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International Insurance Foundation - IIF

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International Insurance Foundation - IIF

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The International Insurance Foundation is a non-profit educational organization promoting economic development through technical and professional education for emerging insurance markets. Based in Washington, DC, the Foundation works with government policymakers, regulators, multilateral agencies, and private organizations to facilitate the emergence of a global private insurance industry characterized by the highest levels of knowledge, technology, professionalism, and business ethics. The Foundation works on an inter-governmental level to build the regulatory structure needed for markets to transfer risks efficiently.

As the plagues of war and famine diminish, the main threat to stable economic growth and development comes from the risk of natural disasters and accidental losses. These perils disrupt the nurturing capabilities of families, discourage investment in promising businesses, and divert the public funds needed to improve health and education. Developing countries are more vulnerable because they are less familiar with the specialized financial, legal, and statistical techniques for mitigating the effects of accidental losses that have contributed significantly to the well-being of developed countries.

Financial institutions like insurance companies play a special role in a free economy. People depend on them for future performance of contracts involving invisible services. The availability of such services, including risk identification and risk transfer, encourages investment and promotes economic development, but only if people have confidence in the soundness of the institutions. The International Insurance Foundation helps developing countries establish vibrant markets for efficient transfers of risk by improving the quality of supervision and the performance of the industry.

Cooperation among regulators and common regulatory standards facilitate strong prudential supervision in all markets with the least burden to providers and consumers. In cooperation with the International Association of Insurance Supervisors, the IIF sponsors regional workshops that allow regulators from different countries to share information about the best practices of insurance regulation. IIF technical assistance to countries moving toward freer markets helps to guide the reform process and implement sound regulatory processes.

The IIF also works with industry bodies and educational institutions to encourage professional development for industry personnel. In addition to joint programs with local institutions, the IIF assists them in curriculum planning and identification of suitable educational materials. Over time these local institutions will develop the human capital needed for the insurance industry to perform at the highest level and to inspire public confidence.

The IIF strives to be a catalyst, leveraging its limited resources by investing them in programs receiving matching support from local markets and from governments and multilateral agencies. It conducts seminars, advises policy makers, and publishes research studies related to its mission. Its main research themes are transparency, regulatory standards, capital adequacy, risk transfer techniques, and case studies of emerging insurance markets.

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