3rd Consultative Forum Note: Mass and Microinsurance - Consumer Protection in Inclusive Insurance Markets

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3nd Consultative Forum, November 2014, Mexico City, Mexico

Mass insurance and microinsurance both contribute to creating more inclusive insurance markets. They have certain differences and commonalities in terms of the channels used, the products offered and the clients served. For most clients of inclusive insurance markets, it is their first experience with insurance. Therefore effective consumer protection is required to help them understand and develop confidence in insurance. Clarifying the differences between mass insurance and microinsurance business models will improve their understanding of choices available to them, what the industry can learn from the respective models, and how supervisors can strike a balance between risk, industry incentives and consumer protection while lowering compliance burden.

This note provides a summary om how product, client base and consumer protection vary within the two markets and their limitations. Further key take-aways from the Consultative Forum for insurers and regulators are illustrated.

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  • Microinsurance Network

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Microinsurance Network; Munich Re Foundation, International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (a2ii)

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2

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