Financial inclusion is a key enabler to reducing poverty and increasing shared prosperity. In Mozambique, despite considerable efforts to promote financial inclusion, less than half the population in 2016 had access to a bank account, mobile money account.
... Exibir mais + In response, the government of Mozambique (GOM) launched an ambitious national financial inclusion strategy (NFIS) in July 2016. The NFIS implementation period is from 2016 to 2022, with an initial phase to 2018. By 2018, the percent of population with access to a bank account had declined slightly but was compensated by growth in mobile money accounts. A mid-term review (MTR) of the NFIS was undertaken to assess progress at the end of the first phase, recommend requisite course corrections, and establish priorities for the second phase. This report includes recommendations for priority actions for second phase of the strategy’s implementation and monitoring of progress. It is based on an examination of relevant written documentation and discussions with stakeholders during two visits to Mozambique between 2018 and 2019.
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Section one of the paper provides a broad overview of the nature and objectives of the projects. Section two contains an objective view of the impact of FIRST funded projects on the growth in insurance markets as measured by insurance market penetration.
... Exibir mais + Rigorous data analysis was used to isolate exogenous factors other than the project intervention that may have led to a change in the insurance premiums as a percentage of GDP. The paper showcases in section three, the dynamic view and multipronged approaches to the insurance market development by highlighting country case studies, with different primary objectives, towards the overall goal of the insurance market development. The case studies also consider the specific insurance market interventions that can stimulate wider financial sector development objectives. Applying the drivers and stages discussion as an analytical framework, section four takes stock of numerous interventions of the FIRST projects implemented by the World Bank and extracts some key lessons learned that could be used as a guide to inform the design of future intervention, and by policy makers in pursuit of insurance market development. Finally, section five provides some overarching conclusions and takeaways.
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Documento de Trabalho 144661 JAN 01, 2020
Wrede,Peter Friedrich Wilhelm; Stewart,Fiona Elizabeth; Rawlins,Marlon Rolston; Shindo,TetsutaroDisclosed
The insurance industry in Albania is relatively new. Prior to 1991, there were no insurance companies operating in the country. The insurance industry has been undergoing critical changes during the last decade.
... Exibir mais + The life market in Albania is small, and still dominated by credit life insurance. Life insurance was introduced only in 1997 and made up about seven percent of gross written premiums. Risk based supervision was rolled out in 2016, starting with comprehensive on-site inspections in three non-life insurance companies using the risk-focused methodology. The RBS method led to a market database that helps evaluate the risk profile of each insurance company, as well as the risk level of the insurance market as a whole. The country’s good economic development in the last two decades has contributed to the insurance market’s development, but so have good policy choices informed by technical assistance projects and other interventions by the World Bank Group and the FIRST trust fund. Without aspiring to the impossible task of attributing causal relationships between these interventions and specific market developments, this report will nonetheless suggest what role these interventions may have played in developing Albania’s insurance market, so as to guide the way forward in this country and future developmental strategies of other countries.
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The study examines a range of data sets to develop the analytical basis for the review, conclusions and recommendations. Insurance development is driven by a large range of factors, some of which can be better observed than others.
... Exibir mais + Data is important but understanding what it means is also important. Benchmarking results, including cross country analysis and other research to understand the meaning of calculated values, is one element that is under‐represented in industry analysis. Demand and potential demand for insurance are also considered considering the nature and level of risk being faced as the basis for the examination of insurance markets effectively assuming individuals and entities should and would take out insurance if they were offered it against these risks. Other dimensions examine perceptions of risk, insurance as a solution, and then other barriers to access that may limit the extent that a risk that can be insured coverts into a risk that is insured. In this section, we approach both a range of potential risks and their trends along with data about clients. Through the report, elements of the regulatory and supervisory arrangements are addressed as they are relevant. For those that are not specifically raised in these sections, a further section covers the remaining review of regulatory arrangements as needed. The diagnostic review has also been conducted through an extensive set of fact‐finding stakeholder meetings to gather input, validate and supplement the data‐based analysis.
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This paper provides new evidence of factors, other than GDP per capita, that correlate with the development of insurance markets. Based on 20 years of insurance premium data from 180 countries, and a similar wealth of data on institutions and financial market development, the paper presents important correlates of insurance market development.
... Exibir mais + Although the analysis cannot identify which factors directly cause insurance market growth, the results suggest that interventions aimed at stimulating insurance supply and demand should take enabling factors, such as the quality of institutional governance and the degree of financial market development, into consideration.
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Documento de trabalho sobre pesquisa de políticas WPS8925 JUN 27, 2019
Gine,Xavier; Barboza Ribeiro,Bernardo; Wrede,Peter Friedrich WilhelmDisclosed
