Evolving insurance supervisory mandates in Sub Saharan Africa - implications for data practices
This paper provides an overview of how supervisors in Sub-Saharan Africa are collecting and using KPIs in their work today, against a backdrop of evolving supervisory mandates and responsibilities. It is also the background paper for the KPI reporting project by the A2ii, FSD Africa, Cenfri together with a Steering Group comprising of insurance supervisors from Ghana, Kenya, Malawi, Mauritius, Uganda and West and Central Africa (CIMA), chaired by South Africa.
The project was initiated to support SSA insurance supervisors with obtaining the necessary information to conduct effective supervision and evaluate the insurance market, in line with ICP 9 and evolving mandates. It covers four pillars: prudential, market conduct, insurance market development and the Sustainable Development Goals. The project comprises three main outputs: (i) This background paper, (ii) the Supervisory KPIs Lexicon, an interactive, searchable directory of KPIs for insurance supervisors which can be found here, and (iii) the implementation guide, which will provide practical guidance on applying the KPIs and is due to be completed at end-2021.