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.
Consultation Call Reports
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.
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.
En stimulant l'innovation, il y a des limites à ce qu'une autorité de surveillance peut accomplir seule.
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.
L'utilisation de l'assurance indicielle en tant qu'alternative à l'assurance traditionnelle par indemnisation a augmenté au cours des vingt dernières années, notamment en tant que mécanisme d'assurance contre les risques météorologiques extrêmes.
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.
Sur cet appel, nous avons exploré ce que sont les MPME et pourquoi elles sont importantes. Nous avons parlé des risques auxquels les MPME font généralement face, de la manière dont elles les gèrent et de leurs besoins en matière d'assurance.