On 6 June, AFI’s Pacific Islands Working Group will host a workshop for insurance regulators themed “Making Insurance Work for the Poor” in Nadi, Fiji, undertaken in partnership with Pacific Financial Inclusion Programme (PFIP), Access to Insurance Initiative (AII), and ADB. Regulators from seven Pacific Island nations are expected to attend.

The workshop’s content will be based on the Insurance Core Principles developed by the International Association of Insurance Supervisors (IAIS), as well as comparative studies across emerging markets.  Recognizing the critical role that effective regulation play in creating an enabling environment for microinsurance providers, as well as in protecting the interest of clients, there will be ample opportunity for attendees to analyze and learn from real life case studies around the globe, with a particular focus on the Pacific.

The event aims to better enable regional microinsurance regulators to contribute to the development of a functioning and growing microinsurance market in the Pacific.

Microinsurance is one of the fastest growing microfinance products in the world and is becoming increasingly relevant in the region. The first regional microinsurance products are in the process of being launched and regulators are faced with the challenge of providing an appropriate regulatory and supervisory framework in their respective countries.