Lack of insurance demand is one of the most important obstacles for the development of responsible inclusive insurance markets. In managing risk, the unserved and underserved population generally do not know which risk management tools – such as insurance – exist, and they do not trust the insurance sector. This has an important impact on the willingness to buy and renew insurance products.
Recientes productos de conocimiento
Integrating a gender perspective in regulation and supervision is key to increasing financial inclusion. Compared to men, women form a significant part of the underinsured segment of the population especially in developing countries, lack of data, socio-cultural barriers and low levels of financial literacy are often cited as some of the main factors behind this. In addition, given the role that women play in managing household risks, it is of wider benefit to households if insurance products are designed that fit their needs.
The emergence of supervisory technology for regulators (SupTech) and the use of Big Data, Artificial Intelligence and Machine Learning among other automated processes for reporting, monitoring and to aid the delivery of regulatory requirements (RegTech) holds the potential to rapidly transform the insurance industry and the financial sector in general. Regulatory bodies are now exploring the benefits of the use of automated systems to analyse and collect data away from traditional channels.
Emerging technological innovations, the use of big data and AI hold great potential to reach out to new customers, offers consumers greater value products and enhance operating effeciency. Digital technologies are transforming the insurance industry rapidly, generating new questions and regulaory challenges for insurance supervisors. Globally, the use of consumer data is the area of most rapid innovation and change in the insurance sector.
Les innovations technologiques émergentes, l'utilisation du Big Data et de l'IA offrent un potentiel considérable pour atteindre de nouveaux clients, offrent aux consommateurs des produits à plus forte valeur ajoutée et améliorent l'efficacité de leurs opérations. Les technologies numériques transforment rapidement le secteur des assurances, suscitant de nouvelles questions et de nouveaux défis réglementaires pour les autorités de contrôle des assurances.
Las innovaciones tecnológicas emergentes, el uso de big data y la inteligencia artificial tienen un gran potencial para llegar a nuevos clientes, ofrecen a los consumidores productos de mayor valor y mejoran la eficiencia operativa.
Supervisors play an important role in addressing risks and challenges that climate change poses on the insurance sector. This call took a closer look at the IAIS and Sustainable Insurance Forum (SIF) “Issues Paper on Climate Change Risks to the Insurance Sector." An overview of the impacts of climate change on the insurance sector including current and future risks, and potential supervisory responses were explored.
Extreme weather events continue to undermine the resilience of low income countries in particular, mainly due to a limited capacity to recover and absorb losses associated with climatic hazards. This consultation call focused on climate risk insurance. Practical examples of climate risk insurance at different levels (macro and micro) were given and the role of the insurance supervisor discussed.
Insurance fraud is a phenomenon that every supervisory authority comes into contact with sooner or later, and if left unchecked it can seriously harm the health of the insurance market. On this consultation call, we had a number of supervisors who shared their approach to dealing with fraud: they spoke about the current state of fraud in their market, how they monitor it, and what kind of measures they have taken to address it.
This call that took place on 24 May 2018, dealt with supervisory ratios in insurance supervision, particularly in relation to client value and product cost structures. A record number of 89 supervisors from 36 countries participated on this call.