Inclusive Insurance in National Financial Inclusion Strategies- Survey Report
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 increasingy gained importance with a growing number of policies and an increasing variety of products being offered. However, the topic of insurance has only recently become an integral part of NFIS or other financial sector strategies (FSS), therefore being considered in a comprehensive way in strategies at the national level. In order to take stock of this situation, to generate ideas for a way forward and encourage regulators and policymakers to effectively integrate insurance into their NFIS, a joint survey was conducted by the Access to Insurance Initiative (A2ii) and the Alliance for Financial Inclusion (AFI). The survey was conducted amongst Central Banks, Ministries of Finance, insurance supervisors as well as other financial regulators involved in the development of NFIS. In addition, four country case studies were conducted to collect more detailed insights.
The survey has provided comprehensive insights into the inclusion of insurance in NFIS. Among the 36 countries that responded to the survey, 26 have already adopted a financial inclusion strategy, while four are in the process of developing one. Six countries have not yet started drafting a financial inclusion strategy but are planning to do so. The topic of insurance is (going to be) included in the NFIS as a main pillar by 17 countries; other strategies include it rather superficially. Only one country has not covered insurance at all.