World Bank, Others Initiate Access To Insurance

The Finmark Trust and the International Association of Insurance Supervisors (IAIS), Consultative Group for Assisting the Poor (CGAP), World Bank, International Labour Organisation (ILO) and German Federal Ministry of Economic Cooperation and Development (BMZ) have joined together to launch the Access to Insurance Initiative.
This was made possible through the collaborative approach between Insurance Supervisors and International Development agencies through the IAIS.
The global programme was geared towards strengthening the capacity and to facilitate their role in expanding access to insurance markets.
At the ceremony which was held to mark the launch; Peter Braumiller, chairman, IAIS executive committee commended and supported the joint initiative. His words, “This is another expression of the commitment of the IAIS to the G20’s pledge to improve access to finance by promoting successful regulatory, supervisory and policy approaches and laboratory standards on financial access.”
At the ceremony, another chair of the IAIS, Amanda Vergilio dos Santos Junior, subgroup on Microinsurance in an optimistic role stated that “Microinsurance holds the promise for a massive expansion globally and is bound to contribute towards realising the goal of access to insurance.”
He made emphasis that, “the challenge before us today is to elaborate standards that allow low-cost delivery of insurance services without exposing customers to unnecessary risks and cost.”