Skip to main content
Categories
News
Back to News
News | 2017

Holistic approach to insurance is key to seeking solutions for smallholder farmers faced with natural disasters

PRESS RELEASE: 9 November 2017 

 

Over sixty high-ranking representatives, from South and Central America, Africa and Asia, from the insurance industry and regulatory and supervisory bodies, gathered at the 11th Consultative Forum in Lima, Peru on 6 November to discuss the scaling up of agricultural insurance and the development of proportionate regulatory frameworks.

The 11th Consultative Forum was co-organised by the Microinsurance Network, the Access to Insurance Initiative (A2ii) and the International Association of Insurance Supervisors (IAIS). It took place as a pre-conference event of the 13th International Microinsurance Conference (IMC), co-organised by the Munich Re Foundation and Microinsurance Network, and hosted by APESEG. The Forum was the last of three events focusing on this topic in 2017, building on the 9th Consultative Forum, held in Singapore in March, and the 10th Consultative Forum, held in Uganda in May.

“Agriculture is of vital importance for poverty reduction and economic growth, particularly in developing countries. It contributes to food security and nutrition, plays an important role in income and employment, especially in rural areas, contributes to GDP and also to the global food supply”, explained Francesco Rispoli, Senior Technical Specialist at the International Fund for Agricultural Development and Board Member of the Microinsurance Network, setting the scene during the opening session.

Forum panellists focused on the role of different actors from the industry and supervisory bodies, and of aggregators involved in the provision of agricultural insurance, as well as the importance of a strong coordination among them. Discussions underlined the importance of technology (including the use of satellite data and the reliance on scientific agencies for product development, supporting the establishment of agile claims payment processes), of the role of supervisors and the industry in educating consumers and creating consumer awareness, and the need for training for those involved in the different processes, including the sales force. One of the key messages that emerged from the discussions was the need for clear communication with consumers as a part of consumer-protection efforts.

“I hope that the learning and information obtained here can be shared and multiplied to obtain responsible solutions. And that all stakeholders in their respective jurisdictions can work together to make insurance markets more inclusive.“ stated Carla Chiappe, Coordinator of the ASSAL microinsurance working group, Supervision Intendent at the Superintendencia de Banca, Seguros y AFP (SBS), Peru”.

A discussion facilitated by Andrea Camargo, Head of Regulatory Affairs and Consumer Protection for Central America at the Microinsurance Catastrophe Risk Organisation (MICRO), focused on the role of different stakeholders and key aspects determining the success of products, such as understanding the needs of the insured, knowing the data, testing the products and verifying their viability. Insurance supervisors of Peru and Guatemala presented implementation examples.

The Forum concluded with a product design workshop during which participants worked on defining ideal product traits. Participants highlighted as pre-requisites the importance of dialogue and cooperation among stakeholders, supportive government policies, monitoring of results, sustainability and scale, and the use of technology and data.


“Agricultural insurance requires a multi-stakeholder approach. I trust that this Consultative Forum will inspire new ideas and initiatives and encourage stakeholders from all regions to cooperate for inclusive insurance”, emphasized Regina Simões, the A2ii Regional Coordinator for Latin America, as she closed the 11th Consultative Forum.

For those wishing to know more, reports on the 11th Consultative Forum were posted on social media under the hashtag #11thCF. The recording of the Forum is available in English and Spanish at this link.

 

  • end of the press release –

 

More Information:
11th CF recording: at this link
Consultative Forum website:  at this link
13th International Microinsurance Conference website: at this link
Twitter handles:  Follow #11thCF @A2ii_org  @NetworkFlash #IAIS  #agriinsurance #indexinsurance #disaster #resilience #microinsurance #inclusiveinsurance

Media Contacts
Annalisa Bianchessi, Microinsurance Network, Senior Communications Manager, abianchessi@microinsurancenetwork.org
Dunja Latinovic, A2ii, Communications Advisor,  dunja.latinovic@giz.de
Stephen Hogge, International Association of Insurance Supervisors, Senior Policy Advisor for Communications, stephen.hogge@bis.org

Consultative Forum organising partners

The Microinsurance Network
The Microinsurance Network is the global multi-stakeholder platform for professionals and organisations that are committed to making insurance inclusive. Membership-based, it brings together diverse stakeholders from across the value chain who share a vision for a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks. The Network encourages peer-to-peer exchange and learning, facilitates the generation of knowledge and research, and acts as an advocate, promoting the role that effective risk management tools, including insurance, play in supporting the broader development agenda.
www.microinsurancenetwork.org

 

The Access to Insurance Initiative (A2ii)

The Access to Insurance Initiative (A2ii) is a unique global partnership working with development agencies, insurance supervisors, international insurance bodies and local entities with the mission to inspire and support insurance supervisors to promote inclusive and responsible insurance. The A2ii is the implementation arm of the IAIS on financial inclusion, a partnership which provides close connections with insurance supervisors and regulators worldwide.
www.a2ii.org

 

The International Association of Insurance Supervisors (IAIS)

The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors and regulators from more than 210 jurisdictions. The mission of the IAIS is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.

www.iaisweb.org

Also in News

01.07.2020

A2ii Newsflash| The Philippines Issues InsurTech Regulatory Sandbox Guidelines

more
30.03.2020

Covid-19 Insurance Supervisory Response Tracker

more
05.02.2020

An opportunity to provide your feedback: The IAIS Emerging Markets and Developing Economies Survey for all IAIS EMDE Members

more
21.01.2020

A2ii Newsflash| The SEC Pakistan Issues Regulatory Sandbox Guidelines

more
Microinsurance Master programme
29.11.2019

A2ii Scholarship for the Microinsurance Master accelerator programme for insurance supervisors

more
12.11.2019

ICP Self-Assessment Tool Launch

more
30.10.2019

Leadership and Diversity Program for Regulators: scholarship opportunity by A2ii and InsuResilience Global Partnership Secretariat

more
15.10.2019

A2ii Newsflash| The SSN Argentina launch their InsurTech Innovation Hub

more
02.10.2019

A2ii Newsflash| Kenya defines micro-insurance and index-based insurance in its primary legislation on insurance services

more
09.09.2019

Deadline for applications extended: The 2nd Inclusive Insurance Innovation Lab

more
04.09.2019

The A2ii releases its decennium publication: 'A2ii: 10 Years On'

more
21.08.2019

Celebrating 10 years of A2ii - #A2ii10

more
20.08.2019

The 2nd Inclusive Insurance Innovation Lab Call for Applications

more
12.07.2019

Watch the recording of the 16th Consultative Forum on Climate and Disaster Risk here!

more
07.05.2019

LIVE STREAMING: 15th Consultative Forum on Inclusive Insurance - Climate and disaster risk: building resilience, bridging the protection gap

more
12.04.2019

RegTech and SupTech: Implications for Supervision – A2ii-IAIS Consultation Call, March 2019

more
06.11.2017

Insurance regulators and providers meet in Peru to seek solutions for smallholder farmers faced with natural disasters

more
01.11.2017

Global Agreement to Enhance Actuarial Skills

more
31.05.2017

Press release: Stakeholders come together to explore agricultural index based insurance as a tool for building resilience of farmers in Africa

more
31.05.2017

Stakeholders come together to explore agricultural index based insurance as a tool for building resilience of farmers in Africa - 10th consultative forum

more
23.02.2017

Insurance supervisors gather for the first Mobile Insurance Conference

more
06.07.2016

Press Release: Access to Insurance Initiative Governing Board announced

more
11.07.2015

A2ii Newsflash | July 2015: India adopts a new IRDA microinsurance regulation

more
11.07.2015

A2ii Newsflash | October 2015: Uganda proposes new microinsurance regulation with reduced minimum capital requirement for microinsurers

more
06.07.2015

Save the date: IAIS-A2ii Consultation Call on "Risk-based Supervision in Inclusive Insurance "

more
28.10.2014

Reminder: Invitation to the 8th IAIS-A2ii Consultation Call on "Formalisation"

more
06.06.2014

Press Release: Policy Seminar and Consultative Forum Kigali

more
05.06.2014

Press Release Policy Seminar and Consultative Forum Kigali

more
12.07.2013

Responsible Finance Forum IV – Consumer Protection in Emerging Insurance Markets

more
11.07.2013

A2ii and IAIS Announce SAPR launch

more
07.11.2012

Press Release: Policy Seminar Tanzania on Access to Insurance

more
09.11.2011

Press Release: Policy Seminar Rio

more
11.07.2009

IAIS Press Release: Insurance Supervisors strengthen framework for sound insurance markets

more