The 4th Consultative Forum, organised by the Microinsurance Network, together with the Access to Insurance Initiative (A2ii) and the International Association of Insurance Supervisors (IAIS), will take place from the 27th to the 28th May 2015 in Tunis, Tunisia. The Forum is being organised in partnership with the African Insurance Organisation (AIO) and the ILO’s Impact Insurance Facility.
The bi-annual Consultative Forum provides a platform for the insurance industry and regulators to come together and discuss issues pertinent to inclusive insurance.
The 4th edition of this forum will focus on “How to encourage the insurance industry in Africa to provide sustainable insurance services to the unserved” and will centre on topics and strategies connecting regulation, supervision and public policy with industry action.
Inclusive insurance markets offer the potential of significant benefits for individual customers and a significant business opportunity for the insurance sector. Public policy, regulation and supervision are critical for enhancing access to insurance as they affect how trust is developed between providers and low-income consumers. They also have the potential to determine who can enter and operate in the market and affect the costs incurred by the insured as well as insurers’ willingness and ability to operate in the low-income market. In addition, the insurance supervisor plays a crucial role in safe-guarding insurance that provides value to customers, and in motivating the industry to serve the un-served by removing barriers to access.
In interviews conducted for the study “The Landscape of Microinsurance in Africa (2012)”, industry responses indicated that the lack of a regulatory framework for microinsurance creates uncertainty among insurers and hinders expansion, as this situation leads to a more conservative decision-making by insurers.
Developing and providing an appropriate regulatory framework and supervisory practices can be difficult. Regulation and supervision should be proportionate, so as not to interfere with the operation of the insurance market any more than is necessary to meet supervisory objectives. However, when seeking proportionality, there is a risk that regulation and supervision might fall short of adequately protecting customers. Achieving a reasonable balance is a challenge for a well-established and stable conventional insurance market; it is even more challenging in an innovative and rapidly evolving market.
The forum will take place at the Carthage Thalasso hotel on the side-lines of the 42nd AIO conference and General Assembly.
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