Newsletters

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!

Subscribe to our mailing list to receive our newsletter in your inbox.

Navigation

iii-Lab Updates | Recent Events | Upcoming Events |  Scholarships | Executive Director Update | Index Insurance | ICP Tool |  Trainings | Useful Tools on Our Website

iii-Lab 4 Update 

Senegal National Workshop | 14-15 February

On 14-15 February, the first national workshop of the 4th iii-lab took place in Dakar, the capital of Senegal. The workshop was opened with remarks by Mr Mamadou Deme, Director of Insurance at the Ministry of Finance and Budget of Senegal, and Mr Rogier Hekking, Deputy Ambassador of the Netherlands. 

The two days were filled with both concentrated discussion and personal exchanges within the national multi-stakeholder team, consisting of representatives from ministries, including the insurance regulator, brokers, industry, consumer associations, civil society, and international organisations. 

The participants not only brought their diverse institutional backgrounds and knowledge to the table, but shared their unique perspective on the impact of climate change and the various ways inclusive insurance can protect the most vulnerable segments of the population. As one of the lab participants put it, “In 10 years, maybe we can say that we were an important part of creating the protection that everyone can have in Senegal today.” 

To address the impact of climate change in Senegal, the group decided on an initial focus on the vulnerable segments of the population such as smallholder farmers, fisherfolk, and garbage collectors. They also chose to include a gender focus and examine how insurance regulation can support innovative and inclusive solutions to increasing resilience. Following the workshop, the national team will split into smaller working groups to map the stakeholder landscape and use interviews to further define the scope of their project. 

Nepal National Workshop | 28-29 February

The inaugural National Workshop of the 4th iii-lab for Nepal took place in the capital city of Kathmandu on 28-29 February.  The workshop was opened by the Executive Director of the Nepal Insurance Authority (NIA), Mr Raju Raman Paudel, and Ms Paulina Campos, GIZ Nepal Deputy Country Director.  

The workshop was attended by representatives from various stakeholders in the agriculture insurance sector including the regulator, insurance and reinsurance, InsurTech companies, a national farmers’ cooperative, the country’s climate and disaster risk reduction and management authority, and international organisations.  

During the two-day workshop, the participants engaged in a dynamic exchange of ideas on how climate change impacts agriculture in Nepal and shared approaches that could be used in developing solutions that will address the protection issues of farmers.  Parametric insurance was a key topic during the workshop and while Nepal has had experience in parametric agri-insurance, the team believes that there are still a lot of issues to be addressed, including convincing farmers and other stakeholders of its value in providing the needed protection which could lead to a more resilient agriculture sector. It is recognised that the value of parametric insurance is not seen by all, but as a prominent member of the team said, “Cynics are there to give the hurdles; believers will provide the solutions”.  And the lab team is committed to provide solutions.

As an initial result of the workshop, the team agreed to focus on specific sectors – rice, grains, maize, and other vegetables, to understand the challenges and protection needs for the said sectors.  After the workshop, two separate groups will interview farmers and other stakeholders in the sectors.  Further lab meetings after the interviews will hopefully lead to an agreement on the sector of focus, including the geographical location of the pilot effort.

The workshop was formally closed by the Chairman of the Nepal Insurance Authority, Mr Surya Prasad Silwal. In his closing remarks, Mr Silwal thanked A2ii for including Nepal in the 4th edition of the lab and he is confident that the team’s output on a parametric agri-insurance product would serve as a model worthy of replication in other agriculture centres of Nepal.

The 4th iii-lab is a 12-month journey where teams from Armenia, Nepal and Senegal, consisting of key stakeholders from the insurance sector, are collaborating on innovative insurance solutions to increase resilience against the impact of climate change. For more information on the iii-lab, click here. 
 

iii-lab 2 update

Argentina holds workshops on the "Superadoras" Campaign

On 28-29 February, workshops on the implementation of the “Superadoras” campaign were held in Buenos Aires. This campaign is part of the “Women and Insurance” project, which was conceived by the Argentina country team during the second A2ii iii-lab (2020-2021).

The project is a collaborative public-private partnership between insurers and the Argentine Insurance Supervisor (Superintendencia de Seguros de la Nación). The workshops took place in the offices of implementation partners CNP Seguros and Agencia Di Paola Latina and aimed to bring together the Argentinian iii-lab team to reflect on the path taken since the initial launch of their social media campaign #MejorConSeguros. Teresa Pelanda, project manager for the iii-lab, and Regina Simões, A2ii regional coordinator for Latin America, recorded a video for the opening session.

During the event, participants highlighted that continuing with the work to raise awareness about insurance was a pillar. Through disruptive exercises, new and better ideas were raised by the team that will set the scene for this new stage in “Superadoras,” with the ultimate aim of facilitating women's access to insurance.
 

Recent events

FIF Plenary Meeting | 20 February

The IAIS-A2ii Financial Inclusion Forum (FIF) took place virtually on 20 February on the topic of Digital Financial Inclusion and the Sustainable Development Goals (SDGs). Tomás Soley, Superintendencia de Seguros General de Costa Rica (SUGESE) and Chair of the FIF, opened the meeting and welcomed the FIF members to the session.  

The meeting featured a presentation by A2ii consultant Hui Lin Chiew, based on the Policy Note Insurance and the Sustainable Development Goals - why it matters and how data can help. In her presentation, Hui Lin focused on the link between insurance and the SDGs, such as through contribution to climate resilience, food security, or more broadly, the stabilization of livelihoods. To harness this potential, insurance supervisors play a crucial role by creating proper framework conditions for markets to thrive, i.e.  ensuring financial stability and consumer protection, supporting market development or enabling innovation. Beyond that, supervisors can bridge stakeholder conversations or be more (pro)active in gathering evidence and data. Subsequently, Michele Grosso, Chief Executive Officer of Democrance, spoke about the potential of digitalisation in improving access to insurance. He shared Democrance’s experience from implementing a digital insurance platform, and how it supports overcoming some of the demand and supply side barriers for improving access to insurance.

The meeting concluded with the presentation of the 2024 FIF Workplan and an update on the progress of the Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets. The draft of the paper is currently being finalised and aims to go out for public consultation in Q3 2024.  
 

Upcoming Events

10th Inclusive Green Finance Working Group

The 10th Inclusive Green Finance Working Group (IGFWG) will be hosted by the Alliance for Financial Inclusion (AFI) from 4-7 March in Nadi, Fiji. The IGFWG meeting will feature presentations on the Inclusive Green Finance Transformation Story by the Reserve Bank of Fiji and the Sustainable Finance Journey by the Central Bank of Egypt, as well as a presentation by A2ii on Parametric Insurance for Resilient and Inclusive MSMEs and MFIs during Technical Session 2. For further information click here.

Executive Director Update

A2ii welcomes Matthias Range as the new Executive Director

Access to Insurance Initiative is thrilled to announce the appointment of Matthias Range as the Initiative’s new Executive Director. With a proven track record in financial system development in emerging and developing markets, Matthias Range will lead A2ii into an exciting new chapter. 

With a rich and diverse background spanning 18 years working in international development on behalf of the German government at the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Matthias brings a wealth of experience and expertise to A2ii. Having played pivotal roles in developing the insurance portfolio at GIZ over the years, Matthias has also been instrumental in developing global strategic alliances, G7 initiatives and driving projects on various financial instruments, with a focus on microinsurance and climate risk management. With a cross-disciplinary approach, extensive project management experience and leadership in intercultural teams, Matthias is a valuable addition to the Access to Insurance Initiative team.  

As the A2ii celebrates 15 years in 2024, it is also a moment reflect on the excellent work achieved so far with the strong support provided by our main donors, BMZ and DGIS, as well as recent targeted support from UNCDF and SDC. Looking forward to this new chapter, this year holds particular significance as a pivotal juncture of A2ii’s trajectory. The decisions made in 2024 will shape the future of A2ii as the key partner of the IAIS for financial inclusion and its prospects of continuing to play a crucial role in the capacity building of supervisors and the development of inclusive insurance markets globally. As Matthias leads the charge, A2ii is poised to navigate this critical year with strategic foresight.  

Index Insurance Insights

Index insurance knowledge alert! Did you know that with index insurance products, filing claims is often unnecessary? When triggered, claim amounts are automatically calculated, processed, and paid out to policyholders. 

Continue learning about index insurance in our free training and obtain the A2ii-UNCDF Certificate on Index Insurance for Supervisors. Exclusively designed for insurance supervisors, this certification offers comprehensive insights into index insurance mechanisms. Ready to take the next step? Enrol now on A2ii’s learning platform, Connect.A2ii. 

For all other stakeholders not in supervisory roles, access our open version of the training on our website. 
 

Insurance Core Principles Self-Assessment Tool 

Have you tried the SAT tool yet? The Insurance Core Principles Self-Assessment Tool is a joint initiative of the IAIS and the A2ii designed to facilitate the assessment of the level of observance of the ICPs. Leveraging the analytical framework of the Peer Review Process, it empowers supervisors to evaluate adherence to these essential principles. 

How it works: 

1. Supervisors can access the tool through the dedicated platform. Once on the platform, they can navigate through a series of questionnaires tailored to each ICP. 

2. The questionnaires are crafted to cover various aspects of each principle, providing a comprehensive evaluation framework. Supervisors can respond to these questions based on their assessment of their jurisdiction’s practices and policies. 

3. Upon completing a questionnaire, supervisors receive immediate feedback. These results offer insights into the level of observance of the assessed ICP, enabling supervisors to identify strengths, weaknesses, and areas for improvement. 

We encourage all supervisors to explore this resource and its potential to drive positive change within the insurance landscape.

Oportunidad de Beca

A2ii ofrece una beca completa para supervisores de seguros para el curso en línea Seguros para el desarrollo que se impartirá en español del 27 de mayo al 28 de junio de 2024. La beca cubrirá la matrícula del curso y se otorgará mediante un proceso de solicitud competitivo.  

La fecha límite para las solicitudes de becas es el 14 de abril de 2024. 

Para más información, ver nuestra página web. 
 

Partner Opportunity

The National Association of Insurance Commissioners (NAIC) invites insurance supervisors to apply for the NAIC International Fellows VIRTUAL Programme, to be held 29 April - 10 May 2024. The programme will feature recorded lectures by NAIC technical experts on all aspects of U.S. state-based insurance regulation, with opportunities for participants to exchange with NAIC staff during Q&A sessions and gain deeper insights into U.S. insurance regulation and the role of the NAIC in supporting state-based regulation.

Applications will be accepted until 12 April. Participation is free for selected applicants - more information is available on the NAIC website.

Partner Publication

CGAP publishes Supply-Side Gender Disaggregated Data for Advancing Financial Inclusion: Insights and Areas for Further Research

The gender gap in financial inclusion continues to be unacceptably high in most developing countries, highlighting the need to prioritise policies that promote gender equity in the financial sector more effectively. Policies must be informed by high-quality gender-disaggregated data (GDD) generated from both the demand side and supply side of the market. Gender data is also essential for financial service providers to understand the market opportunity for serving women and to build strong business cases for designing products and services tailored to women’s needs.

Download the publication here.

Trainings

Self-directed training

Supervision of climate-related risks in the insurance sector

Applying a gender lens to inclusive insurance

How to conduct a rapid gender diversity assessment

Index Insurance Training for All Stakeholders
 

Are you an insurance supervisor? Then join Connect.A2ii - our learning platform restricted to supervisors offering free and certified courses and an opportunity to learn from peers.

Useful Tools on Our Website

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. 

ICP Self-assessment Tool

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

 Supervisory KPIs Lexicon

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

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 Inequalities, 02 Zero Hunger, 03 Good Health and Well-being, 05 Gender Equality, 08 Decent Work and Economic Growth, 09 Industry Innovation and Infrastructure, 13 Climate Change and 17 Partnerships for the Goals.