Screen Reader Mode Icon Check SCREEN READER MODE to make this survey compatible with screen readers. A2ii Index Insurance Survey 2020_English Question Title * 1. Please include your name, role, name of supervisory authority and country OK Question Title * 2. Market for Index insurance Products: Are any Index Insurance Products (IIP) offered in your jurisdiction? For this purpose, index insurance is a financial product offered/provided as insurance where the value of the benefit paid is determined by the value of one or more indexes of external variables (such as rainfall, wind speed, temperature etc.). Yes No Not Sure OK Question Title * 3. If you answered yes to Question 1 please provide the following market infomation: How many IIP are offered? How many insurers offer IIP? How are IIP commercialised? What types of risk do the products seek to protect against, e.g. flood, drought, extreme temperature, hurricane etc. (please list all), what do they protect (crops, business interruption, assets, etc) and who do they protect (farmers, SMEs, households, etc)? How many of the products are reinsured into the international reinsurance market? How many of the IIP have been developed under projects supported by national or international funding or technical/ development agencies (e.g., the World Bank, GIZ etc.)? Which governmental institutions were involved in the design and implementation of these products? For example, Ministry of Agriculture, Ministry of Environment, Ministry of Finance? How long have index insurance products been offered in your jurisdiction? At what stage(s) was the insurance supervisor involved in the discussions on product design and implementation? From the beginning? At the product approval stage or they were not involved? Please specify OK Question Title * 4. Legal and/or regulatory recognition of index insurance: Are index-based risk transfer products recognised as insurance in your jurisdiction under a legal or regulatory framework (please, provide details below and send by email the legislation or regulation to: XXX): Legislation (e.g. insurance law, contract law, civil law, etc.)? Regulations (e.g. regulation issued by the regulator, such as circulars, resolutions, among others; legal opinion; others)? OK Question Title * 5. Regulatory and supervisory concerns: What do you consider to be the most significant regulatory and supervisory concern regarding index insurance? (Please select all the applicable concerns and rank them) . Index-based risk transfer contracts do not fit within the existing regulatory definition for insurance. Adverse basis risk* leads to operational and reputational risks to insurers, which will lead to a lack of trust in insurance by consumers. (*Basis risk is the risk that the payment made to the policyholder is different to the policyholder’s actual loss, and adverse basis risk happens when the policyholder does not receive a payout). Lack of experience or technical capacity of the supervisor to ensure that these products provide real value to consumers. Lack of clarity of the prudential rules applicable to insurers when offering these products Lack of actuarial and technical capacity available to insurers to design and implement these products Inadequate or insufficient data Third parties involved in design and implementation of these products are not supervised Complex products that are difficult to explain to consumers OK Question Title * 6. Supervision of index insurance products: Do you consider that you are able to adequately supervise index insurance? (Please explain) OK Question Title * 7. Plans to regulate: If there is no index insurance regulation in your jurisdiction, are you considering steps to regulate it (or further regulate)? Please specify the tool to be used and include timeline for new or revised changes OK Question Title * 8. Would you like to add any relevant information or final comments on index insurance in your country? OK Question Title * 9. Would you agree to have your response published? Yes No OK Question Title * 10. Would you be willing to participate in a telephone interview (30-60 minutes) on this subject? Yes No OK DONE