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Welcome! In this newsletter, we provide you with updates on the work of the A2ii, events and publications, and experiences and learning on inclusive insurance regulation and supervision across jurisdictions over the past month.

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Inclusive Insurance Innovation lab 

Argentina Update | September 2023

Argentina’s project “Women and Insurance” was part of the in the second edition of the A2ii Inclusive Insurance Innovation Lab (ii-lab). In April 2022, the Argentine Supervisory Authority, Superintendencia de Seguros de la Nación (SSN)  launched the #MejorConSeguros (#BetterWithInsurance) insurance awareness campaign on social media, focused on financial education about insurance and generating a culture of prevention in an innovative way.

An offshoot campaign was launched on 7 September 2023 entitled "Superadoras” (Winning Women). This new campaign is supported by the SSN and the Argentine Ministry of Economy and launched by the insurance entities forming part of the #MejorConSeguros initiative. It promotes a coverage combo tailored to women's needs, especially female entrepreneurs. The products are already approved by the SSN, marketed at affordable prices, focused on the most vulnerable segments of the female population, and offered through a virtual platform set up exclusively for this project.
Representatives from the Ministry of Economy, the SSN and the insurance companies involved in the project participated in the event. Representing A2ii virtually, Teresa Pelanda and Regina Simões gave the final remarks.
 

Recent events

ASSAL-IAIS Regional Training Seminar | 5-6 October, San Salvador, El Salvador

The ASSAL-IAIS Regional Training Seminar for Latin American Insurance Supervisors was jointly organised by the Latin American Association of Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and hosted by Superintendencia del Sistema Financiero of El Salvador (SSF).

Miguel Kattán, Secretary of Trade and Investment of El Salvador, Evelyn Marisol Gracias, Superintendent of SSF, and Tomás Soley, President of ASSAL and Superintendent of SUGESE, welcomed the 98 participants, composed of supervisors and industry representatives from 17 countries. Conor Donaldson, IAIS Head of Implementation, gave the keynote speech, presenting the IAIS Roadmap.

The seminar's agenda included panels on topics of relevance to insurance regulation and supervision, such as "Experiences in the Implementation of IFRS 17", "Regulation on Investments and Solvency of Insurers", "Innovative Insurance Products", "Reinsurance and Other forms of Risk Transfer", "Actuaries and Statistics", and "Prevention of Money Laundering/Terrorism Financing".

A2ii organised a panel on "Climate and Catastrophic Risk", during which José Ángel Villalobos (World Bank) and Ana Cecilia Castro (SUGESE) highlighted the reasons for supervisors and policymakers to adopt effective measures and promote resilience against climate risks and natural disasters. The session was moderated by the A2ii Regional Coordinator, Regina Simões, who presented the results of a survey carried out during the ASSAL Annual Conference.

The event was closed by the Insurance superintendent, Walter Flores, during a closing reception hosted by SSF at their headquarters. 
 

18th Consultative Forum | 23 October, Accra, Ghana

The 18th Consultative Forum was entitled “The Interconnectivity of Climate Change and Natural Catastrophes:  How insurance is responding to build resilience and bridge the protection gap”. It was jointly organised by the Access to Insurance Initiative (A2ii) and the International Association of Insurance Supervisors (IAIS) in partnership with the Microinsurance Network (MIN), and the Insurance Development Forum (IDF). It took place on 23 October alongside the International Conference on Inclusive Insurance in Accra, Ghana.

It brought together around 150 representatives of international initiatives, the insurance industry as well as policymakers and supervisors to jointly identify best practices, challenges, and opportunities for developing and implementing insurance solutions that can promote financial resilience in the face of climate change and natural disaster. 

The Forum was opened by Michael Kofi Andoh, the Ag. Commissioner of Insurance, NIC Ghana. 

In the first session on "Global Initiatives- Awareness & Education," Alistair Gaugh, IAIS Executive Coordinator, presented the IAIS report on insurance supervisors' role in closing natural catastrophe protection gaps. Astrid Zwick, Head of the InsuResilience Secretariat (GIZ) introduced the Global Shield and its inclusive process, highlighting the joint V20 and G7 initiative's role in closing protection gaps. Tomás Soley, Superintendent of SUGESE Costa Rica and Grace Muradzikwa, Commissioner of Insurance and Pensions Commission, Zimbabwe shared their experiences on climate change action. IAIS affirmed supervisors' mandate in addressing protection gap issues.

In the second session, Dr. Stuart Fraser, Technical lead of IDF Risk Modelling Steering Group, guided the audience through the fundamentals of risk analytics as practiced by both private and public sectors, describing the metrics that unlock different types of risk finance and the key considerations to apply when using risk models to make decisions. Nick Moody, Coordinator of IDF Risk Modelling Steering Group and the private sector co-lead of the Global Risk Modelling Alliance introduced the Global Risk Modelling Alliance (GRMA). The GRMA (which is part of the Global Shield, funded by the German government and supported by the insurance sector through the IDF) offers countries open data, technology, and practical learning through co-development of risk management strategies and applied risk finance projects. This session ended with a discussion between Nick Moody and Mr Moses Ackah-Jayne, National Insurance Commission Ghana on Ghana’s partnership in the programme. Moses stressed the need for risk analysis to reduce uncertainty in financial resilience citing, in particular, the Ghana Agricultural Insurance Fund, which itself builds on the framework of the Ghana Agricultural Insurance Programme and spoke of the ambition to apply these approaches to a wider range of risks in the future as the insurance sector grows.

The third session featured private insurance representatives Carlos Boelsterli, CEO of Micro and Dorien Asampana, Head of Operations at IBISA Network along with humanitarian sector actors Andrea Camargo, Microinsurance Programmes Lead at World Food Programme and Malieta Inoke, Country Coordinator at United Nations Capital Development Fund (UNCDF), who discussed using climate risk models to bring solutions to markets through product innovation and technology. They emphasised the importance of supervisor-industry dialogue and bundling insurance with other financial services.

Overall, the forum provided insights into addressing protection gaps, the role of supervisors, risk modelling, and innovative solutions to climate risks. A more detailed report will be available later on our website.

A follow-up virtual workshop on risk modelling for insurance supervisors will be held on 29 November and 7 December (see the upcoming events section).

Parallel session on "Using data to close the gender protection gap – Supervisory and policy perspectives” | 25 October, Accra, Ghana 

At the 2023 International Conference for Inclusive Insurance, A2ii held a parallel session on "Using data to close the gender protection gap – Supervisory and policy perspectives."

The speakers were Yizaso Musonda, Manager, Market Development - Insurance, Pensions and Insurance Authority, Zambia, Lebohang Mabataung Moletsane, Section Head Long term Insurance and Microinsurance, Central Bank, Lesotho, and Jibran Paracha, Additional Joint Director, Insurance Division, Policy Regulation & Development Department, Securities and Exchange Commission, Pakistan. The session was facilitated by Milena Kozomara, A2ii.

An opening message from Natalia Lopez Uris presented Argentina’s efforts in collecting sex-disaggregated data, and the panellists from Zambia, Pakistan, and Lesotho discussed the importance of collecting and utilising data with a purpose, emphasising that every jurisdiction has unique dynamics that must be addressed. 
 
A key takeaway was that data alone is insufficient. The data needs to be transformed into actionable information. Women may be low risk but are highly vulnerable and this should be represented in the market.  Therefore, it is vital to know where and why it is necessary to collect sex-disaggregated data to avoid burdening regulators and the industry. The A2ii FEMA-Meter toolkit for data collection simplifies data compilation for supervisors and aims to mainstream data collection throughout various jurisdictions. 

From the panel, a clear message to fellow regulators emerged: 

• Lead by example through organisational equality and use data on why women are excluded, as statistics only reveal the gap's size. 
• Supervisors should create an inclusive environment, fostering diversity in regulatory bodies and industries. Women's representation in leadership positions is vital. 
• Gender is not the only protection gap. Data-driven policies and inclusive products are necessary. 
• Industry and regulators should be more responsive to broader inclusivity, and internal capacity building is essential for sustainable change. 

ACAPS-CMA Annual Joint Seminar for the MENA Region – Inclusive Insurance and Digitalisation | 25-26 October | Rabat, Morocco 

The Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) of Morocco and the Omani Capital Markets Authority (CMA) organised a seminar on inclusive insurance and digitalisation. The event, brought together supervisors from the MENA region to discuss strategies and policies to promote inclusive insurance and accelerate the digital transformation of the insurance sector.

The seminar was an opportunity for the A2ii to present its work on financial inclusion and how we have been advancing access to insurance. A2ii also participated in panels alongside the IAIS on financial inclusion, digitalisation, and capacity building.  The theme that transpired from the seminar was the important role that digitalisation is playing in the region for inclusive insurance.  However, there are also growing risks for supervisors to consider, such as an increase in vulnerability and exposure to cyber risks.  This is the second seminar organised jointly by the two supervisory bodies, as part of the implementation of the memorandum of understanding signed in 2022 by ACAPS and CMA to strengthen bilateral cooperation and information exchange in the insurance field.  
 

Upcoming Events

Virtual Workshop on Risk Modelling | 29 November and 7 December 

In this workshop, organised as a follow-up from the 18th Consultative Forum that took place on 23 October in Ghana, participants will receive an overview of how risk modelling capabilities have advanced dramatically over the past few years, as the quantum and quality of data has increased exponentially, and data analytical capabilities and timely access to relevant data has improved. This has led to more innovative risk financing and risk mitigation programs.  

The workshop will provide a deep dive into modelling, including how these models are built, how they can be used, what their limitations are and what resources are available to help supervisors regulate and use such models. Visit our website for more information. 

Scholarship Opportunity

As part of our ongoing mission to inspire and support insurance supervisors to promote inclusive and responsible insurance, the A2ii is offering two partial scholarships for the March 2024 edition of the Microinsurance Master accelerator programme. 

The Microinsurance Master 2024 accelerator

The Microinsurance Master accelerator starts on 4 March 2024 with a two-week immersion in Philippines.

• You will work with the staff of Pioneer Microinsurance (PH), visit their clients and distribution partners to learn how they grew their microinsurance enrolments from 250,000 to over 18 million in five years. 
• You will also discuss inclusive insurance regulation with supervisors from the Filipino Insurance Commissioner and practitioners.

After your return home, a senior inclusive insurance regulation expert will mentor you for three months. This ensures that the key takeaways are implemented to benefit both the low-income communities you target and your organisation.

Upon completion of the accelerator programme, you will become a lifelong member of the Microinsurance Master alumni network, with like-minded leaders, including supervisors from Vietnam, Uganda, Tanzania, Rwanda, DR Congo, Oman, Nigeria, South Africa, and Papua New Guinea. 

The deadline for application is 15 November. For more information on the programme and application, visit our website.
 

Publications

Annual Report 2022

The annual report 2022 is now available on our website. Read now to find out about the initiatives we focused on in 2022, including

regional activities, the Connect.A2ii platform, the iii-lab, the self-directed actuarial training, work on gender, and work on index insurance with UNCDF.

Click here to download the report.
 

A2ii and SSN publish joint report on the Gender Equity Survey of the Argentinian Insurance Market

Insurance supervisors play an important role in enhancing women's access to insurance by including gender perspectives in relevant regulation and supervision areas.

The Report on the Gender Equity Survey of the Argentinian Insurance Market, jointly developed by the Access to Insurance Initiative (A2ii) and the National Insurance Superintendency of Argentina (SSN – Superintendencia de Seguros de la Nación), provides an initial and general overview of gender equity in the Argentinian Insurance Market and reflects the main outcomes and findings of the Gender Equity Survey. Launched in August 2022 by the SSN for local insurers and reinsurers, the survey was conducted at the initiative of the SSN Gender and Diversity Policy Committee, with the support of the Ministry of Women, Gender, and Diversity. The analysis of the survey’s data will support the establishment of the basis for decision-making by SSN, narrowing down current gaps in the insurance market by spurring projects designed to lessen inequalities and progress toward gender equity.

Download the report on our website.
 

Regulatory Update

• Angola's insurance law allows for the establishment of microinsurance companies.
• Belize's new Insurance Act includes definitions for microinsurance, inclusive insurance, and index-based (parametric) insurance.
• Colombia approved its National Development Plan, allowing for the sale and regulation of index-based insurance.
• Chile's #FinTech law will set the scene for financial inclusion and innovation in the provision of financial services, and the issuance of regulation on index-based insurance, microinsurance, and inclusive insurance.
• Nigeria issued regulatory sandbox guidelines to drive innovation of insurance products and services through digitalisation and advance the objectives of inclusive insurance.
• Vietnam enacted a decree to regulate microinsurance, defining MI products as those designed for the poor, low-income earners and socially vulnerable group.

Do you have any regulatory updates to share? Please email secretariat@a2ii.org

Click here to read more.
 

Useful Tools on Our Website

Inclusive Insurance Regulations Map

The interactive map incorporates data about existing inclusive insurance regulation and regulation which supports inclusive insurance sourced through A2ii's research, work and interaction with supervisory authorities worldwide. 

ICP Self-assessment Tool

The tool is intended to help supervisors assess the level of observance of the Insurance Core Principles (ICPs).

 Supervisory KPIs Lexicon

Interactive, searchable directory of KPIs for insurance supervisors across four pillars: prudential soundness, market conduct, insurance market development and the Sustainable Development Goals.

Insurance and the Sustainable Development Goals (SDGs)

The SDG pages include resources on the importance and the role of insurance across nine SDGs: 01 No Poverty, 10 Reduced Inequalities, 02 Zero Hunger, 03 Good Health and Well-being, 05 Gender Equality, 08 Decent Work and Economic Growth, 09 Industry Innovation and Infrastructure, 13 Climate Change and 17 Partnerships for the Goals.