Access to Insurance Initiative Newsletter 08/2018

Welcome to our monthly newsletter, where we update you on the work of the Initiative, inform you about events and publications, and share experiences and learning on inclusive insurance regulation and supervision across jurisdictions.

Follow us on Twitter @a2ii_org where we serve you news and updates on #inclusiveinsurance

Recent Events

IIS Global Insurance Forum
11 July, Berlin, Germany

From 9 to 11 July 2018 the International Insurance Society (IIS) brought together the leaders of the global insurance community in Berlin. The third day focused on the topic “Insurance for Global Development & Resilience” with the aim to develop a roadmap for the UN Secretary-General’s Climate Summit in September 2019 and the IIS Global Insurance Forum in Singapore, June/July 2019.

Discussions focused on the role and potential of climate and disaster risk finance and insurance to build resilience in developed and developing countries as a contribution to economic and social prosperity. Keynote speakers included Joaquim Levy, Managing Director and World Bank Group Chief Financial Officer, Achim Steiner, Administrator, United Nations Development Programme (UNDP), Denis Duverne, Chairman, AXA & Deputy Co-Chair, IDF and Ingrid Hoven, Director-General Global Issues, German Federal Ministry for Economic Cooperation and Development, Germany (BMZ).

One of the high-level panels that took place on the third day of the Forum was devoted to “Regulatory Reflections on Insurance Development”. In the opening keynote, Jonathan Dixon, IAIS Secretary General, underlined the importance of disaster risk insurance to close the protection gap and the need for more collaboration between regulators, the insurance industry and entities like InsuResilience Global Partnership and the Insurance Development Forum. Stefanie Zinsmeyer of the A2ii Secretariat talked about the important role that insurance supervisors play in providing access to low-income and vulnerable consumers, in creating awareness and maintaining trust and that insurance supervisors should be integrated early on in pilot schemes and dialogues around disaster risk management.

IAIS Implementation and Assessment Committee Meeting

24 July, Moscow, Russia

During the IAIS Implementation and Assessment Committee meeting, updates were provided on the new IAIS supervisory guidance under development on the topics of cyber risk, governance, climate change risk, actuarial skills in inclusive insurance markets and digital financial inclusion. Also planned improvements to the IAIS’s assessment programme were presented and discussed. Members were informed and encouraged to participate in the upcoming Peer Review Process on ICP 1 and 2 (supervisory mandate and supervisory powers) scheduled for Q3 2018.

Hannah Grant, Head of A2ii Secretariat presented A2ii’s recent activities as well as those coming up later on in 2018.  Updates were also provided by the International Monetary Fund, the World Bank, the Financial Stability Institute and the Sustainable Insurance Forum.

National Council of the Financial System Supervision (CONASSIF) meeting

17 July San Jose, Costa Rica

At the CONASSIF meeting, A2ii’s Regina Simoes gave a presentation on inclusive insurance in which she highlighted its importance for the development of the economy in a country like Costa Rica.

The CONASSIF is the highest authority in the financial system in Costa Rica. It is responsible for the standardisation and integration of regulatory and supervisory activities. It will also be responsible for approving the future inclusive insurance regulation once it is finalised. 

SUGESE-IAIS-A2ii workshop "Inclusive Insurance - regulatory challenges in face of mass distribution"

18 July San Jose, Costa Rica

The workshop focused on the opportunities and risks involved in the provision of inclusive insurance through mass distribution channels. The event was organised to help inform the development of a new inclusive insurance regulation by the Costa Rican insurance supervisory authority (SUGESE). Key stakeholders from Costa Rica participated in the meeting including  representatives SUGESE, the National Council of the Financial System Supervision (CONASSIF), the telecommunications supervisor (SUTEL), the Attorney General's Office, members of the Judicial Power, representatives of the defense and consumer support bodies, GIZ, industry, brokers and insurance intermediaries (retailers).  

Two round tables took place: one on inclusive insurance business models with a particular focus on mass distribution channels, where A2ii’s Regional Coordinator Regina Simoes presented, and the other on risks and challenges associated with the conduct of business in inclusive insurance. A panel of supervisors presented emerging solutions in Brazil, El Salvador and Guatemala whereas in the interactive group session the discussions focused on measures to mitigate risks and motivate the industry and on challenges in implementation. SUGESE also presented the proposed Rule for regulation of inclusive insurance In Costa Rica.

The workshop was attended by 90 participants.

IAIS-A2ii Consultation Call on Supervisory Responses to Fraud

19 July – webinar

On the call, several jurisdictions shared their experience with fraud, and what kind of measures they have put in place to identify and mitigate fraud. These included the Bank of Russia, the Polish supervisory authority (KNF), the Guernsey Financial Services Commission, the Moroccan supervisory authority (ACAPS) and the Brazilian insurance federation (CNseg).

The A2ii will develop a report based on the content of the presentations on the call and will share it on the A2ii website once published. The report will be available in English, French and Spanish.

Upcoming Events

AFI Global Policy Forum

6 September, Sochi, Russia

A2ii’s Anke Green will be presenting on the panel Inclusive Insurance: innovations for integrating inclusive insurance into National Financial Inclusion Strategies.

Inclusive Insurance Innovation Lab 3rd National Workshops

4 – 11 September, Albania, Mongolia, Ghana and Kenya

The lab participants are meeting in their respective countries to agree on their plans for implementation of the ideas developed during the lab process. The meetings will also be used to draw new stakeholders on board to help support the implementation of the projects. For more information about the lab visit the website. 

IAIS-A2ii Consultation Call on Risk Talk

20 September – webinar

Risk Talk is an interactive community tool that links climate risk experts and stakeholders (including supervisors), developed by the InsuResilience Global Partnership. We will have the experts of the InsuResilience team give an overview of this promising tool for supervisors, and they will be available to answer any questions you may have. More information on the tool can be found here. Registrations will launch in the coming weeks.

First Impact Insurance Academy

10  - 14 September, Turin, Italy

The ILO's Impact Insurance Facility, the International Training Centre of the ILO and partners including the A2ii are excited to announce the launch of the first Impact Insurance Academy! This is a unique opportunity to learn from a decade of experience of the Facility in inclusive insurance!

The one-week Academy will take place at the International Training Centre of the ILO in Turin, Italy, from September 10 to 14, 2018 and combines plenary discussions with elective workshops, peer-assist sessions, real case studies and networking opportunities to offer you an inspiring and dynamic learning environment.  The A2ii will be running afternoon breakout sessions on inclusive insurance regulation and supervision.

Visit the website to learn more about the Academy and the programme!

Inclusive Insurance Training Program for Supervisors in Central and Eastern Europe and Transcaucasia

12 - 16 November 2018, Vilnius, Lithuania

The Inclusive Insurance Training Program is jointly organised by the Bank of Lithuania, the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS) and the Toronto Centre.  For more information on the event, please follow the link.

If you are a supervisor from the CEET region interested in attending the training, please complete the online REGISTRATION FORM by 11 October 2018.