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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.

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iii-lab | Recent Events | Upcoming Events | Staffing Update | Useful Tools on Our Website

Inclusive Insurance Innovation Lab

Lab 4 - Call for Applications 

The Access to Insurance Initiative, supported by Reos Partners, is calling for applications for the 4th Inclusive Insurance Innovation Lab (iii-lab).  
 
The 4th iii-lab (2023-2024) is a 12-month journey where 3-4 teams from different countries, consisting of key stakeholders from the insurance sector, will collaborate on innovative insurance solutions to increase resilience against the impact of climate change. The project aims to benefit the most vulnerable segments of the population and will be guided by the following question:  

How can you innovate for achieving climate resilience in your jurisdiction?  

The iii-lab will take place from October 2023 to October 2024, and insurance supervisors are encouraged to apply to the iii-lab on behalf of their teams and lead country teams throughout the process. A2ii and Reos Partners will assist supervisors in forming country teams after selecting the participating jurisdictions. 
 
In addition to developing innovative solutions, participants will enhance their skills and learn about international climate risk insurance solutions through peer exchange with other country teams and international experts. They will also receive guidance from an experienced change facilitator, develop their leadership skills and learn how to build alliances and collective capacity to act that is needed to lead multi-stakeholder cross-sectoral teams.  
 
For more information on the application process, supervisors are welcome to visit the iii-lab website. 

Applications are open until 17 September 2023.  

Recent events

Overview Workshop on Product Development for the Nepal Insurance Authority | 11 July 2023  

A2ii kicked off its assistance to the Nepal Insurance Authority (NIA) in developing a customer-oriented product development process with the conduct of an online “Overview Workshop on Product Development for the Nepal Insurance Authority” last 11 July 2023.  The workshop featured presentations and exchanges on the initial gaps related to microinsurance product development in Nepal, related ICPs and consumer protection requirements, and a presentation of best practices from the Philippines.   
 
There were 24 participants, including representatives from the NIA microinsurance team and key microinsurance players in Nepal. The workshop is the first activity under A2ii’s “Follow-up In-country Collaboration with the Nepal Insurance Authority (NIA) on Product Development for Microinsurance Products”. 

The FeMa Meter toolkit enters its Pilot Phase 

We are excited to share the latest development around our FeMa Meter. As of August, we have officially launched the pilot phase of the project, collaborating with insurance supervisors and industry representatives from Pakistan, Lesotho, Argentina, and Zambia. 

The FeMa Meter is a simple tool designed by A2ii to collect and analyse sex-disaggregated data. This tool aims to empower insurance companies, regulators, supervisors, and policymakers by providing a clear view of 13 key insurance metrics separated by sex—female and male. The FeMa Meter streamlines the process of data collection by offering immediate output calculations that highlight disparities between men and women across various organisational and portfolio indicators. This helps identify gender-specific trends, allowing for targeted strategies to bridge the gap in insurance access and coverage. 

Throughout 2023, we are dedicated to refining and perfecting the toolkit through the ongoing pilot phase. As we test its effectiveness in these initial countries, we will be preparing to roll out the FeMa Meter Tool to a broader range of nations, additionally preparing comprehensive training and guidance to maximise the impact of this gender-sensitive approach to insurance. 

Upcoming Events

A2ii-IAIS Public Dialogue: Climate Change and Data | 14 September 

The insurance industry and insurance regulators are increasingly recognising the importance of climate-related data in assessing and managing risks associated with climate change. Climate-related data refers to information that helps insurers and regulators understand the potential impacts of climate change on insured assets, liabilities, and overall industry stability. This data includes historical climate patterns, projections of future climate scenarios, and analysis of physical and transition risks. 

This ties directly to A2ii's theme of the year for 2023, Data, as it plays a crucial role in the development of inclusive insurance regulation and becomes especially relevant in the case of climate change. 

On 14 September, A2ii and IAIS will host a Public Dialogue on this topic. The webinar will take place on MS Teams at 13:00 CEST and will last one hour and 15 minutes. Simultaneous interpretation to French and Spanish will be available. 

This dialogue will feature a presentation on the IAIS’s Global Monitoring Exercise by Hanne Van Voorden, Head of the Supervisory Practices and Operations and Senior Manager at IAIS.  Following this presentation, a panel discussion moderated by Miroslav Petkov, Senior Policy Advisor at IAIS will take place. The participating panellists are Nick Moody, Coordinator of the IDF Risk Modelling Steering Group, Jerry Skees, Founder and Executive Director of Global Parametrics, Kara Voss, Climate Finance Specialist at the California Department of Insurance, Pujan Dhumel Adhikari, Director of Microinsurance at Nepal Insurance Authority, and Erickson H. Balmes, Deputy Commissioner at Philippines Insurance Commission.

More information is available on the event page. 

Inclusive Insurance Training 

The Inclusive Insurance Training programme is offered in partnership with the Toronto Centre and IAIS. It will take place over 4 days from 7-16 November 2023, on Tuesdays and Thursdays, in English. 

The training programme is aimed at entry- to mid-level insurance supervisors from the Asia-Pacific region. 

The training is offered at no cost to insurance supervisors; however, places will be limited. We will accept approximately 2 supervisors per jurisdiction. 
   
Click here for more information. 

18th Consultative Forum | 23 October, Accra, Ghana

The devastating impact of climate change has already become a reality for many, and even more the most vulnerable societies and households. Addressing the widening protection gaps requires close collaboration between the public and private sector. Thus, bringing together key stakeholders to share their knowledge and experience in addressing climate change related risks is more important than ever.   

The Consultative Forum 2023 will gather representatives of international initiatives, the insurance industry as well as policymakers and supervisors to jointly identify best practices, challenges and opportunities for developing and implementing insurance solutions that can promote financial resilience in the face of climate change and natural disaster.  

For more information, visit our events page.  

Staffing update

New Regional contact for Sub-Saharan Africa

We are pleased to announce that Monica Odhiambo is the new A2ii regional contact person for Sub-Saharan Africa. She can be reached at monica.odhiambo@a2ii.org. 
We wish our outgoing Sub-Saharan Africa regional coordinators, Sharon Sikhosana and Lulama Mafunda from the South African Reserve Bank all the best after their years with us.  

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 Lexico

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.