On 6 June, AFI’s Pacific Islands Working Group (PIWG) hosted a workshop for insurance regulators entitled “Making Insurance Work for the Poor”, undertaken in partnership with Pacific Financial Inclusion Programme (PFIP), Access to Insurance Initiative (AII), and ADB. Regulators from seven Pacific nations attended the event, held in Nadi, Fiji.

The workshop focused on building supervisory capacity in the foundations of insurance supervision based on select insurance core principles defined by the International Association of Insurance supervisors, the standard setting body for insurance sector regulation worldwide.

Recognizing the role that microinsurance plays in financial inclusion, participants developed action plans around licensing, supervision and intermediaries, based on the Insurance Core Principles. Upon returning to their respective countries, attendees will utilize the plan to identify priority items including specific outputs, deliverables, time frame for achievement, and resource and technical assistance requirements. Each action plan will also be incorporated into the draft regional action agenda and presented at the next Pacific Islands Working Group (PIWG) meeting for approval and subsequent implementation. 

In markets with low insurance penetration, expanding outreach of insurance services is dependent on the capacity of supervisors to play an active role in engaging insurers and their intermediaries. When applied in a proportionate manner, the Insurance Core Principles enable officials to play a role in market development and form collaborative relationships on issues including licensing, consumer protection and analysis of operational and financial performance.