There is a growing consensus in emerging markets and developing economies that increased participation of the economically weak populations in the process of economic growth is important to sustain and accelerate growth.
Promoting financial inclusion by way of enabling policy, regulatory and supervisory approaches can motivate the industry to offer insurance at an affordable cost to the excluded segments of the population. These approaches are also required to improve awareness and trust among potential clients which can only grow in markets where
consumers are informed and protected.
A2ii has been organizing dialogue seminars for insurance supervisors since its inception in 2009. The fourth Policy Seminar was a high-level Policy Seminar aimed at senior policymakers and supervisors. It was in the light of the newly adopted IAIS guidance in the form of the IAIS Application Paper on Inclusive Insurance Markets. The Paper proposed pathways for supervisors to advance financial inclusion in their jurisdiction, e.g. by requiring that insurance should be formal, or by facilitating industry innovations. It also provided examples of how proportionality can be implemented in practice, and discusses roles and responsibilities of authorities and other stakeholders. The IAIS guidance was discussed by specialists and supervisors from all over the world. Emerging lessons from A2ii country engagements across the globe provided insights on how supervisors have started to implement regulatory reforms.