Regulatory challenges and supervisory demands in facilitating remittance-linked insurance

Thursday, September 29, 2022

Approximately 281 million migrants, nearly half of whom are women, live and work outside their home countries. Any unforeseen events affecting these migrants, such as death, sickness or job loss, negatively impact the financial stability of the recipient family, leading to an excessive debt trap, inequality and poverty. Insurance and pensions are essential safeguards for migrant families against such unforeseen events. Despite international conventions and the focus of the SDGs, less than 3 percent of migrants from low-income countries have access to portable social protection schemes that could address these issues, necessitating a comprehensive market-based approach toward migrant insurance.

However, there is still a regulatory grey area in terms of supervisors’ roles. What can supervisors do to facilitate insurance products targeted at migrants and their families? How can specific migrant needs be reflected? These and other questions will be addressed during this dialogue, exploring the existing regulatory challenges and possible pathways to explore the full potential of migrant insurance.

The dialogue will take place via Webex and is open to the public. It will start at 14:00 CEST and last 75 minutes, with simultaneous interpretation to French and Spanish.