The ABZ study "Attitudes towards Insurance and Insurance Literacy" was presented at the international conference, focused on the challenges and opportunities for the inclusive insurance in Central and Eastern Europe and the Transcaucasian region. The event was held in digital format on September 1 and 2, 2021, and was attended by representatives of regulators, the insurance industry, non-governmental organizations working in the field of insurance.
During the conference, it was discussed how the new business models and supervisory approaches could help increase the low levels of insurance penetration currently observed in Central and Eastern Europe and the Transcaucasian Region (CEET). Among the highlights was the digitalization and how the digital solutions can be used to address the problem especially among vulnerable groups. Rositza Wartonick, ABZ, commented on the main findings of the national survey of the association "Attitudes towards insurance and insurance literacy" in the panel "Creating value, changing lives: focus on consumers". The data show a direct link between insurance literacy, trust and the use of insurance products. There are positive trends in terms of the level of trust in insurers and a relatively high degree of understanding of the benefits of insurance, but at the same time there are persistent negative attitudes towards insurance, which do not correspond to the actual consumer experience. The representative of ABZ pointed out that as the problem with the low level of insurance coverage of the population and especially among vulnerable groups is complex, therefore its addressing in an effective way implies and requires a comprehensive approach and participation of all stakeholders. The analysis of the data from the ABZ study will be published on the Microinsurance Network website.
The conference is organized by the International Association of Insurance Supervisors, the Insurance Supervision Agency of Slovenia and the non-governmental organizations Munich Re Foundation, Access to Insurance Initiative and Microinsurance Network.
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