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Newsletter 09/2019

Welcome to our monthly newsletter, where we update you on the work of the Initiative, inform you about events and publications, and share experiences and learning on inclusive insurance regulation and supervision across jurisdictions.

Follow us on Twitter @a2ii_org for news and updates on #inclusiveinsurance.

In this issue we bring you:

#didyouknow #A2ii10  - A2ii 10-Years Anniversary Conference
Recent events: Capacity Building for Insurance Supervisors - Leveraging Actuarial Skills, 5-9 August, Jakarta, Indonesia
Recent events: 5th Eastern & Southern Africa Regional Microinsurance Conference, 13 -15 August, Zanzibar
Upcoming events: Cyber Risk in the Insurance Sector – A2ii-IAIS Consultation Call, 26 September - Webex
Upcoming events: 17th Consultative Forum on Climate and Disaster Risk for insurance supervisory authorities, insurance practicioners and policymakers “Climate and disaster risk: building resilience, bridging the protection gap in Asia”, 4 November 2019, Dhaka, Bangaldesh
Take note: 2nd Inclusive Insurance Innovation Lab deadline for applications extended!
Recent publications: A2ii: 10 YEARS ON

#didyouknow #A2ii10

On 2 and 3 September, the A2ii’s long-awaited 10-year Anniversary Conference took place in Frankfurt, Germany. Over 70 supervisors, development partners and leading experts in inclusive insurance discussed the current state of inclusive insurance regulation and supervision and its impact  as well as the opportunities and challenges that lie ahead. Read more
Four key topics emerged from the conference:

Inclusive insurance matters: Inclusive insurance matters to the Sustainable Development Goals. Supervisors can engage with policymakers on this basis.

Do not copy and paste: There is now a large amount of collective regulatory experience globally, but supervisory measures and innovative market solutions need to be tailored to local market conditions and social contexts.

Learn before regulating: Insurers supervisors need to continue in the direction of having constructive dialogue with the industry to keep pace with innovation.

Measure impact but optimise: Efforts to understand regulatory impact in a data-driven manner needs to be strengthened, but data collection needs to be circumspect.

The A2ii will prepare an outcome document of the conference that will expand on each of these points.

Recent Events

30 insurance supervisors from 12 Asian jurisdictions gathered in Jakarta to attend this training, which was hosted by the Otoritas Jasa Keuangan (Financial Services Authority) of Indonesia and organised in partnership with the ASEAN Insurance Training & Research Institute (AITRI). The 4.5-day training was the third of the series this year, the first two having been held in Mauritius and Trinidad and Tobago respectively.

Over the week, participants discussed a wide range of topics, including reasons for insurer distress, reviews of actuarial reports, ERM frameworks, valuation and solvency regimes. Participants shared their experience and challenges in applying these concepts in their authorities. In an instance of peer-to-peer sharing, Maldives and Sri Lanka also talked about their journeys moving towards risk-based capital regimes. On 6 September, a catch-up webinar was organised on the topic of stress testing. Hong Kong, and Malawi, who had taken part in the Mauritius training, discussed with fellow participants the action plans that they had developed arising from the training.

The training was delivered by a team of experienced actuaries with supervisory experience: Eamon Kelly as lead trainer, Vishal Desai (Bank of England), Alex Kühnast (Consulting Actuary), Fred Rowley (Consulting Actuary) and Peter Wrede (former World Bank).  The training was organised under the joint partnership between A2ii, IAIS and International Actuarial Association’s partnership set up in late 2017. The Department for International Development of the UK funded the training.

5th Eastern & Southern Africa Regional Microinsurance Conference
13 -15 August, Zanzibar
This 2-day conference was organised by a coalition of different stakeholders with the goal of discussing strategies for enabling access to low-income market segments in Africa. The A2ii organised a panel discussion on inclusive insurance regulation in which the Insurance Commissioner from Tanzania, along with representatives from the Ugandan and South African Insurance Regulatory Authorities and a representative from Munich RE Africa participated. As risk landscapes and business models are changing, coordination and partnerships among different stakeholders: regulators, insurers and startups are key – the panelists concluded.

Upcoming events

Globally, cybersecurity threats are on the rise and there is growing concern over their impact on the financial sector , including the insurance sector. With the growing use of technological innovations and the use of FinTech, personal data is now more readily available and subject to cyber-attacks.

The next A2ii-IAIS consultation call will take place on Thursday, 26 September where we will explore examples of cyber threats and incidents in the insurance sector, regulation and supervision of cyber risks as well as the applicability of the ICPs to cybersecurity. The call will draw from the recent IAIS Application Paper and Issues Paper published on cyber risk.

For more information on the key issues that this call will explore and to register for this consultation call, please follow this link.
17th Consultative Forum on Climate and Disaster Risk for insurance supervisory authorities, insurance practicioners and policymakers “Climate and disaster risk: building resilience, bridging the protection gap in Asia” 
4 November 2019, Dhaka, Bangaldesh

In 2019, our Consultative Forums explore how insurance providers, policymakers, insurance regulators and supervisors can collaborate to reduce the protection gap and help to build resilience in the face of climate risk and natural disasters.

The 17th Consultative Forum will provide a platform for dialogue between these stakeholders, as well as the opportunity to meet with and learn from colleagues and experts involved in climate change from Asia and other regions.

Key themes:
  • Why does the protection gap exist and why does it matter?
  • What barriers do actors from both the private and the public sectors need to overcome to build the resilience of vulnerable households and small businesses to climate change?
  • Which innovative approaches have been addressing vulnerability to climate change and building resilience to shocks at scale?
  • How can sovereign insurance and microinsurance reinforce and not undermine one another?
The Forum is jointly organised by the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii), the Microinsurance Network (MiN), and the InsuResilience Global Partnership, and hosted by the Bangladesh Insurance Association (BIA) and Munich Re Foundation. It will take place alongside the 15th International Conference on Inclusive Insurance in Dhaka, Bangladesh.Follow this link to download the Save the Date and the Agenda and to register.
The deadline for applications for the 2nd Inclusive Insurance Innovation Lab is 22 September

The Inclusive Insurance Innovation Lab (iii-lab) is an international capacity-building programme where 4 countries' teams will work on innovative solutions to advance the development of their insurance market.The iii-lab is a unique opportunity for participants to foster change in their markets by:
  • Enabling dialogue and mutual learning amongst key stakeholders of the inclusive insurance sector
  • Equipping participants to take leadership within their sector and/or organisation
  • Inspiring participants to take action and supporting initial implementation
The 2nd iii-lab is scheduled to run for an 18 month period from beginning of 2020 to mid-2021.Insurance supervisors apply on behalf of the country teams. The teams will be composed of representatives from approximately 8 institutions. Read more

Recent publications

On the occasion of its 10th Anniversary, the A2ii has released A2ii: 10 Years On, a critical review of the past ten years’ inclusive insurance regulatory work. The publication asks several timely questions: What are the forces of change that have shaped inclusive insurance in the past ten years? What have implications on inclusive insurance and regulations been? What have inclusive insurance regulations achieved, and what next? Read more.

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