair, safe, and stable insurance market, and more broadly, sustainable development. Yet, this potential of women's insurance is still to be realised as available data indicates women are currently underserved by the insurance sector.  Read more….

 

 

 

'Report on the Inclusive Insurance Regulatory Landscape in the CEET Region'
 

This landmark study on inclusive insurance in the CEET region seeks to better define the current stage of the market and to address potential growth opportunities. Through March and April 2021, the Access to Insurance Initiative (A2ii) and the Insurance Supervision Agency (AZN) of Slovenia jointly conducted a survey among representatives of CEET insurance supervisory authorities.

The purpose of the survey was to assess the current status of inclusive insurance regulations and/or initiatives promoting access to insurance in the region. It is hoped that this report, by drawing on the direct perspectives and responses of insurance supervisors in the region, can contribute towards addressing critical challenges and prospects for the development of inclusive insurance in the CEET region. Read more…

 

 

Seguros basados en índices - situación y desafíos regulatorios 2020

En los últimos años se han producido importantes avances en los seguros basados en índices. Los buenos resultados se derivan de índices innovadores y más precisos: las jurisdicciones están adaptando mejor los modelos de negocio y los canales de distribución a sus necesidades.

El documento "Index Insurance: 2020 Status and Regulatory Challenges" ofrece una visión general de cómo los supervisores han abordado los retos relacionados con los seguros basados en índices durante los últimos años, así como las perspectivas del sector, especialmente en los mercados emergentes y las economías en desarrollo. Se basa en los resultados de la encuesta sobre seguros basados en índices 2020, en la que la A2ii recibió respuestas exhaustivas de supervisores de seguros de 27 países diferentes, así como de representantes del sector. Leer mas…
 


Partner Events

NAIC International Fellows VIRTUAL Program | 18-22 October

The NAIC invites you to apply for the NAIC International Fellows VIRTUAL Program taking place October 18 – 22, 2021. The program will feature recorded lectures by NAIC technical experts covering all aspects of U.S. state-based insurance regulation, with opportunities for participants to engage with NAIC staff in order to gain deeper insights into how insurance is regulated in the U.S. and the role of the NAIC in supporting state-based regulation.

For 17 years, the National Association of Insurance Commissioners (NAIC) International Fellows Program has welcomed insurance regulators from around the world to this unique training program, designed to give participants a deep understanding of the U.S. state-based insurance system and to strengthen relationships among U.S. and foreign regulators.

Since 2004, over 300 regulators from 37 countries have participated in the International Fellows Program, and 40 U.S. jurisdictions have proudly hosted these professionals, providing a rich training curriculum and offering insight into U.S. culture, as well as our national state-based system of insurance regulation.

Unfortunately, due to the global COVID-19 pandemic, the NAIC is unable to offer the in-person Fellows Program this fall.

Click here to apply for the VIRTUAL program.


Scholarship opportunity

 

The Access to Insurance Initiative (A2ii) is offering two full scholarships for insurance supervisors for the online course Insurance for Development from Impact Insurance Facility of the ILO, which takes place from 1 November – 3 December 2021 in English. The scholarship will cover the course tuition and will be awarded through a competitive application process.

Click here for application information. The deadline is 20 September 2021. Applicants will be notified of the organisers' decision by 30 September 2021. For any questions, please write an email to impactinsuranceacademy@itcilo.org.
 


Useful Tools on Our Website

Covid-19 Insurance Supervisory Response Tracker

 

Global tracker of supervisory responses, insurance news and learning resources. Share relevant news with us via secretariat@a2ii.org, by tagging Access to Insurance Initiative on LinkedIn or by mentioning us on Twitter.

 

 

 

Supervisory KPIs Lexicon

 

Interactive, searchable directory of KPIs for insurance supervisors across four pillars: prudential soundnessmarket conductinsurance market development and the Sustainable Development Goals.

 

 

 

Inclusive Insurance Regulations Map

The interactive map incorporates data about existing inclusive insurance regulation and regulation which supports inclusive insurance sourced through A2ii's research, work and interaction with supervisory authorities worldwide. 

 

 

 

Insurance and the Sustainable Development Goals (SDGs)

 

The SDG pages include resources on the importance and the role of insurance across nine SDGs: 01 No Poverty, 10 Reduced Inequalities02 Zero Hunger03 Good Health and Well-being, 05 Gender Equality08 Decent Work and Economic Growth, 09 Industry Innovation and Infrastructure, 13 Climate Change and 17 Partnerships for the Goals.

 

 

 

ICP Self-assessment Tool

 

 

 

 

 

The tool is intended to help supervisors assess the level of observance of the Insurance Core Principles (ICPs). 

 

 

 

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