Insurance underpins key aspects of society by providing security and protection to individuals, communities and businesses. An efficient and competitive insurance market is also important to developing countries and countries with economies in transition as they integrate into the world economy.
Insurance industry encourages greater efficiency in the economy, facilitates commercial transactions, mobilizes domestic savings and provides many other important benefits such as: coverage against accidents, floods, earthquakes and other catastrophes and natural disasters, and health and life insurance.
Insurance also substitutes for and complements government welfare programmes, generates employment, encourages innovation and helps build a country's financial market.
About the Insurance Programme
UNCTAD is the focal point of the United Nations for all matters related to insurance and development.
The Insurance Programme has been an integral part of UNCTAD's mandate since the establishment of the organization in 1964. Today, the Programme brings to governments and other stakeholders alike more than 40 years of experience and expertise.
UNCTAD's current mandate in the area of insurance derives from the outcomes and conclusions of the UNCTAD XIII Conference in Doha, Qatar, which state that: "developing countries need, inter alia, support to develop capacities that would enable greater use of catastrophic insurance risk coverage". (Paragraph 55 of Doha Mandate).
Doha mandate also requests UNCTAD to: "Continue to provide policy analysis and capacity-building on insurance regulatory frameworks and risk management for developing countries that are particularly vulnerable to catastrophic risks". (Paragraph 56(t) of Doha Mandate)
In order to implement the above mandate, UNCTAD Insurance Programme aims to assist developing countries and countries with economies in transition to:
Upgrade their insurance capacity
Establish competitive and well regulated insurance markets
Improve their insurance human resources capacity