Inclusive Insurance in the Central and Eastern Europe and the Transcaucasian (CEET) region - Challenges and Potential Opportunities
Session 2: Climate risk and agricultural insurance
Session 4: Creating value, changing lives: customer focus
Publication
In addition, in the context of the conference, A2ii officially launched a report on the Inclusive Insurance Regulatory Landscape in the CEET Region. This landmark study seeks to better define the current stage of the market and to address potential growth opportunities. Through March and April 2021, the A2ii and the Insurance Supervision Agency (AZN) of Slovenia jointly conducted a survey among representatives of CEET insurance supervisory authorities
The way forward
The protection of people and assets is a key component of sustainable development. In the absence of any formal protection mechanism, when faced with risk events, people with low incomes typically rely on informal coping mechanisms for recovery. … Without effective insurance, it is unlikely that sustainable development will ever be truly achievable.
-Gorazd Čibej, AZN, Slovenia, IAIS regional coordinator for the CEET Region and Managing Director of the Insurance Supervision Agency
Inclusive insurance could be a win-win situation for consumers, the insurance industry, government, and societies in the CEET region, while creating resilience and sustainable economic growth at the same time. Raising insurance awareness and eventually establishing an insurance culture is key. Insurance for the low-income and under-served is still in its infancy in the region, but some insurers as well as supervisory authorities have shown interest in exploring opportunities for market development further. Regulators have to take on the task of being dynamic and open for innovation but also prudent when designing a regulatory environment for inclusive insurance. Given the growing number of severe natural disasters, governments should acknowledge the role of the insurance industry in terms of providing efficient risk management tools and invest in PPPs as well as international collaborations. Digitalisation has the potential to increase affordability, which is still one of the key criteria for insurance take-up. But most importantly, insurance needs to be tailored to the customer’s needs in order to create value.
The interest in this conference exceeded the organisers’ expectations, clearly showing that inclusive insurance is also an important topic for the CEET countries. This has encouraged the organisers to support further discussions on inclusive insurance in the region in the future.
About the event
The 2021 Conference on Inclusive Insurance in the CEET Region was hosted by the Munich Re Foundation, the Access to Insurance Initiative (a2ii), the International Association of Insurance Supervisors (IAIS), the Microinsurance Network and the Insurance Supervisory Agency of Slovenia (AZN). 188 participants from 44 countries attended the conference.
Event announcement
The 1st Regional Conference on Inclusive Insurance in the CEET region will conducted virtually and hosted by the Munich Re Foundation, Access to Insurance Initiative (A2ii), International Association of Insurance Supervisors (IAIS) and the Insurance Supervisory Agency of Slovenia (AZN).
It will be held on 1st September (8:30-13:00) and 2nd September (9:00 – 13:00)
Representatives from supervisory authorities, the industry and stakeholders involved in inclusive insurance are invited to discuss how new business models and supervisory approaches could help increase the very low insurance penetration rates currently seen across the Central and Eastern Europe and the Transcaucasian (CEET) region. The A2ii is hosting a session on digitalisation.
