Tuesday, June 2, 2015
At a Policy Seminar-Consultative Forum on “Microinsurance Regulation for Insurance Supervisory Authorities and Insurance Practitioners” on the 27th – 28th May 2015, African insurance regulators and key members of the industry came to a consensus on the need for better collaboration between the two parties to improve client awareness and education.
The 4th Consultative Forum, a bi-yearly event organised by the Microinsurance Network, the Access to Insurance Initiative (a2ii), International Association of Insurance Supervisors (IAIS) and this year the International Labour Organization (ILO) and the African Insurance Organization (AIO), brought together 60 participants, representing regulatory authorities and insurance industry participants from 24 countries from the Sub-Saharan Africa, and Middle East and North Africa (MENA) regions to engage in a dialogue on ‘How to encourage the insurance industry in Africa to provide sustainable insurance services to the unserved’.
On expectations regulators and industry have of one another, two key points of consensus emerged. First, there was unanimous agreement on the need for better collaboration between the two to improve client awareness and education and thus increase insurance penetration levels in the Africa and MENA regions. Notably, regulators confirmed their intention to actively support the embracing of technology by the industry, as long as clients’ interests are well-served and protected.
The need for market development was also identified in these discussions, with the industry suggesting that they would like regulators to take steps to assist them in getting more information and insights from more developed microinsurance markets, while the regulators encouraged the industry players to be more involved in market research and diagnostic studies aimed at gathering actionable knowledge for the industry.
Read the full press release here