Minimum levels of insurance protection

In the report, the Great Risk Transfer, the IFoA recommended that:

“Government, in consultation with the IFoA and others with technical and industry expertise, determines the appropriate minimum level of insurance protection needed by all – including low-income families – to be financially resilient to specific risks and unexpected shocks.” 

The purpose of this roundtable was to address this recommendation in more detail, and consider how a minimum level of insurance protection could be realised. This discussion helped to shine a light on some of the key issues around establishing a minimum level of insurance protection, as well as a series of potential areas for further exploration. The IFoA plans to take forward and further explore a number of these, including:

  • The interaction between aggregating demand and risk sharing
  • How can we take a product-based approach to defining minimum standards
  • Strategic risk management and insurance take up
  • Social dialogue, essential products, and risk pooling

Read the full report here.