The Munich Climate Insurance Initiative, Climate Risk Insurance and Adaptation in the Caribbean project organized a workshop for insurance regulators from the Caribbean in Mexico City, on November 9-10, 2014. The goals of the workshop were to:
- Improve understanding of microinsurance and to demonstrate the need for promoting insurance inclusion as part of a broader financial inclusion strategy within developing markets, such as participants’ jurisdictions.
- Enable participants to identify opportunities and barriers to the introduction of microinsurance, as well as potential legislative changes which would facilitate the development of a microinsurance market.
- Improve understanding of parametric/index-based insurance and its potential application within participants’ jurisdictions.
MCII brought together regulators from a diverse group of Caribbean countries, including Jamaica, Grenada, Saint Lucia, Haiti, Barbados, Antigua and Barbuda, and Guyana. Throughout the meeting, the participants engaged with international microinsurance experts on matters relevant to the regulation and growth of microinsurance.
Over these two days, this select group of decision-makers was able to deepen their knowledge of the role of insurance inclusion as part of a broader financial inclusion strategy, identify specific opportunities and barriers to the introduction of microinsurance and improve their overall understanding of index-based insurance and its potential application within their respective jurisdictions. Speakers included representatives of the World Bank, the ILO’s Microinsurance Innovation Facility, GIZ, and the Government of the Philippines, among others.
Directly following the Caribbean Insurance Regulators Meeting, from November 11th to the 13th, was the 10th International Microinsurance Conference, hosted by the Munich Re Foundation. MCII is very pleased to have enabled the attendance of twelve representatives of governments and insurers from across the Caribbean to this year’s gathering of experts and practitioners. At the conference, MCII Project Manager, Sobiah Becker held a presentation highlighting the successes and challenges of the first phase of our work in the Caribbean.
Both the Caribbean Insurance Regulators Meeting and the Microinsurance Conference were informative and valuable experiences for MCII and our Caribbean partners.
MCII’s Microinsurance Conference presentation can be DOWNLOADED HERE.