Policy Note:    

1) “It is in particular important to think about the most vulnerable because health expenditure can really also put the most vulnerable in even more poverty than there are already.” Manuela Zweimuller 

2) A willingness of regulators to engage with companies ... and understand the practical challenges they face in bringing services to consumers can help overcome regulatory barriers for expanding health and health insurance services. - Asitha Rodrigo, Chief Technology and Product Officer at BIMA

Insurance regulation needs to move from being gender-neutral to being gender aware. In other words, all stakeholders must be deliberate in efforts to close the gender gap in access to insurance. Gendered considerations should not be an afterthought but a core pillar of inclusive insurance work. 

The A2ii: We have drafted a gender action plan that identifies the different efforts we need to make, who the owners of these efforts are within our team, what the desired outcomes are, and the timelines to do so. The next level is now to ensure that we transfer these aspects into our activities and tools for insurance supervisors. 

 

Policy Note:   

Annual Report Data: Weather and climate-related events caused US $328 billion in economic losses in 2021, of which 62% were not covered by insurance. Climate change is no longer seen as a projection for emerging or new risks but an ongoing reality that threatens the stability of the financial system and the insurance sector as a whole. Supervisors can play a crucial role in reducing the insurance protection gap, by enabling innovation and the deployment of new technology in their market, ensuring that these solutions are offered in a responsible and sustainable way, and stimulating demand and appetite for such solutions.

a dialogue based on the Sustainable Insurance Forum (SIF) and IAIS joint Application Paper on the Supervision of Climate-Related Risks in the Insurance Sector. The paper aims to support supervisors in their efforts to integrate climate risk considerations into the supervision of the insurance sector. Participants will hear from experts from the SIF and IAIS who will present highlights from the application paper as well as invited supervisory authorities who will share experiences related to supervision of climatic risks in emerging and developing markets. 

Blog: Supervision of climate-related risks in the insurance sector | Access to Insurance Initiative (a2ii.org) 

H.M. Queen Máxima of the Netherlands, United Nations Secretary-General's Special Advocate for Inclusive Finance for Development, opened our Public Dialogue on Insurance and the SDGs on 22in April 22nd, 2021, Earth Day, which has d 200 participants from 50 countries. She highlighted the importance of access to insurance for Covid-19 response and recovery and as a mechanism to achieving the SDGs. 

The A2ii, in partnership with FSD Africa, Cenfri and under the guidance of a Steering Group of SSA insurance supervisors (Ghana, Kenya, Malawi, Mauritius, Uganda and West and Central Africa (CIMA), chaired by South Africa), are currently working on the KPI Reporting Project. The project aims to help supervisors collect and analyse better data in carrying out their mandates and objectives, including aligning the insurance sector with the SDGs8. 

These nine selected SDGs were selected based on a few considerations: where there has been evidence of impact, where some insurers have mapped their initiatives, where some supervisors have started collecting data, and where global stakeholder discussions have focused. 

 
Find more information about the Reporting project and its handbooks here. 

The A2ii, the Asociación de Supervisores de Seguros de América Latina (ASSAL), and the International Association of Insurance Supervisors (IAIS) held a Regional Dialogue on “Insurance and the Sustainable Development Goals”,
on Thursday, September 16th, 2021, in which Insurance services were discussed as major allies for governments committed to reaching the SDGs. 
 

The Access to Insurance Initiative (A2ii), the Asociación de Supervisores de Seguros de América Latina (ASSAL), and the International Association of Insurance Supervisors (IAIS) are pleased to invite you to join us in the next A2ii-ASSAL-IAIS Regional Dialogue on “Insurance and the Sustainable Development Goals”, which will take place on Thursday, September 16th, 2021, from 16:00 to 17.30 (CET).

“Insurance supervision has a very important role to play because through regulatory and policy initiatives, and also, and not to forget this, the related standard implementation work supervisors can ensure that their insurance markets offer the necessary range and diversity of products and services in a stable environment and with a fair treatment of policy holders and that supports the development goals in an inclusive way.” - Manuela Zweimuller, A2ii-ASSAL-IAIS Regional Dialogue on Insurance and the Sustainable Development Goals

With its impact on areas like agricultural insurance and climate risk, index insurance can address several SDGs, including 2: Zero Hunger and 13: Climate Action. 

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. More recently, the range of index insurance products has expanded to protect against other types of natural disaster, such as earthquake risk.

While index insurance products continue to be developed and offered, it is important that insurance supervisors have the capacity to understand and assess them and the necessary powers and tools to supervise them. 

Read the paper on index insurance here.