International Finance Corporation (IFC) facilitates Index Based Insurance training for the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) and Department of Agriculture, Forestry and Fisheries. As part of the SAIA Agriculture Insurance Project, the IFC, a member of the World Bank Group, recently facilitated an information and training session on index based insurance for more than 40 delegates from the FSCA, PA and DAFF.
Shadreck Mapfumo, Senior Financial Specialist at IFC and leader in index insurance, facilitated the training and provided invaluable insight into the critical concepts of index insurance, product design, and evaluation and client communication. The training was aimed at promoting clear communication of the features of index insurance to facilitate informed decision making by all stakeholders.
As index based insurance does not currently form part of the Insurance Act No 18 of 2017, SAIA is working together with the FSCA and the PA to identify prudential and market conduct risks of index based insurance and to develop a regulatory framework for index based insurance products.
Below are pictures of the training session on index based insurance products:
For more information contact:
Susan Walls, SAIA Insurance Techical Advisor