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.
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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.
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.
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 what those cooperation platforms look like. Case studies were used to explore what the role of the insurance supervisor looks like within them, and pulled together a number of aspects that supervisors might need to consider when pioneering such an approach.
The use of index insurance as an alternative to traditional indemnity-based insurance has increased over the last twenty years, particularly as a mechanism for insuring against extreme weather risks.
On this call, we explored what MSMEs are and why they are important. We talked about the risks that MSMEs generally face, how they manage them, and their insurance needs. The resulting report attempts to establish some characteristics that an effective MSME insurance product should have, and presents findings for supervisors on their role in supporting and overseeing the MSME insurance market.
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.