Strengthening Access to Insurance Initiative: GB announced

Microfinance Focus , Nov. o5, 2009  : The Access to Insurance Initiative announced that  Jonathon Dixon, Deputy Chief Executive Officer of Financial Services Board, South  Africa and Ramesh Rai Bhattrai, Executive Director of Beema Samiti (Insurance  Board), Nepal have been elected as the Chair and Vice-Chair of the Governing Board.  The board members include insurance supervisors from Brazil, Ghana and the sponsors of the Initiative CGAP, ILO, BMZ, Fin Mark Trust, IAIS Secretariat and GTZ.

The Access to Insurance Initiative is a new collaborative approach between the  International Association of Insurance Supervisors (IAIS), Consultative Group for  Assisting the Poor (CGAP) and World Bank, International Labor Organization (ILO),  German Federal Ministry for Economic Cooperation and Development (BMZ) and the  Fin Mark Trust. With the participation of international development agencies and insurance supervisors through the IAIS, this global programme is designed to strengthen the capacity and understanding of insurance supervisors, and to facilitate their role in expanding access to insurance markets. The expected outcome is to contribute towards an improved policy, regulatory and supervisory environment consistent with international insurance sector, and develop sustainable microinsurance operations in emerging markets.
Dirk Reinhard, Vice Chairmen of Munich Re Foundation commended, “The Initiative builds on the ever-growing ecosystem of access to insurance and will improve our understanding to tackle the challenges and take advantage of opportunities that arise across the insurance value chain.”  “The challenges of access to insurance are not just about elaborating standards that allow low-cost delivery of insurance services without exposing customers to unnecessary risks, but rather a combination of regulation, supervision and policy requirements, balanced against proportionality,” says Dixon.
G. Prabhakara, Member of Insurance Regulatory and Development Authority, India added that, “Supervisors from emerging markets can expect varied forms of technical assistance for building their capacity, not only to promote access to insurance but also allow implementation of international insurance standards.”
“Those who live in constant uncertainty of losing their jobs, home or good health are less able to be as economically productive and are often stymied in reaching their full potential,. said Adolf Kloke-Lesch, Director General at the German Ministry for Economic Cooperation and Development (BMZ), “Microinsurance reduces the vulnerability of poor people to risks. The Access to Insurance Initiative sets the right path for improved framework conditions to achieve this security for all. That is why we gladly lend our support to the initiative.”

“I am thrilled to see the emergence of this Initiative from the cutting edge work of the Microinsurance Network over the years,” said the ILO’s Craig Churchill, who also serves as the Chair of the Network. “The ILO strongly supports the Access to Insurance Initiative because we believe that it has the tools and expertise to assist policy makers to create an enabling environment for microinsurance, which can help to advance the ILO’s Decent Work Agenda.”
“Access to insurance is the new frontier for financial inclusion in emerging markets”, remarked Maya Makanjee, CEO of FinMark Trust. “We look to this Initiative to play a strong role in spreading the message amongst regulators and supervisors.”  The secretariat, responsible for the day to day operations of the Initiative, will be hosted by German Technical Cooperation (GTZ).

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