Context In many countries, large sections of the population have little to no insurance coverage. However, insurance is important to safeguard progress in economic development and to cushion the financial impact of illness, death, accident, crop failure or destruction of property caused by natural disasters. Insurance sector actors at expert level lack knowledge of effective approaches. Even insurance supervisory authorities lack the expertise required to create regulatory frameworks that enable access to needs-based insurance.
Objective Insurance supervisory authorities have created a framework to facilitate access to insurance based on the needs of poor and vulnerable groups.
Approach Measures include the work of the Secretariat of the global partnership Access to Insurance Initiative (A2ii), the implementing partner of the International Association of Insurance Supervisors (IAIS) for inclusive insurance. The project focuses on positioning A2ii as a thought leader and central knowledge platform for regulating inclusive insurance markets, strengthening the skills of insurance supervisors worldwide and supporting them in designing and implementing supportive framework conditions.
Results Insurance protects poor and vulnerable households and micro, small and medium-sized enterprises (MSMEs) against the economic consequences of unforeseen events. Insurance is particularly important for certain sustainable development goals, for instance "no poverty", "zero hunger", "gender equality", "economic growth" and "climate action".
Information on the co-financing by DGIS can be found by clicking on the following link: https://www.giz.de/de/weltweit/82238.html downloads: How inclusive insurance supports development: https://mia.giz.de/qlink/ID=245641000 SME: https://mia.giz.de/qlink/ID=245643000 Gender: https://mia.giz.de/qlink/ID=245642000 Climate risk: https://mia.giz.de/qlink/ID=245640000