Inclusive Insurance Fundamentals

80 senior policymakers, industry and development experts from over 20 countries met in Berlin on May 3 to discuss how to improve access to financial services, particularly insurance, to the poor around the world.

Given that insurance protection is a central aspect of an economic system, it is essential to establish stable insurance markets, also in the context of the financial and economic crisis, as a contribution to financial market development and stability and for mobilising local resources. In this regard, microinsurance affords great scope for poverty reduction and social security. There is an untapped market for insurance among hundreds of millions of people in developing countries and emerging markets, provided insurance industry develops products and distribution procedures. However, an enabling policy, regulatory and supervisory framework is essential for healthy growth in the insurance market.

In Pittsburgh, the G-20 leaders committed to improving access to financial services for the poor by establishing the G-20 Financial Inclusion Expert Group. Its Subgroup Access through Innovation is working towards lessons on innovative approaches to providing financial services to the poor; promoting successful regulatory and supervisory approaches; and elaborating principles on financial access, financial literacy, and consumer protection. This is fully in line with the work the International Association of Insurance Supervisors (IAIS) has been implementing for the past 4 years through its IAIS-Microinsurance Network Joint Working Group and the recently established Access to Insurance Initiative.

‘Enabling Microinsurance Markets’ is co-hosted by the Federal Ministry for Economic Cooperation and Development (BMZ) and the Federal Financial Supervisory Authority (BaFin) and co-organized with the Access to Insurance Initiative.

Opening

Opening: Petra Pinzler, Moderator, DIE ZEIT

Keynote Address: Jochen Sanio, President, Federal Financial Supervisory Authority (BaFin)

Keynote Address: Gudrun Kopp, Parliamentary State Secretary, Federal Ministry for Economic Cooperation and Development (BMZ)

Session 1: Challenges and impact of Microinsurance

Microinsurance in the light of the financial crisis
Peter Braumüller, Chair of Executive Committee, International Association of Insurance Supervisors (IAIS)

The contribution of the G-20 to Financial Inclusion
Susanne Dorasil, Head of Division, Federal Ministry for Economic Cooperation and Development (BMZ)

Impact of policy in the Philippines
Joselito Almario, Director, National Credit Council, Department of Finance, Philippines

Chair: Brigitte Klein, Head of Sector Project Financial Systems Development, Deutsche Gesellschaft fuer Technische Zusammenarbeit (GTZ), Access to Insurance Initiative

Session 2: Policy, regulation and supervision as a key driver

The South African policy approach
Jonathan Dixon, Deputy Executive Officer: Insurance, Financial Services Board, South Africa

Features of an enabling policy and regulatory framework – an industry view
Brandon Mathews, Head of Microinsurance, Zurich Insurance Company

Promoting Outreach in the MENA region
Ghada Waly, Advisor to the Chairman for Microfinance and Access to Finance, Egyptian Financial Supervisory Authority

The Policy and Regulatory Approach in Ghana
Nyamikeh Kyiamah, Acting Commissioner of Insurance, National Insurance Commission, Ghana

Chair: Thomas Schmitz-Lippert, Executive Director, Federal Financial Supervisory Authority (BaFin)

Session 3: Products and delivery innovations to facilitate access – achievements and regulatory challenges

Going downmarket strategy in Africa and Asia
Michael Anthony, Head of Microinsurance Projects, Allianz SE

A commercial insurance approach in India
Rakesh Jain, Director – Corporate Centre and CFO, ICICI India

Product and delivery regulation in Peru
Armando Caceres, Deputy Director, Superintendence of Banking, Insurances and Private Pension Funds, Peru

Innovative delivery methods in South Africa
Frans Prinsloo, Researcher, Hollard Insurance Group, South Africa

Chair: Maya Makanjee, Chief Executive Officer, FinMark Trust, Executive Director, Federal Financial Supervisory Authority (BaFin)

Session 4: The way forward – how can we achieve scale and speed up? Synthesis of the day

Success factors for insurers
Rodolfo Wehrhahn, Senior Insurance Specialist, World Bank

Market niches at the bottom of the pyramid
Dietrich Broesche, Executive Manager Asian Markets, Munich Re Group

Financial inclusion policy in India
Gopalakrishnamurthy Prabhakara, Member, Insurance Regulatory & Department Authority, India

Chair: Craig Churchill, Team Leader Microinsurance Innovation Facility, International Labour Organization (ILO), Chair of Microinsurance Network

Closing

Closing Remarks: Susanne Dorasil, Head of Division, Federal Ministry for Economic Cooperation and Development (BMZ)

Presentations: