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ASSESSMENT ON HOW STRENGTHENING THE INSURANCE INDUSTRY IN DEVELOPING COUNTRIES CONTRIBUTES TO ECONOMIC GROWTH

February 15, 2006
This publication was produced for review by the United States Agency for International Development. It was prepared by Chemonics International Inc. and the International Insurance Foundation.

ASSESSMENT ON HOW STRENGTHENING THE INSURANCE INDUSTRY IN DEVELOPING COUNTRIES CONTRIBUTES TO ECONOMIC GROWTH Final Report
Financial Sector Blanket Purchase Agreement Contract No.: EEM-E-00-05-00006-00 Task Order No. 01

The author’s views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government.

TABLE OF CONTENTS
TABLE OF CONTENTS ..........................................................................I List of Abbreviations................................................................................ ii Glossary of terms.................................................................................... ii I. EXECUTIVE SUMMARY ....................................................................III Links between Insurance Development and Economic Growth ............. iii Links between Insurance Technical Assistance and Growth ................. iii Stages of Insurance Market Development ............................................. iv Strategies for Technical Assistance ....................................................... iv Adapting Technical Assistance Strategies to the Country Context .........v II. INTRODUCTION ................................................................................1 III. INSURANCE, FINANCE AND ECONOMIC DEVELOPMENT ..........2 Insurance Development’s Contribution to Economic growth ...................2 Insurance’s Role in Financial Sector Development.................................4 IV. STAGES OF INSURANCE MARKET DEVELOPMENT ...................8 Dormant Stage........................................................................................9 Early Growth Stage.................................................................................9 Sustained Growth Stage .......................................................................11 Mature Market Stage ............................................................................11 V. BUILDING ROBUST INSURANCE MARKETS ...............................12 Improving Insurance Regulation and Supervision.................................12 Collecting and Sharing Insurance Data.................................................13 Building Actuarial Resources ................................................................14 Supporting Professional Insurance Education ......................................14 Educating Markets and Consumers on Standards................................15 Encouraging Ethical Market Discipline..................................................15 Promoting Institutional Development and Marketing.............................15 Connecting Regulators with the Private Sector.....................................16 Facilitating New Insurance Markets ......................................................16 VI. INSURANCE TECHNICAL ASSISTANCE STRATEGIES..............18 Balanced Growth and the Insurance Gap .............................................18 Opportune Interventions .......................................................................18 Efficiencies in the Delivery of Technical Assistance..............................22 ANNEX A: CORRELATIONS ...............................................................24 ANNEX B: INSURANCE TECHNICAL ASSISTANCE DIAGNOSTIC .25 ANNEX C: THE INSURANCE GAP AND DEVELOPMENT STAGES .26 ANNEX D: CONTACT LIST .................................................................27 ANNEX E: BIBLIOGRAPHY ................................................................29

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LIST OF ABBREVIATIONS AIG - American International Group ASSAL - Asociación de...
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