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THE REGIONAL CENTRE OF EXCELLENCE IN COLLABORATION WITH THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (“OECD”)
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VIRTUAL WORKSHOP “ENHANCING THE ROLE OF INSURANCE IN PROVIDING FINANCIAL PROTECTION”
TITLE
DATE
Enhancing the role of Insurance in providing Financial Protection
15 October 2021
TIME 13.00-16.00hrs (Mauritius Time)
OVERVIEW OF THE WORKSHOP Insurance plays a significant role in protecting individuals, households and businesses against the financial consequences of a broad range of lifetime risks, casualty risks and unforeseen events that can lead to livelihood and business disruptions. The nature of the regulatory and supervisory environment in which insurance companies operate, as well as the ability of regulators and supervisors to adapt to market developments, plays a critical role in the availability of affordable insurance against these risks, encouraging savings, while also ensuring that insurance companies have the financial capacity to meet their obligations to policyholders. This upcoming virtual workshop, organised in association with the OECD, will discuss the development of an institutional structure for insurance regulation and supervision that is adaptable to market developments and supports the ability of individuals, households and businesses to access the financial protection they need to manage the consequences of life’s risks. This workshop is targeted for representatives from insurance regulators and supervisors, insurance and reinsurance companies, and intermediaries from the region, and from around the world. The first session will examine institutional arrangements for insurance regulation and supervision, and how regulatory and supervisory approaches can be adapted to leverage the opportunities presented by emerging technologies and developments in international reinsurance markets. The second session will explore some of the challenges and potential solutions of insurance in protecting against catastrophe risks, such as extreme weather, large-scale cyber-attacks and infectious disease outbreaks and how to reinforce business strategies.
OECD POLICY GUIDANCE ON THE STRUCTURE OF INSURANCE REGULATION AND SUPERVISION In 2020, the OECD released a set of policy guidance on the structure of insurance regulation and supervision based on insights gained from past reviews of insurance market, regulatory and market access issues. The policy guidance aims to provide a better understanding of concepts and definitions related to insurance regulation and supervision and some best practices to complement the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs).
OECD RECOMMENDATION ON DISASTER RISK FINANCING STRATEGIES The OECD Recommendation on Disaster Risk Financing Strategies was adopted in 2017. It provides a set of high-level recommendations for designing a strategy for addressing the financial impacts of disasters on individuals, businesses and sub-national levels of governments, as well as the implication for public finances. The effective financial management of disaster risks is a key public policy challenge for governments around the world, particularly those faced with significant exposures to such risks and/or limited capacity to manage the financial impacts of natural and/or human-made disasters, such as floods, earthquakes, cyclones, terrorist attacks, industrial and technological accidents, and pandemics.
INVITATION TO FOLLOW For more information, drop us an email at [email protected]