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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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Connect.A2ii | Recent Events | Blog | Partner Events | Staffing Update | Useful Tools on Our Website

New Connect.A2ii learning resource

Lessons from Colombia and Argentina on supervisory approaches to data for bridging the protection gap 

A2ii has released a new learning module in our learning and peer exchange platform Connect.A2ii. In this module you can access the recording from our last Supervisory Special, where supervisors delved into the data-driven approaches utilised by the supervisory authorities from Colombia and Argentina.  

In this learning module, supervisors can learn from Óscar Martínez, Financial Inclusion Advisor at the Superintendencia Financiera de Colombia about the recent update   to their financial inclusion reporting tool to analyse inclusive insurance, and how they incorporate sex-disaggregated data.  

You will also hear from Natalia López Uris, Senior Policy Advisor at the Superintendencia de Seguros de la Nación of Argentina, as she gave an overview of how they have been advocating for the inclusion of women in insurance. Her presentation shared how the SSN has joined forces with the industry, as well as other insurance stakeholders in this mission.  

If you haven’t joined Connect.A2ii yet, you can do so by following this link and clicking “Create new account” to access this recording, as well as other learning materials. Please note that accounts are limited to current insurance supervisors only. 

Recent events

Africa Insurance Organisation (AIO) Conference | 29-31 May, Algiers, Algeria

The A2ii was invited to participate in the 49th AIO Annual Conference and Annual General Meeting on the theme “Contribution of insurance to food security challenges in Africa”.
 
During the microinsurance workshop that took place, the A2ii gave a presentation in conjunction with the Microinsurance Network on the role of agricultural insurance in improving food security and the role of regulation. 
 
The A2ii also presented on the role of supervisors in promoting inclusive insurance growth during a closed session with the regulators and the AIO executive committee

Asian Insurance Meet | 8-10 June, Kathmandu, Nepal

The Nepal Insurance Authority (NIA) together with the IAIS, A2ii, and Asian Development Bank (ADB) jointly organised the Asian Insurance Meet (AIM). The three-day event, with the theme of "Building Resilience of Insurance towards Emerging Risks", addressed emerging issues facing Asian insurance supervisors and industry players and brought them together to share experiences and insights. Around 350 participants attended.

The first day was for insurance supervisors only, with a morning session from the A2ii and IAIS on risk-based solvency regimes and risk-based capital frameworks, followed by an afternoon session where the A2ii focused on digital innovation and index insurance. Lastly, the A2ii and the ADB held a joint capacity building session, presenting A2ii training opportunities, services, and resources and identifying capacity building needs. 

On the second day, both supervisors and industry members attended. IAIS and A2ii gave a joint presentation on climate change and the role of insurance supervisors in climate risk insurance, which was followed by a series of panel discussions on: the role of insurers and reinsurers, earthquake insurance experiences from Asia, and agriculture insurance.  

On the final day A2ii’s FeMa Meter, a tool kit for sex-disaggregated data, was presented as an initial effort in addressing protection gaps related to Diversity, Equity, and Inclusion (DEI).

Microinsurance Network, June Member Meeting | 13-15 June, Luxembourg

MicroInsurance Network (MIN) held its annual June Member Meeting in Luxembourg City from 13 to 15 June in-person for the first time in three years, bringing together its own members from the inclusive insurance ecosystem. In this meeting, members showcased their programmes and engaged in workshops to exchange knowledge and align strategies for partnerships in the emerging trends of the inclusive insurance space.  

Milena Kozomara and Stephanie Campos presented the latest A2ii programmes, including an expanded range of supervisory capacity building activities in inclusive insurance fundamentals, gender and climate as well as results of previous inclusive insurance innovation labs and preparations for the upcoming lab. The meeting concluded with extensive networking among members, an insightful exchange on best practices for building resilience among vulnerable populations including farmers, health, MSMEs and women, and a dedicated exposure to the Luxembourg financial ecosystem for inclusive insurance.

2023 IAIS Global Seminar | 15-16 June, Seattle, USA

As part of the 2023 IAIS Global Seminar, the A2ii participated in an EMDE breakfast session with Bank for International Settlements (BIS), the Financial Stability Institute (FSI), the International Actuarial Association and the Toronto Centre.

During this session, Janina Voss, Interim Head of the A2ii Secretariat, gave a presentation on A2ii learning resources, featuring the e-learning and exchange platform Connect.A2ii, the new FeMa tool to collect and review sex-disaggregated data, upcoming training programmes and the Inclusive Insurance Innovation Lab (iii-lab).

Adapting for Success: Key Lessons from Climate Risk Insurance Implementation in the Pacific | 19 June

The United Nations Capital Development Fund (UNCDF) Pacific and Climate Adaptation Programme (PICAP) organised a webinar on 19 June. They presented 16 key lessons learned from the 2-year inception phase implementing climate risk insurance in the Pacific. The paper is available here.

During the panel Janina Voss, Interim Head of the A2ii Secretariat, emphasised the importance of PICAP’s active engagement with regulators at all stages of the project as an important key success factor. She then presented the main lessons on regulatory best practices and recommendations from the joint UNCDF-A2ii publication Index insurance best practices for insurance regulators and practitioners in the Pacific Island countries.

For more information you can access the recording of this session here. 

G20 GPFI Plenary Meeting | 24-26 June, Indonesia

The A2ii, as an affiliated partner, attended the G20 Global Partnership for Financial Inclusion (GPFI) Plenary Meeting in Bali, Indonesia. The event started with a symposium around the crucial theme of "Digital Public Infrastructure for Advancing Financial Inclusion and Productivity Gains Towards Attaining SDGs." It was an opportunity for discussion and collaborate with policymakers, experts, and stakeholders around financial inclusion.

During the Plenary, the GPFI members discussed some important deliverables for the year, including in particular Digital Financial Inclusion and SME Finance. Furthermore, the draft GPFI Financial Inclusion Action Plan (FIAP) 2023 was discussed with the aim to finalise it by end July, to guide the financial inclusion work under G20 for 2024-26. In remarks, A2ii advocated for a recognition of climate and disaster risk and its impact on women, highlighting that insurance has a unique role in responding to these risks as it can empower individuals, promote economic growth, and enhance resilience in the face of such challenges. It was stressed that data availability for monitoring financial inclusion is particularly important in the insurance space where there are still significant challenges concerning access. By leveraging technology and innovation, new opportunities can be unlocked along with solutions to address the financial needs of vulnerable populations and propel progress towards the Sustainable Development Goals (SDGs).

Blog

Index Insurance: Unlocking Opportunities and Addressing Challenges

Index insurance has the potential of providing effective and affordable insurance protection for low-income, vulnerable groups, but it comes with its challenges, both from a consumer and regulatory perspective. In this blog, we reflect on the lessons from the A2ii-IAIS-UNCDF Public Dialogue on Index Insurance that took place earlier this year. Read more… 

Partner events

2023 NAIC International Fellows Program 

The National Association of Insurance Commissioners (NAIC) invites international insurance regulatory bodies to consider nominating exceptional individuals in your organisation for the upcoming Fall 2023 NAIC International Fellows Program taking place in-person from 9 October to 21 November later this year.

Candidates must be well-qualified professionals, possess English proficiency, and agree to return to their home agencies to work for at least three years following their fellowship. Find out more information about the program here.

Deadline for applications is 7 August.

Staffing update

We are pleased to welcome Monica Odhiambo to the A2ii as an Advisor. She is taking on the responsibilities for the Actuarial Training as well as the Insurance Core Principles Self-Assessment Tool (ICP SAT). 

Prior to joining the A2ii, Monica worked for the Kenyan Insurance Regulator where she carried out prudential supervision of insurers, participated in development of regulations and policies and carried out capacity building for various stakeholders.

She holds a master's in Insurance and Risk Management from Bayes Business School.
 

Useful Tools on Our Website

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.

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.

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).