Insurance development in emerging markets; The role of government policies and regulations

According to the financial news report, citing the public relations and international affairs of the Insurance Research Institute, over the past few decades, the economy of many emerging markets has grown rapidly, saving millions of people from poverty and creating a growing middle class. Insurance is vital to economic development because it strengthens economic activities by protecting people’s lives, livelihoods, and assets against insurable risks.

Also, insurance provides important risk reduction services by warding off impulses caused by unfortunate events and helps the economy by attracting private capital. With the occurrence of events related to climate change, Covid-19 and other catastrophic events that increase social vulnerability. Currently, the main concern is insurance penetration, which remains low in emerging markets.

The present abstract is taken from the report of the Geneva Association and the Insurance Development Forum (IDF), which explores how regulations and macro-government policies can facilitate or limit the development of stable and responsive insurance markets that help to solve the shortage of critical coverage. The report also provides recommendations on steps governments can take to create the legal, regulatory and policy environment to shift insurance resources and capabilities to emerging insurance markets.

To read the full text of this scientific article, those interested can go to the new articles section of Iran and World Insurance news website of the Insurance Research Institute website or https://tazeha.irc.ac.ir/fa-IR/tazeha.irc.ac/5476/news/view/17668/5531/Staging/ refer to