Robust insurance provision has long underpinned economic growth and social welfare in developed nations, but penetration rates have remained stubbornly low in many emerging markets. This has prevented such nations from benefitting from the risk management benefits that insurance systems offer.
The challenges facing insurance firms and policymakers seeking to significantly increase insurance coverage in emerging markets are often seemingly insurmountable. Key issues include legal enforceability of insurance contracts; costs; cultural issues – e.g. relating to the intangibility of the benefits of insurance – and the dearth of experienced underwriting and other professional staff.
This programme carefully examines the reasons behind the historically slow penetration of insurance products in emerging economies and possible solutions. Delegates will examine current barriers to market development and the opportunities presented by new technologies for organisations to develop appropriate products, including microinsurance for individuals, companies and other parties which can provide robust risk cover on a sustainable basis.
On completion, you will be able to:
- Understand the nature of risk and the role of insurance in managing it
- Appreciate the key elements comprising sustainable insurance systems
- Analyse existing systems, including informal mutual community insurance
- Understand the potential role of technology in facilitating higher penetration
- Contextualise issues and potential solutions in your own market
- Identify opportunities to increase insurance coverage in new areas
- The critical economic role of insurance as a risk transfer mechanism
- Robust insurance systems: how does the market manage its risks?
- Fundamental legal concepts underpinning sound insurance contracts
- Financial and accounting principles relating to insurance firms
- InsurTech and the increasing role of technology in insurance provision
- Overcoming cultural issues relating to the formal insurance systems
All courses will be conducted entirely in English. A proficient level of both spoken and written English is required by all delegates so that they are able to fully benefit from the course and participate in our interactive style of training.