Policy makers and supervisors have been recognising the importance of National Financial Inclusion Strategies (NFIS) and Financial Sector Strategies as policy tools for financial inclusion. More recently, the topic of insurance has become an integral part of these strategies.
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This report summarizes the status quo and lessons learnt on inclusive insurance in National Financial Inclusion Strategies (NFIS), based on a survey as well as four country case studies. For more than a decade, international guidance has been promoting the integration of insurance alongside other financial services. As such, inclusive insurance has increasingly gained importance with a growing number of policies and an increasing variety of products being offered.
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.
This Supervisory Dialogue event provided an overview of how informality is affecting insurance markets, examined the risks and focused on the challenges faced by insurance supervisors as a result.
The event also provided a platform for peer to peer information sharing on the topic. Presentations were made of the approaches taken by supervisors in different regions to encourage formalisation and greater financial inclusion.
Index-based insurances is defined as insurance contracts in which a claim is defined with reference to a pre-determined index (sometimes also referred to as parametric insurance). The paper, published on June 18th, focusses on the insurances usually directed at weather related or natural catastrophe event risks, primarily for insurance supervisors who are seeking to enhance financial inclusion in developing markets.
Despite its significant potential, there has been little regulatory and supervisory guidance on m-insurance. The Access to Insurance Initiative (A2ii) commissioned this study in order to address the gap and contribute to the preparation of an International Association of Insurance Supervisors (IAIS) Application Paper on the Use of Digital Technology in Inclusive Insurance (forthcoming 2018).