A2ii Newsletter

Access to Insurance Initiative Newsletter 06/2018

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

 

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Recent Events

Supervisory Dialogue on the impact of informality on insurance markets – what supervisors can do

 

17 May 2018, Rio de Janeiro, Brazil

The event, which brought together 43 participants from 15 countries, provided an overview of how informality may affect insurance markets bringing to light the challenges faced by supervisors. The event also provided a platform for information sharing on the topic with presentations made on the approaches adopted by jurisdictions in different regions to try and identify and address informality.

The IAIS-A2ii Supervisory Dialogue was part of a three‐day series of events co-hosted by Superintendência de Seguros Privados (SUSEP), the Brazilian insurance supervisory authority.

 

 

 

The signing of the SUSEP – GIZ – A2ii Memorandum of Understanding                                                                          

On May 17th, SUSEP, GIZ and A2ii formalized the cooperation agreement on SUSEP hosting the A2iis regional hub for Latin America in its headquarter building in Rio de Janeiro. The agreement is intended to strengthen the foundations of the regional hub as well as demonstrate the on-going commitment of the A2ii and SUSEP to work together on promoting financial inclusion and strengthening supervisory capacity building in the region. The A2ii regional office for Latin America has been running since October 2017following the arrival of Regina Simoes, A2ii Latin America Regional Coordinator in July 2017. 

 

 

 

 

 

Sustainable Insurance Forum meeting

16 May 2019, Rio de Janeiro, Brazil

The A2ii participated in this 4th meeting of the Sustainable Insurance Forum (SIF) which included supervisors from 15 different jurisdictions. The SIF launched in December 2016 with the aim to bring together insurance supervisors to tackle issues of common concern with respect to sustainable development. Since its inception its main focus has been on climate change issues and in this regard, it has developed a joint IAIS-SIF Issues Paper on Climate Change Risks to the Insurance Sector. It is intended that a final draft of the paper will be published following the IAIS committee meetings in Moscow later in the year.

At the meeting in Rio supervisors worked together on several new tracks of work, including the development of tools and training materials on sustainability issues to help supervisors raise these issues in their ongoing engagements with firms. In addition, the SIF agreed to develop a guidance document on how insurance supervisors can leverage their strengths to encourage the development of sustainable insurance markets – and support broader strategic efforts to promote sustainable finance across banking, investment, and capital markets. The A2ii also presented at the meeting sharing its experiences in conducting capacity building activities with supervisors.

 

13th Consultative Forum on Mobile Insurance and InsurTech: rising to the regulatory challenge

9-10 May, Accra, Ghana

During the afternoon of 9 May and the morning of 10 May, over 60 supervisors, insurance industry representatives and other stakeholders from 16 countries across Africa and the globe gathered at the 13th Consultative Forum in Accra, Ghana to discuss taking a customer centric approach to using innovation in inclusive insurance and the fair treatment of customers in InsurTech initiatives.

Three questions guided the Forum discussions: What is insurance supervisors’ role in market development and in promoting access to insurance? How can one best use InsurTech to the advantage of the customer? And, how can the mandate of the regulator encourage innovation that supports the development of the insurance market?

To harness InsurTech all the while protecting the financial system and consumers three pre-conditions were highlighted:

Regulatory clarity
Dialogue with the industry, and
Good understanding of consumers’ needs.  

Regulatory frameworks need to be sufficiently flexible to encompass the fast-paced changes in digital technologies. Considerations also need to be made as to how regulatory frameworks can encourage competition and  innovation, advance financial inclusion and allow for the delivery of more convenient financial services. Read InsurTech promise for microinsurance – rising to the regulatory challenge, to find out about the main takeaways.

To watch the full video of the 13th Consultative Forum visit the A2ii Youtube channel.

The 13th Consultative Forum took place alongside the 45th Conference of the AIO. The theme of the AIO conference was “Innovation, Risk, and the Future of Insurance in Emerging Markets ” and a number of perspectives on the impact of technology on insurance markets in Africa and using technology to expand access to insurance were discussed. The A2ii also attended the Association of African Insurance Supervisory Authorities (AAISA) meeting and gave an update on upcoming IAIS-A2ii activities for Sub-Saharan Africa for 2018.

 

IAIS-A2ii Consultation Call on Ratios and cost structures in insurance supervision

24 May – webinar

 

This supervisory only  call dealt with supervisory ratios in insurance supervision, particularly in relation to client value and product cost structures. We were very happy to see a record number of participants for our call.

When licensing and supervising insurance products, supervisors need to make judgements on the soundness, sustainability and ethics of the product proposed. This is particularly the case when products are designed as part of an initiative for increased financial inclusion, as those underserved segments often contain economically and socially vulnerable consumers with low familiarity with insurance products. This call explored some of the approaches in evaluating this, the ratios involved (e.g. loss ratio, claims ratio, renewal ratio, and others) and some concrete examples of what considerations come into play.

We heard an expert presentation by Clémence Tatin-Jaleran and Andrea Camargo, and were joined by Michael Sicsic of the UK’s Financial Conduct Authority (FCA), who shared the FCA’s experience with the set of key reporting ratios they are piloting. Annibal Vasconcellos of the Brazilian supervisor SUSEP also shared his experiences with the monitoring of ratios.

For supervisors who couldn’t attend, a recording of the expert presentation is available on demand. Simply send a message to consultation.call@a2ii.org. A written summary of the call will shortly be available on the A2ii website here.

 

Upcoming Events

 

Inclusive Insurance Regulation Training, Toronto Centre

18 – 22 June Rabat, Morocco

This training seminar will be conducted in French language only and is designed to help participants examine topics related to:

• The importance of adopting a proportionate approach to regulation and supervision to improve access to insurance services and ensure adequate protection for low-income consumers.

• Recent practices and case studies of selected jurisdictions that have advanced the field of microinsurance.

The training curriculum is based on the IAIS Application paper on the regulation and supervision of inclusive insurance markets and IAIS-A2ii Core Curriculum for Insurance Supervisors: Regulation and Supervision Supporting Inclusive Insurance Markets and it has been organised in cooperation with the Moroccan supervisory authority (ACAPS), the IAIS and the Toronto Centre.

 

iii-lab Innovation Incubator

Durres, Albania, 19-22 June 2018

For the second and last international meeting of the Inclusive Insurance Innovation Lab, all four country teams from Albania, Ghana, Kenya and Mongolia will come together in the Albanian town of Durres. The focus of this international workshop (Innovation Incubator) will be for country teams to advance the ideas and prototypes developed during the last national meetings. Through learning journeys and interactions with their peers and external guests, lab participants will gain further knowledge about challenges and opportunities in implementing their ideas. They will leave the workshop  with a clear plan for implementation. 

 

IAIS-A2ii Consultation Call on Supervisory Responses to Fraud

19 July – webinar

Please save the date for the next IAIS-A2ii consultation call on Thursday 19 July. The topic will be on “Supervisory Responses to Fraud”, and registrations will be launched in the coming weeks.

The IAIS-A2ii consultation calls are topic-focused webinars (via WebEx) for insurance supervisors.

 

 

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 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, the programme, and how to register!
Got any questions? Write to impactinsuranceacademy@itcilo.org.

 

Recommended reads

 

Initial Findings Note on the role of insurance regulators in dealing with consumer data protection risks

The aim of this new A2ii study is to unpack and define different data-related risks within inclusive insurance and explore the consumer protection issues that can arise as a result. The note is based on desk research with insurance supervisors from different regions on their experiences and approaches. It provides practical insights to help guide supervisors on how to deal with these emerging risks. This note should be considered as the research team's initial findings. They will be augmented and adjusted through additional research and interviews and published as part of a more comprehensive report on the topic later in the year.

 

InsurTech promise for microinsurance – rising to the regulatory challenge

InsurTech has the potential to reach more people, empower and engage emerging customers, improve service delivery and ultimately, enhance client value. But it could also lead to financial exclusion, erosion of trust and even harm the reputation of the insurance industry, if not properly regulated.  Industry experts and insurance supervisors met at the 13th Consultative Forum in Accra, Ghana, to identify some of the challenges and opportunities presented by InsurTech and to discuss how different stakeholders can work together to facilitate innovation, consumer protection and market development. This article summarises the main takeaways of the 13th Consultative Forum on Mobile Insurance and InsurTech. 

 

Knowledge category: 

Access to Insurance Initiative Newsletter 05/2018

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

 

WATCH LIVE and have your say!

13th Consultative Forum on Mobile Insurance and InsurTech: rising to the regulatory challenge

9-10 May, Accra, Ghana

 

Take me to the stream!

The African Insurance Organisation, IAIS, the Microinsurance Network and the A2ii will hold its 13th Consultative Forum on “Mobile Insurance and InsurTech: rising to the regulatory challenge” on the afternoon of Wednesday, 9th May and morning of Thursday, 10th May 2017 in Accra, Ghana.

Watch the Forum LIVE in English or French, take part in the discussion either by submitting your answers to panellists’ questions through the menti.com or on Twitter #13thCF!

This Forum will focus on balancing innovation in the use of new technologies and how the various stakeholders – insurance supervisors, the industry and policymakers – can work to ensure that customers, many of whom have limited or no experience of insurance, are treated fairly.

The Consultative Forum takes place alongside the 45th AIO Conference and General Assembly.

Further information about the Forum is available here. For queries please contact A2ii Sub-Saharan Africa regional coordinator Janice Angove (janice.angove@fsb.co.za).

 

Recent Events

 

Inclusive Insurance Innovation Lab – second national workshops

10-12 April, Nairobi, Kenya

17-19 April, Accra, Ghana

17-19 April, Ulaanbaatar, Mongolia

24-26 April, Tirana, Albania

The second set of Inclusive Insurance Innovation Lab (iii-lab) national workshops began by reviewing the work that had been undertaken since the official start of the iii-lab last November. During this time, participants have created strong teams from across the insurance sector (including the regulator, insurance companies, intermediaries and demand-side stakeholders) that meet on a regular basis. All teams have undertaken learning journeys to help uncover the main obstacles to access to insurance in their countries and have agreed on areas they would like to focus on for the remainder of the lab process and thus where they believe they can come up with an ‘innovation’ which will make a positive difference to insurance market growth in their country.

In this respect, the second national workshops marked the transition from the analysis phase of the lab to taking concrete action. During the workshop, the teams were familiarised with the design thinking methodology and developed initial prototypes that will now undergo preliminary testing in the run-up to the Innovation Incubator in June, a four day workshop, during which all four country teams will meet in Albania.

 

To learn more about the project visit our website.

 

ASSAL Annual Conference

9-10 April, Santo Domingo, Dominican Republic

The ASSAL Annual Conference focused on "Risk Analysis and Assessment in the Insurance Sector". Regina Simoes, the A2ii Regional Coordinator for Latin America delivered a presentation on inclusive insurance with the participation of Peruvian and Colombian supervisors, who described different approaches to inclusive insurance in their countries.

The President of the Dominican Republic, Danilo Medina, opened the ASSAL Annual Conference whereas the Minister of Finance,  Donald Guerrero, gave the keynote speech.

The A2ii presentation will be available shortly on our website. 

 

IAIS-FSI High Level Meeting

12 April, Santo Domingo, Dominican Republic

The Meeting focused on the global insurance standards and supervisory priorities in Americas. It was divided into 4 sessions: 1) Insurance Regulatory Reforms; 2) Emerging Risks and New Developments in the Market; 3) Proportionality; and 4) Cyber Risk management and insurance. IAIS Secretary-General Jonathan Dixon opened the event and moderated session 1 on insurance regulatory reforms. In his introduction, he highlighted the importance of the IAIS partnership with A2ii. 

Regina Simoes, the A2ii Regional Coordinator for Latin America presented on proportionality in the context of financial inclusion, focusing on market conduct. The A2ii presentation will be available shortly on our website. 

 

A2ii presents at AFI meeting on the inclusion of insurance in National Financial Inclusion Strategies

25 April

On April 25th the A2ii presented to Alliance for Financial Inclusion (AFI) members the results of a recent survey on the inclusion of insurance in National Financial Inclusion Strategies (NFIS).

The survey was a joint initiative between the A2ii and AFI and provides a stocktake on the extent to which insurance has been included in NFIS so far and also draws out lessons from its inclusion. The survey was sent to insurance supervisors via the A2ii as well as AFI members which mainly consist of Central Banks (some of which also have a mandate for insurance) and Ministries of Finance.

Among the 36 countries that responded to the survey 29 had included insurance in their NFIS and 18 of these even as a separate pillar. The survey, however, did highlight the need for insurance to be more fully integrated with clear definitions of ‘inclusive insurance’ developed at the outset to both focus efforts and establish benchmarks which could then, later on, be used to monitor the success of the initiative. It was also notable that most indicators focused on access and usage of insurance with few actually measuring the value of the product for the client. As NFIS, and in particular the inclusion of insurance, is still a relatively recent development it was not possible to obtain much information on the ultimate impact of the inclusion of insurance. However, a number of jurisdictions responding to the survey highlighted how it had already triggered helpful activities in their jurisdiction such as the development of microinsurance regulations, new products launches or/and greater flexibilities allowed for the use of non-traditional distribution channels.

The results of this survey will also be used to inform decisions on future potential joint activities of the A2ii-AFI on the topic of inclusion of insurance in National Financial Inclusion Strategies. A report detailing the results of the survey will also be published in due course on the A2iis website.

 

A2ii joins the InsuResilience Global Partnership

The A2ii recently joined the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions. InsuResilience was launched at the 2017 UN Climate Conference in Bonn and aims to strengthen the resilience of developing countries and protect the lives and livelihoods of poor and vulnerable people against the impacts of disasters. The A2ii is pleased to be a member of the Partnership and to contribute to this exciting and important global platform.

We believe that insurance plays an important role in protecting the most vulnerable and making communities more resilient when disaster strikes. As the implementing partner of the IAIS on financial inclusion, we provide input to global policy debates and draw attention to the valuable role of insurance and the key role of insurance supervisors in addressing resilience. Through capacity building, the facilitation of supervisory dialogue and peer-to-peer learning we strengthen the capacity and understanding of insurance supervisors to develop regulatory frameworks and supervisory approaches that are proportionate to risks posed by individual insurers. If well designed this should protect consumers and help build trust in insurance at the same time as incentivising insurance companies to provide suitable products to the poor and vulnerable thus helping increase their resilience to risk.

We are looking forward to being a member of a growing community on building financial protection to disasters and look forward to sharing learnings and experiences on the topic with other members of the Partnership. 

 

Upcoming Events

 

Supervisory Dialogue on the impact of informality on insurance markets – what supervisors can do

17 May 2018, Rio de Janeiro, Brazil

 

The objective of this Supervisory Dialogue is to provide a platform for information sharing on the topic of informality of insurance markets. An overview of how informality may affect insurance markets will be provided with an examination of the risks for consumers as well as consideration on how informality may impact the structure and functioning of the sector.

The Dialogue will be restricted to supervisors and is expected to bring together high-ranking representatives from across the region and beyond.

There will be simultaneous translation into Portuguese, Spanish and English.

To find out more or to register, please click here.

 

IAIS-A2ii Consultation Call on Ratios and cost structures in insurance supervision

24 May – webinar

When licensing and supervising insurance products, supervisors need to make judgements on the soundness, sustainability and ethics of the product proposed. This is particularly the case when products are designed as part of an initiative for increased financial inclusion, as those underserved segments often contain economically and socially vulnerable consumers with low familiarity with insurance products. This call will explore some of the approaches in evaluating this, the ratios involved (e.g. loss ratio, claims ratio, renewal ratio, and others) and some concrete examples of what considerations come into play. This call topic is a response to the discussions that took place in the IAIS Implementation Committee meetings in November 2017 and a request to the A2ii to explore the topic in more depth.

You can register for this call here

The IAIS-A2ii consultation calls are topic-focused webinars (via WebEx) for insurance supervisors.

 

Knowledge category: 

Newsflash: Watch LIVE today - 13th Consultative Forum on Mobile Insurance and InsurTech

The African Insurance Organisation, IAIS, the Microinsurance Network and the A2ii will hold its 13th Consultative Forum on “Mobile Insurance and InsurTech: rising to the regulatory challenge” on the afternoon of Wednesday, 9th May and morning of Thursday, 10th May 2017 in Accra, Ghana.

Watch the Forum LIVE in English and French, starting at 14.00 (GMT) today and at 9.00 (GMT) tomorrow, 10 May,  take part in the discussion either by submitting your answers to panellists’ questions through the menti.com or on Twitter #13thCF! 

This Forum will focus on balancing innovation in the use of new technologies and how the various stakeholders – insurance supervisors, the industry and policymakers – can work to ensure that customers are treated fairly in the providing access to insurance for previously unserved customers.
The Consultative Forum takes place alongside the 45th AIO Conference and General Assembly.

For queries please contact A2ii Sub-Saharan Africa regional coordinator Janice Angove (janice.angove@fsb.co.za).

  Suivez en francais 

  Watch the livestream in English!  

 

 

 

 

Access to Insurance Initiative Newsletter 04/2018

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

 

12th Consultative Forum on InsurTech: rising to the regulatory challenge

20 March, Colombo, Sri Lanka

 

The 12th Consultative Forum on the topic of InsurTech: rising to the regulatory challenge took place on 20 March in Colombo, Sri Lanka gathering high-ranking representatives from the regulatory and supervisory bodies (in Asia), industry, NGOs and other stakeholders. 

InsurTech holds vast potential for improvements in insurance product design, the development of better-tailored products and reducing administrative costs. These efficiency gains can lead to lower premiums, better client servicing and faster payouts. However, InsurTech developments also embody a challenge for regulatory frameworks that must now consider new business models, new actors in the insurance value chain, data protection, cybersecurity and consumer education.

During the forum, innovative InsurTech applications were presented. One of the key messages emerging from the discussion was the necessity for the human touch in advanced data analytics and artificial intelligence application. India and Pakistan presented the specific regulations issued in their countries. It was discussed how the usage of big data and advanced data analytics enables increased segmentation and could lead to a situation where low-income/higher risk customers are priced out of the market and the risk-pool principle of insurance is dissolved.

In order to mitigate the risks and strike a balance between facilitating innovation and protecting consumers, supervisors must monitor and understand the market. Test and learn environments and a close dialogue with the industry are important enablers of enabling innovation in the market to happen.

To find out more about the CF12 read Beyond data - leveraging technology for inclusive insurance post-event news release. The full video of the Forum is available here

 

 

IAIS-A2ii Consultation Call on Innovation hubs and accelerators

22 March - webinar

On 22 March the A2ii, in collaboration with the IAIS, hosted its 27th consultation call, focusing on the topic of innovation hubs, accelerators, and sandbox arrangements.

When stimulating innovation, there are limits to what a supervisory authority can achieve alone. Inter-institutional cooperation is a powerful tool for responding to new market trends and for creating a safe space for the launch of new initiatives. This call took a closer look at these cooperation platforms and sandboxing arrangements, including case studies on the role of insurance supervisors within them.

The expert presenters invited to present on this webinar were from Cenfri, presenting some of the conclusions of their study on Regulating for Innovation, which can be found here. Supervisors from the Kenyan IRA, the Zimbabwean IPEC, and Mexico’s CNSF also gave presentations on the topic. The presentations can be found on the page for the consultation call, which is also where the consultation call report will be published. 

 

Upcoming Events

 

13th Consultative Forum on Mobile Insurance and InsurTech: rising to the regulatory challenge

9-10 May, Accra, Ghana

The African Insurance Organisation, IAIS, the Microinsurance Network and the A2ii will hold its 13th Consultative Forum on “Mobile Insurance and InsurTech: rising to the regulatory challenge” on the afternoon of Wednesday, 9th May and morning of Thursday, 10th May 2017 in Accra, Ghana.

This Forum will focus on balancing innovation in the use of new technologies and how the various stakeholders – insurance supervisors, the industry and policymakers – can work to ensure that customers are treated fairly in the providing access to insurance for previously unserved customers.

The Consultative Forum takes place alongside the 45th AIO Conference and General Assembly. Supervisors, policymakers and industry players are highly welcome to attend.

Further information and registration forms are available here. For queries please contact A2ii Sub-Saharan Africa regional coordinator Janice Angove (janice.angove@fsb.co.za).

 

 

Inclusive Insurance Innovation Lab – second national workshops

10-12 April, Nairobi, Kenya

17-19 April, Accra, Ghana

17-19 April, Ulaanbaatar, Mongolia

24-26 April, Tirana, Albania

Country teams participating in the Inclusive Insurance Innovation Lab will meet in their respective countries (Albania, Ghana, Kenya and Mongolia) for this 3-day workshop. During the workshop, the teams will revisit the initial outcomes of the Lab process so far and identify areas to take forward. Team members will gain skills in innovation capacity and generate inputs for the Innovation Incubator that will take place in Albania in June. Participation in these workshops is by invitation only.

For more information about the Lab click here.

 

Supervisory Dialogue on the impact of informality on insurance markets – what supervisors can do

17 May 2018, Rio de Janeiro, Brazil

The objective of this Supervisory Dialogue is to provide a platform for information sharing on the topic of informality on insurance markets. An overview of how informality may affect insurance markets will be provided with an examination of the risks for consumers as well as consideration how informality may impact the structure and functioning of the sector.

The Dialogue will be restricted to supervisors and is expected to bring together high-ranking representatives from across the region and beyond.

There will be simultaneous translation into Portuguese, Spanish and English.

To find out more or to register, please click here.

 

IAIS-A2ii Consultation Call on Ratios and cost structures in insurance supervision

24 May – webinar

When licensing and supervising insurance products, supervisors need to make judgements on the soundness, sustainability and ethics of the product proposed. This is particularly the case when products are designed as part of an initiative for increased financial inclusion, as those underserved segments often contain economically and socially vulnerable consumers with low familiarity with insurance products. This call will explore some of the approaches in evaluating this, the ratios involved (e.g. loss ratio, claims ratio, renewal ratio, and others) and some concrete examples of what considerations come into play. This call topic is a response to the discussions that took place in the IAIS Implementation Committee meetings in November 2017.

You can register for this call here

The IAIS-A2ii consultation calls are topic-focused webinars (via WebEx) for insurance supervisors.

Knowledge category: 

Newsflash: New Resolution paving the way for the development of microinsurance in Argentina

The Argentinian Superintendencia de Seguros de la Nación (SSN)  on 9 February 2018 authorised a Resolution supporting the commercialisation and implementation of microinsurance. The measure is part of broader efforts in Argentina to improve social and financial inclusion in the country. It is intended that by fostering the development of microinsurance in the local market,  that the vulnerable, will have access to the benefits of insurance.

The Resolution on Microinsurance  (which includes item 23.8 in the General Regulation of Insurance Business (Resolution SSN 38.708/2014)) comes hand in hand with the policy work on financial inclusion being carried out by the Ministry of Finance and the Argentinean Government. 

The main points that the Resolution introduces are:

  • Microinsurance plans will provide more beneficial terms and promote a quicker resolution of claims compared to traditional insurance;
  • The deadline for the insurer to agree or not with the payment of claims is now 15 days (for traditional insurance the deadline is 30 days). Should the insurer require additional information of the facts, the deadline for coming to a decision about the claim may be extended to up to 10 calendar days. The failure to express the decision within the given timeframe implies acceptance.

The Resolution also requires insurers wanting to write business under the new microinsurance regulation to abide by the following requirements.

  • The policy  must unequivocally express the main risk covered and, in all cases, it must contain the term "microinsurance";
  • Provide an explanatory guide on the contractual conditions to the policyholder in clear language. In addition, post the explanation of the coverage granted by the plan on their website including

a. the contractual conditions,
b. information for policyholders on how to pay the premiums and report the claims;

  • The presentation of the Application Form-Certificate in case of Collective Insurance, and the Simplified Policy, in case of Individual Insurance, will be considered as sufficient proof of the existence of the contract.

Regarding intermediaries, the regulation establishes that any communication, claim or payment made to insurance intermediaries, companies of intermediaries or Institutional Agents will have the same effect as communication with an insurance company. In addition, a training program for intermediaries and other agents is under development. 

 

Access to Insurance Initiative Newsletter 03/2018

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

 

International Dialogue of the Inclusive Insurance Innovation Lab

28 February – 2 March, Akosombo, Ghana

All the country teams participating in the Inclusive Insurance Innovation Lab met for the first time as a global team during a three-day International Dialogue in Ghana. During the workshop, country team members from Albania, Ghana, Kenya and Mongolia learned about the inclusive insurance sector in their respective countries and identified areas in which they could provide peer support to each other. Country teams also exchanged feedback on obstacles and opportunities in each others insurance sectors, as well as suggestions on key relationships and areas to explore.

Through learning journeys to the surrounding villages, participants spoke to local shopkeepers and small business owners, health practitioners and fishermen about their perceptions of insurance and the challenges they had in accessing suitable products.

Participants also discussed a variety of topics in cross-country groups, including insurance awareness, insurance for MSMEs, agricultural insurance, effective partnerships for inclusive insurance, distribution channels and InsurTech as well as the future of insurance.

The country teams then developed roadmaps and identified concrete next steps for the run-up to the next event on the inclusive insurance lab calendar the (national) workshop taking place in all four countries in April. 

 

Bank for International Settlements (BIS) – International Monetary Fund (IMF) Symposium: Capacity building in financial sector regulation and supervision

8 – 9 February, Basel, Switzerland

This high level, invitation-only seminar brought together the Standard Setting Bodies along with training and technical assistance providers to discuss capacity building in financial sector regulation and supervision. Christine Lagarde, Managing Director, IMF and Augustin Carsten’s, General Manager, BIS gave keynote addresses showing the value and importance both organisations place in capacity building. The event held under Chatham House Rules also included a discussion among the standard-setting bodies on their differing approaches to supporting their members capacity building needs – with some providing direct hands-on support while others partnering with other organisations to achieve their implementation objectives. The importance of a structured long-term approach to capacity building was highlighted in contrast to current efforts which were felt to be often too short-term and fragmented.

The second day of the conference was just restricted to technical assistance and training providers. Hannah Grant, A2ii, presented on a panel discussing ideas for enhancing coordination and cooperation between different technical assistance and training providers. The event provided a valuable opportunity for both the sharing of best practices as well as for brainstorming on ways to work together more collaboratively. All participants agreed on the value of good relationships with key partners and the need to engage in a complementary manner at different levels – national, regional and global – when providing capacity building support. 

 

International Association of Insurance Supervisors Implementation and Assessment Committee Meeting
27 February, Basel, Switzerland

This was the first meeting of the Implementation and Assessment Committee under the Chairmanship of José Gerardo López Hoyo, CNSF and A2ii Governing Council Member. The Committee discussed and adopted the revised version of the Coordinated Implementation Framework. This document sets out the IAIS’s strategic approach to implementation building on the previous version adopted in 2013. The increased focus on assessment activities and providing more guidance to members around supervisory practices is a notable development from the previous draft.

 

Amongst other topics updates were provided on IAIS assessment activities, on regional developments by IAIS regional coordinators and the Supervsiory Forum. The A2ii also updated members on recent A2ii activities and those coming up in 2018. An update was also provided on progress on the supervisory actuarial skiils training being developed under the IAIS-A2ii-International Actuarial Association (IAA) Partnership.

 

Upcoming Events

 

12th Consultative Forum on InsurTech: rising to the regulatory challenge

20 March 2018, Colombo, Sri Lanka

While the InsurTech revolution undoubtedly offers vast and untapped opportunities, it also embodies a challenge for regulatory frameworks that must now consider new business models, new actors in the insurance value chain, data protection, cybersecurity and consumer education. To meet this challenge, supervisors have to strike a balance between facilitating innovation, increasing the inclusiveness of the insurance sector, and maintaining the conditions for a fair, safe and stable insurance sector for the benefit and protection of policyholders.

The 12th Consultative Forum will focus on how various stakeholders — insurance supervisors and policymakers, private sector insurance, data and technical service providers — can cooperate and align their respective roles to achieve sustainability and scale while ensuring that clients receive fair treatment. The first of a three-part series, this Forum will be followed by two further Consultative Forums on the topic in Africa and Latin America.

To participate in the Consultative Forum, please register here by 12 March 2018, close of business, Central European Time. 

More information including the Invitation and a detailed Agenda here.

The event will also be livestreamed. More details will be sent out via the A2ii mailing list and available on the A2ii website nearer the time.

 

 

27th IAIS-A2ii Consultation Call on Innovation hubs and accelerators

22 March 2018, webinar

The next A2ii Consultation Call will take place on 22 March and will focus on innovation hubs and accelerators. Supervisors are invited to register for the call here.
 
When stimulating innovation, there are limits to what a supervisory authority can achieve alone. Inter-institutional cooperation is a powerful tool for responding to new market trends and for creating a safe space for the launch of new initiatives. This call will take a closer look at what those cooperation platforms look like. Case studies will be used to explore what the role of the insurance supervisor looks like within them, and pull together a number of aspects that supervisors might need to consider when pioneering such an approach.
 
The call will be held again in three different languages - English, French and Spanish at the following times: 10am (CET) English || 12pm (CET) French || 3pm (CET) English || 5pm (CET) Spanish.
 

13th Consultative Forum on Mobile Insurance and InsurTech: rising to the regulatory challenge

9 – 10 May 2018, Accra, Ghana

The African Insurance Organisation, International Association of Insurance Supervisors, the Microinsurance   Network and the Access to Insurance Initiative will hold the 13th Consultative Forum on Mobile Insurance and InsurTech on the afternoon of Wednesday, 9th May and morning of Tuesday, 10th May in Accra, Ghana.

This Forum will focus on facilitating innovation and creating customers value using digital technologies. It will also explore how to appropriately supervise new InsurTech players and business models.

The Consultative Forum takes place alongside the 45th AIO Conference and General Assembly. Supervisors, policymakers and industry players are highly welcome to attend.

There will be simultaneous translation into French and English.

For more information, the Save the Date, or to register for the for the Consultative Forum, please click here. Deadline for registrations is 2 May 2018.

For further information, please contact A2ii Sub-Saharan Africa regional coordinator Janice Angove (janice.angove@fsb.co.za).

 

Supervisory Dialogue on the impact of informality on insurance markets – what supervisors can do

17 May 2018, Rio de Janeiro, Brazil

The objective of this Supervisory Dialogue is to provide a platform for information sharing on the topic of informality on insurance markets. An overview of how informality may affect insurance markets will be provided with an examination of the risks for consumers as well as consideration on how informality may impact the structure and functioning of the sector.

The Dialogue will be restricted to supervisors and is expected to bring together high-ranking representatives from across the region and beyond.

There will be simultaneous translation into Portuguese, Spanish and English.

To find out more or to register, please click here.

 

 

Recent Publications

 

25th IAIS – A2ii Consultation Call on Supporting responsible MSME insurance report in French and Spanish

This call identified what the specific insurance needs are of MSMEs, and what regulatory and supervisory factors can stifle or stimulate the market for products targeted at MSMEs. We saw what the global trends are, and looked at case studies to illustrate the principles at work. We also complemented this with first-hand accounts from jurisdictions with experience on the topic. The material on this call will help supervisors and regulators consider whether there are any steps that their authority could take to help stimulate the provision and uptake of good quality MSME insurance.

Presentations from the call along with the reports in English, French and Spanish are available here: reports.

 

26th IAIS – A2ii Consultation Call on Index Based Insurance report now available online

On Thursday, 25 January the IAIS and A2ii organised a consultation call exploring the regulatory aspects of index-based insurance. The written report based on this call can now be found on the A2ii website here: Consultation Calls Reports. The report covers the country case studies that were presented on the call, and provides a synopsis of the Q&A session that followed afterwards.

 

China Country Diagnostic Report

This report contains the findings of a diagnostic study on the provision of microinsurance to rural workers in China. The study was commissioned by the Access to Insurance Initiative and approved by the China Insurance Regulatory Commission (CIRC) in 2010. The study covers the provision of personal and property (including agriculture) microinsurance to China’s 674m (2010) rural residents.

Find out more: China Country Diagnostic Report.

 

Knowledge category: 

Access to Insurance Initiative Newsletter 02/2018

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

 

A2ii-IAIS Regional Meeting for Insurance Supervisors in Sub-Saharan Africa  

30-31 January 2018, Pretoria, South Africa

Thirty-one delegates from twenty insurance supervisory authorities across Sub-Saharan Africa attended the meeting, including representatives from the sub-regional committees for East Africa, Southern Africa and French-speaking West and Central Africa.

The main focus of the meeting was to give feedback on the capacity building needs and priorities as set out in the IAIS-A2ii Implementation Plan developed in 2017 and therefore set the agenda for the A2ii-IAIS activities in Sub Saharan Africa in 2018 and 2019.

Participants reported on recent developments in insurance supervision in their countries and shared experiences around the supervision of intermediaries and analysis of claims and expense ratios. Insurance supervisors welcomed the opportunity to share experiences and learn from other authorities in the region. The importance of access to good data on inclusive insurance and the feasibility of collecting data for products aimed specifically at low-income consumers was also discussed.

Jonathan Dixon, the Secretary-General of the IAIS gave an overview of the IAIS standard-setting activities and importance of supporting the implementation of Insurance the Core Principles and enhanced cooperation among supervisors. The focus on emerging risks including FinTech, cyber and sustainability and climate change risks were also discussed.

Hannah Grant, Head of the Secretariat of the A2ii, gave an update on the activities of the A2i supporting insurance supervision as well as recent publications and upcoming A2ii events.

The Association of African Insurance Supervisory Authorities (AAISA) meeting was held on 1 February 2018 alongside the IAIS-A2ii Regional Meeting. This meeting focused on AAISA membership, the strategy and workplan for the organisation over the next year. 

The meeting was jointly organised by the Access to Insurance Initiative and the International Association of Insurance Supervisors and was hosted by the South African Financial Services Board. 

 

IAIS – A2ii Consultation Call on index insurance

25 January 2018

On Thursday, 25 January the IAIS and A2ii organised their most recent bi-monthly consultation call, which is a webinar that offers in-depth insight into particular topics, paired with concrete examples from supervisors, and the opportunity to have a dialogue on the issues. This consultation call explored index-based insurance, with presentations by both Craig Thorburn, World Bank, Chair of the IAIS drafting group on index-based insurance Richard Carpenter author of the recent A2ii paper examining regulatory challenges of index-based insurance and Peter Wrede, World Bank and technical expert on the topic. The Kenyan Insurance Regulatory Authority (IRA) and the Guatemalan Superintendencia de Bancos

(SIB) gave concrete examples from their jurisdictions.

Presentations are already available, and the report of this Consultation Call will soon be available on A2ii.org.

The next A2ii Consultation Call will take place on 22 March and will focus on innovation hubs and sandboxes. Keep an eye on our events page or our Twitter account  @A2ii_org for updates.

 

Upcoming Events

The 12th Consultative Forum on InsurTech: rising to the regulatory challenge

20 March 2018, Colombo, Sri Lanka

 

While the InsurTech revolution undoubtedly offers vast and untapped opportunities, it also embodies a challenge for regulatory frameworks that must now consider new business models, new actors in the insurance value chain, data protection, cybersecurity and consumer education. To meet this challenge, supervisors have to strike a balance between facilitating innovation, increasing the inclusiveness of the insurance sector, and maintaining the conditions for a fair, safe and stable insurance sector for the benefit and protection of policyholders.

The 12th Consultative Forum will focus on how various stakeholders — insurance supervisors and policymakers, private sector insurance, data and technical service providers — can cooperate and align their respective roles to achieve sustainability and scale while ensuring that clients receive fair treatment. The first of a three-part series, this Forum will be followed by two further Consultative Forums on the topic in Africa and Latin America.

To participate in the Consultative Forum, please register here by 12 March 2018, close of business, Central European Time. 

More information including the Invitation and a detailed Agenda here. 

 

 

 

International Dialogue of the Inclusive Insurance Innovation Lab

28 Feb – 2 March 2018, Akosombo, Ghana

For the first time, members from all four participating countries of the Inclusive Insurance Innovation Lab (Albania, Ghana, Kenya and Mongolia) will meet together during a 3-day international dialogue.

The workshop offers a space for mapping and peer exchange on challenges, successes and systemic issues of the inclusive insurance sectors in the participating countries.

Through field visits, dialogues with experts and opportunities for peer learning and joint reflection, participants will gain knowledge from the experiences of different perspectives, sectors and jurisdictions. The International Dialogue will also enable participants to build robust relationships with each other with the intention of working together as an international team over the next year and beyond the duration of the lab.

To find out more about the Lab click here.

 

Recent Publications

 

A2ii publishes Index Insurance: Status and Regulatory Challenges paper

On Wednesday 24 January, the A2ii published a paper on the status and regulatory challenges of index-based insurance (also known as parametric insurance). The paper is a stock-taking exercise which elaborates on a supervisory questionnaire. It identifies a range of possible supervisory concerns and risks which supervisors must be cognisant of when supervising index-based insurance. You can find the A2ii report here.

 

25th IAIS – A2ii Consultation Call on Supporting responsible MSME insurance report

This call identified what the specific insurance needs are of MSMEs, and what regulatory and supervisory factors can stifle or stimulate the market for products targeted at MSMEs. We saw what the global trends are, and looked at case studies to illustrate the principles at work. We also complemented this with first-hand accounts from jurisdictions with experience on the topic. The material on this call will help supervisors and regulators consider whether there are any steps that their authority could take to help stimulate the provision and uptake of good quality MSME insurance.

Presentations from the call along with the English language report are available here.

French and Spanish translations of the report coming shortly.

 

Spanish translations of the Toolkits 1 & 2 and the A2ii Standard Terms of Reference for Country Diagnostics

Toolkit 1 outlines the analytical framework and methodology for conducting a microinsurance country diagnostic study. It is designed to assist readers who wish to gain a deeper understanding of the development of microinsurance markets, as well as researchers, consultants, insurance practitioners, policy-makers regulators and supervisors tasked with the analysis of a national insurance market with a view to developing strategies and recommendations for the growth of microinsurance. To access the Toolkit 1 click here.

Toolkit 2 is intended as a practical tool to guide the reader in unpacking the process of a microinsurance development strategy and the fundamental questions underlying it. It highlights the considerations to take into account, steps, stakeholders, issues that may arise and desired outcomes of a microinsurance development process. Finally, it provides guidance on the core, practical questions faced by stakeholders aiming to promote microinsurance market development.Essentially, it groups these questions into three categories – “why”, “what” and “how”. To access the Toolkit 2 click here.

The A2ii Standards Terms of Reference for Country Diagnostics describes the objectives, scope and approach to be followed undertaking an individual country diagnostic using the methodology developed by the Access to Insurance Initiative (the Initiative).  This document can be used as a basis for developing the Terms of Reference to request proposals by consultants to carry out the diagnostic. To access the document click here. 

 

Knowledge category: 

Access to Insurance Initiative Newsletter 01/2018

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.

We have a new website! Visit us at www.a2ii.org, explore our knowledge hub, check out our upcoming events and ongoing projects and find what you need fast.

 

A taste of things to come: 2018 highlights

In 2018 the A2ii will continue its focus on implementation both at the global level, supporting the work of the IAIS Implementation Committee, as well as on the ground in the regions. Our main regional focus with continue to be Sub-Saharan Africa, Latin America and Asia; however responding to supervisory demand, 2018 will also see us organizing events in the Middle East and North Africa as well as the Central European region.

Following an assessment of supervisory needs, we will continue to provide tailor-made capacity building support at a regional level. This will now include actuarial skills training for supervisors under our new five-year partnership signed in November 2017 between the IAIS, the International Actuarial Association and the A2ii.

Knowledge generation will also remain core to our agenda along with feeding the learnings from our work on the ground back into the development of new IAIS supervisory materials.

Following the launch of our Inclusive Insurance Innovation Lab at the end of last year we will also continue working with the country teams – Albania, Ghana, Kenya and Mongolia - to help them identify innovations in their market which have the potential to help support the growth of their domestic insurance market. Learnings from this exercise will then be disseminated both regionally and globally.

More specifically:

Continued support for IAIS standard setting and implementation work through:

  • Development of an online portal for IAIS ICP self-assessment questionnaires enabling supervisors to get instant feedback on their compliance with individual ICPs;
  • Publication of one proportionality in practice case studies;
  • Participation in IAIS drafting groups under the Financial Inclusion Working Group;
  • Supporting the development of regional implementation plans in Sub-Saharan Africa and Latin America; and
  • Analysing the results of the recently conducted A2II/IAIS Review on Regulation and Supervision supporting Inclusive Insurance Markets. Providing participating regulatory authorities with individual responses as well as releasing an aggregate report.

Facilitate peer dialogue among, regional and global supervisory communities to strengthen understanding of the IAISs ICPs and share best practices on topical inclusive insurance issues:

  • Hosting supervisor only global conference calls (‘Consultation Calls’) every 2 months in English, French and Spanish
  • Support IAIS regional coordinators and local regional supervisory associations in organising regional supervisory break-out meetings

Building and sharing knowledge on InsurTech through facilitating three separate multi-stakeholder dialogue events in Africa, Latin America and Asia respectively through a series of ‘Consultative Forums’ organized on the topic.

Knowledge generation publications on topics including:

  • Index based insurance;
  • Inclusion of insurance in national financial inclusion strategies and
  • Digital financial inclusion

Strengthening the A2iis foundations and long-term sustainability:

  • Adoption of an updated Charter with an updated governance structure; and
  • Start of a new funding term with an improved monitoring and evaluation system to support it.

If you would be interested in more information on our upcoming activities please refer to our website or send an email to the Secretariat at secretariat@a2ii.org

 

Upcoming Events

 

6th IAIS-A2ii Consultation Call on Index-Based Insurance

18 January 2018

On the first call of 2018 we will explore current practices with regards to index-based insurance.  On this call, we are delighted to have experts from the World Bank sharing their expertise on the topic followed by a number of insurance supervisors presenting their country case studies.

For more information, or to register for the call please follow this link.

 

 

IAIS-A2ii Regional Meeting for Sub-Saharan African insurance supervisors

30th and 31st of January 2018, Pretoria, South Africa

 

This meeting is intended to set the agenda for A2ii-IAIS capacity building activities in Sub-Saharan Africa in 2018. The activities that will be presented for discussion at the meeting are taken from the Regional Implementation Plan for the implementation of the IAIS Insurance Core Principles developed in 2017. 

The programme is jointly organised by the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS) and will be hosted by the Financial Services Board (FSB). A meeting of Association of Africa Insurance Supervisory Authorities (AAISA) will be held along-side the AIS-A2ii Regional Meeting on 1 February 2018.

 

Innovation Lab International workshop

28 February – 2 March 2018, Accra, Ghana

 

The four country teams participating in the Inclusive Insurance Innovation Lab (Lab) will come together for what promises to be a highly interactive 3-day workshop. The workshop will provide participants with an opportunity to learn from their international peers while also gaining closer insights into their own domestic insurance markets. This workshop is the second of five workshops which are taking place between November 2017 and November 2018.

The Lab is a collaboration between the A2ii and the GIZ Global Leadership Academy. It started in November 2017 and will run for a 12 month period. Over this period 4 different multi-stakeholder country teams will first identify barriers to insurance market growth in their country before coming up with innovations to overcome these barriers. For more information please see A2ii website.

 

12th Consultative Forum

InsurTech: rising to the regulatory challenge.

Tuesday 20 March 2018, Colombo, Sri Lanka

The 12th Consultative Forum on microinsurance regulation for insurance supervisory authorities, insurance practitioners and policymakers will address the consequences of rapid technological change in the inclusive insurance sector, exploring how regulators are responding to the need for oversight, consumer protection, stability in the business and financial systems while supporting and encouraging innovation.  

Discussions will focus on how various stakeholders — insurance supervisors and policymakers, private sector insurance, data and technical service providers — can cooperate and align their respective roles to achieve sustainability and scale while ensuring that clients receive fair treatment. The first of a three-part series, this Forum will be followed by two further Consultative Forums on the topic in Africa and Latin America.

The 12th Consultative Forum will take place on Tuesday 20 March in Colombo, Sri Lanka, alongside the Mutual Exchange Forum on Inclusive Insurance (MEFIN) Public Private Dialogue 5 (21-22 March 2018). Approximately 60 high-ranking representatives from insurance supervisory authorities, the industry and the public sector are expected to attend the event.

For more information, please see A2ii website.

 

 

Knowledge category: 

Access to Insurance Initiative Holidays' Edition Newsletter 12/2017

Welcome to the holidays' edition of our monthly Newsletter featuring a look back at 2017. Read about the most popular a2ii.org content of 2017; find out what the A2ii Secretariat highlight as recommended reads from across the web and which of our activities generated massive social media engagement over the past 12 months and why. Also, see what we have cooking for 2018. Read on! 

 

What You Were Reading to Stay on Top of the Game 

Here are 5 of the most popular reads on a2ii.org ranging from Consultation Calls reports to A2ii Thematic Reports to the A2ii Newsletter: 

1. A2ii-IAIS Consultation Calls

Consultation Calls are supervisors-only space for the exchange of knowledge and experiences. Six Consultation Calls took place in 2017 and here are the reports on ReinsuranceMeasuring insurance development: beyond the insurance penetration rateThe importance of insurance regulation in disaster resilienceProportionate approaches to disclosure of informationSupervising InsurTech, and Supporting responsible MSME insurance.

2. Thematic Reports including:

Regulatory Impact Assessments: Microinsurance Regulations in Peru and the Philippines
Proportionality in practice: Distribution
Proportionality in practice: Disclosure of Information
Regulating Mobile Insurance: Status and Regulatory Challenges

3. A2ii Toolkits, which provide supervisors with the required skills and knowledge for effective implementation of the ICPs remain high on our most popular reads list.

4. Next on the 2017 most-read list is the A2ii Newsletter where we update you on a monthly basis on our past and upcoming activities, publications and events.

5. A2ii Events – a list of all our upcoming events and a look back at our past events. Watch this page in 2018!

 

What We’re Reading


It is the time of sharing hence we would like to share with you a few blogs and some publications series from across the web from the A2ii reading list. For 2018, we recommend that you keep an eye on:

The Center for Financial Regulation and Inclusion (CENFRI) publications and blog;

Swiss Re’s Sigma series;

CGAP blog; and

ILO’s Impact Insurance Facility’s Emerging Insights;

 

Social Media Highlight

Among the A2ii events throughout 2017, our Trends and Supervisory Approaches Panel that took place alongside the 13th Microinsurance Conference in Lima, Peru generated most buzz on Twitter.

In the event report entitled What does the Fourth Industrial Revolution hold for Insurance we provide a recap of the discussions.

Follow us on Twitter @A2ii_org 

 

 

Upcoming Events

26th IAIS-A2ii Consultation Call on Index Based Insurance

25 January 2018

On the first call of 2018, we will explore current practices with regards to index based insurance. Keep an eye on our events page to learn more about this supervisor only call.

 

IAIS-A2ii Regional Meeting for Sub-Saharan African insurance supervisors

30th and 31st of January 2018, Pretoria, South Africa

This meeting is intended to set the agenda for A2ii-IAIS capacity building activities in Sub-Saharan Africa in 2018. The activities that will be presented for discussion at the meeting are taken from the Regional Implementation Plan for the implementation of the IAIS Insurance Core Principles developed in 2017. 

The programme is jointly organised by the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS) and will be hosted by the Financial Services Board (FSB). A meeting of Association of Africa Insurance Supervisory Authorities (AAISA) will be held along-side the AIS-A2ii Regional Meeting on 1 February 2018.

 

The Secretariat of the A2ii wishes you happy holidays and a successful start of the New Year! 

Knowledge category: 

Access to Insurance Initiative Newsletter 11/2017

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.

We have a new look! Visit us at www.a2ii.org, explore our knowledge hub, check out our upcoming events and ongoing projects and find what you need fast. 

 

Recent Events

 

11th Consultative Forum on Scaling up insurance as a disaster resilience strategy for smallholder farmers in Latin America

6 November, Lima, Peru

 

This year’s third and last Forum on this subject gathered over 60 high ranking representatives of the insurance industry, regulatory and supervisory bodies coming from 22 different countries. 

The underlying objective of the Forum was to foster sound policymaking for the development and scaling up of agricultural insurance across the region. The panellists focused on different roles and levels of intervention among the industry, the supevisors and the aggregators and the importance of open communication and strong collaboration between them.

The following key messages emerged from the discussion:

  • Open dialogue and cooperation among all stakeholders is vital’;
  • A multi-stakeholder approach is essential for achievement of scale;
  • Governments’ role needs to extend beyond mere payment of premiums and support the creation of a conducive ecosystem for insurance, including things such as:
  • provision of public goods such as data and information systems;
  • support for research and development; and
  • education and capacity building for the farmers, distributors and insurers.
  • Public Private Partnerships are an important strategy for developing affordable and sustainable agricultural insurance products;
  • The support of the insurance supervisor and of government policies is essential;
  • Technology can play a very important role in driving innovations in product development (e.g. use of satellites and scientific agencies) and facilitating improvements in premium and claims payment processes;
  • More promotion of financial literacy programmes creating customer awareness and understanding of agricultural insurance and particular products is needed;
  • Ongoing monitoring of the results is vital.

Here you can watch a 3-minute video featuring the panellists’ key messages.

For the recording of the entire event click here. 

The event was co-organised by the Microinsurance Network, the A2ii and the IAIS and was held alongside the 13th International Microinsurance Conference co-organised by the Munich Re Foundation and the Microinsurance Network, and hosted by the APESEG.

 

 

A2ii hosts panel on digital technologies and supervisory approaches at the 13th International Microinsurance Conference

8  November, Lima, Peru

 

How to regulate in order to foster responsible innovation for market development?


Creating flexibility in regulation in order to facilitate innovation is key and it is necessary for the supervisors to strike a balance between facilitating innovation, increasing inclusiveness and protecting policyholder. Stefanie Zinsmeyer of the A2ii facilitated the panel and set the framework for what was to come:

The Fourth Industrial Revolution, or the Digital Revolution is here with its challenges and opportunities. It is largely expected to drive economic growth with increased efficiency and productivity. However, it is expected that innovation and new technologies will disrupt existing industry value chains. Carlos Belloni, former COO of Zurich for Latin America, spoke about possible ways that the fourth industrial revolution will disrupt the insurance industry questioning whether the industry and the regulators were ready for this.

 

Denise Garcia of Mexico’s supervisory authority CNSF, shared the insights from the IAIS report on FinTech developments in the insurance industry. Although the working group did not yet conclude which trend will materialize, they concluded that regulatory oversight will become more difficult.

Other topics included:

  • The support that IAIS offers to supervisors and on the draft Application paper on digital technologies in inclusive insurance delivered by Peter van den Broeke from the IAIS Secretariat,
  • Ghanaian experience with Mobile Insurance and their recently issued mobile insurance regulation by Kofi Andoh from Ghana’s supervisory authority National Insurance Commission,
  • Phiwa Nkambule from Riovic, an InsurTech start-up from South Africa presented their flexible microinsurance for South Africans at 50c a day targeting millennials along with the regulatory challenges they faced.

Greater availability of big data and new data analytics hold a vast potential for improvements in product design and the development of better-tailored products and servicing of customers. Supervisors have to strike a balance between facilitating innovation, increasing the inclusiveness of the insurance sector, and maintaining the conditions for a fair, safe and stable insurance sector for the benefit and protection of policyholders.

More insights from the panel as well as presentations can be found here.

 

Association of South East Asian Nations (ASEAN) Insurance Regulators Meeting

22 November, Vientiane, Laos

The A2ii presented on the work and support services provided by the A2ii to this regulators only meeting of ASEAN Insurance Regulators.  It is the first time that the A2ii has been invited to directly engage with this forum. The occasion provided a good opportunity for the A2ii to further strengthen its contacts in the region as well as explore opportunities for future collaboration with the ASEAN Secretariat. Supervisors as well as ASEAN Secretariat welcomed the presentation made by the A2ii and s the opportunity to work together more closely in the future. 

 

 

First national workshops for the Inclusive Insurance Innovation Lab

27 November 2017

 

The kickoff workshops for the Inclusive Insurance Innovation Lab took place in the four participating countries (Kenya, Ghana, Mongolia and Albania) over the past three weeks. In each of these countries, the country teams consisting of the insurance supervisor as well as 6-7 other key stakeholders of the inclusive insurance sector (representing the supply- and demand-side, as well as intermediaries) came together in a two-day workshop to better understand the lab methodology, grow together as a country team and to start discussing priority areas for innovation and learning. At each workshop, country team members committed to specific actions that they will undertake in the run up to the first international workshop in February, during which all country teams will come together for the first time.

 

 

 

 

 

 

ASSAL Capacity Building Regional Seminar for Latina American Insurance Supervisors

29 November – 1 December, Montevideo, Uruguay

The event brought together supervisors from Argentina, Paraguay, Chile, El Salvador, Guatemala, Panama, Peru, Mexico, Uruguay and Rhode Island, and Latin American industry representatives. The A2ii participated in the event and organised a meeting with supervisors alongside to discuss a long-term joint work plan in Latin America.

 

25th Consultation Call on ‘Supporting responsible MSME insurance’

16 November 2017

Micro, small and medium enterprises (MSMEs) make up the vast majority of enterprises and make a significant contribution to employment and economic growth. However, especially for micro and small businesses, insurance products suited to their specific demands often do not exist. For both social and economic reasons, it is in policymakers’ and supervisors’ interest to scale up the provision of appropriate and responsible insurance products amongst MSMEs. This means that it is important to better explore these segments to find out and understand their characteristic requirements, which blend personal insurance and business insurance products. 

This call identified what the specific insurance needs are of MSMEs, and what regulatory and supervisory factors can stifle or stimulate the market for products targeted at MSMEs. We saw what the global trends are, and looked at case studies to illustrate the principles at work. We also complemented this with first-hand accounts from jurisdictions with experience on the topic. The material on this call will help supervisors and regulators consider whether there are any steps that their authority could take to help stimulate the provision and uptake of good quality MSME insurance.

The presentations used can be found on the A2ii website here, and the written report of the consultation call will be published shortly.

 

Upcoming events

 

26th IAIS-A2ii Consultation Call on Index Based Insurance

18 January 2018

On the first call of 2018 we will explore current practices with regards to index based insurance. Keep an eye on our events page to learn more about the call. 

 

IAIS-A2ii Regional Meeting for Sub-Saharan African insurance supervisors

30th and 31st of January 2018, Pretoria, South Africa

 

This meeting is intended to set the agenda for A2ii-IAIS capacity building activities in Sub-Saharan Africa in 2018. The activities that will be presented for discussion at the meeting are taken from the Regional Implementation Plan for the implementation of the IAIS Insurance Core Principles developed in 2017. 

The programme is jointly organised by the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS) and will be hosted by the Financial Services Board (FSB). A meeting of Association of Africa Insurance Supervisory Authorities (AAISA) will be held along-side the AIS-A2ii Regional Meeting on 1 February 2018.

 

Recent Publications

24th A2ii-IAIS Consultation Call Report on ‘Supervising InsurTech

 

Announcements

Staffing Update

The A2ii Secretariat warmly welcomes Ms Maria Döll as our new Office Manager.  Before joining the A2ii, Maria worked in the private sector for different international companies, mainly in the area of international sales and project assistance. Maria will be responsible for administrative and back-office procedures.

Knowledge category: 

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