Regulatory Impact Assessments: Microinsurance Regulations in Peru and the Philippines
Insurance supervisors in emerging markets have developed different approaches to foster markets for inclusive insurance. Several markets have undergone transformative changes as a result, but what has been the impact of these measures? This study was commissioned to assess the impact of microinsurance regulatory frameworks on developing inclusive insurance markets by way of a Regulatory Impact Assessment. It draws upon quantitative and qualitative data from supervisors, the views of supervisors themselves and other reputable specialists, as well as prior market and regulatory impact studies.
The Philippines and Peru have been selected as case studies for two reasons. The first is, being early pioneers of measures to develop microinsurance via supportive policy and regulatory approaches, the two countries have among the longest experience with microinsurance regulations and thus offer a wealth of observed experience and rich lessons. Second, both countries took distinctively unique approaches based on their respective policy objectives and local market contexts, and the strategies adopted, thus enabling insights to be drawn from meaningful comparison of the measures each supervisor took.
