Global Initiative for Access to Insurance

Gouvernance, Human Rights, Democracy, Public Sector
Start Date
Budget Euro 32.09 millions
End Date
Budget Euro 32.09 millions
Start Date
End Date
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. Under the 2030 Agenda, insurance is recognised as an important instrument for achieving numerous development goals. Yet many providers in developing and emerging countries lack the strategies and expertise to adapt their business models to customers or regions with little access to insurance. Experience of promoting inclusive insurance solutions needs to be processed more thoroughly. Furthermore, such experience is insufficiently integrated into the various thematic areas of development policy. Insurance sector actors in developing and emerging countries, in German development cooperation and in the international discussion at expert level lack knowledge of effective approaches. Moreover, there is a lack of corresponding interventions under development cooperation. Even insurance supervisory authorities in cooperation countries lack the expertise and instruments required to create regulatory and supervisory frameworks that enable access to needs-based insurance.
Objective
Inclusive insurance solutions are mainstreamed in German development cooperation internationally. In addition, insurance supervisory authorities have created a framework to facilitate access to insurance based on the needs of poor and vulnerable groups.
Approach
The project helps to improve the conditions for inclusive insurance which, in turn, helps to position inclusive insurance in German development cooperation. At the same time, it helps to develop and disseminate business models and innovative topics for inclusive insurance solutions. The project also supports the German Federal Ministry for Economic Cooperation and Development (BMZ) in addressing current issues and in steering international processes.
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. It increases resilience, facilitates investment and thus promotes sustainable development. The BMZ’s sector strategy on financial systems development (2016) confirms the importance of insurance as a preventive instrument. Financial inclusion and risk protection are enshrined in the Sustainable Development Goals (SDGs) of the 2030 Agenda; insurance is particularly important for certain goals (for instance, no poverty, zero hunger, gender equality, decent work and 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
Read More
Project implemented by 
