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Implementing Risk-Based Solvency for Insurers—Lessons from Kenya, Mexico, and South Africa

Author

Listed:
  • Peter Windsor
  • Suzette J Vogelsang
  • Christiaan Henning
  • Kerwin Martin
  • Elias Omondi
  • Gerardo Rubio
  • Jooste Steynberg

Abstract

International standards and best practice supports the implementation of a risk-based solvency regime in the regulation and supervision of insurers. Several emerging market and developing economies are transitioning to such a solvency regime or planning to do so. This paper discusses Kenya, Mexico, and South Africa’s journey to putting in place a risk-based solvency regime which had several common elements notwithstanding significantly different insurance sectors. The transition was a multi-year project requiring dedicated additional resources; restructuring of the regulator, including redesigning supervisory processes and tools and upgrading information technology systems; and significantly greater coordination between the regulator and the insurance industry.

Suggested Citation

  • Peter Windsor & Suzette J Vogelsang & Christiaan Henning & Kerwin Martin & Elias Omondi & Gerardo Rubio & Jooste Steynberg, 2024. "Implementing Risk-Based Solvency for Insurers—Lessons from Kenya, Mexico, and South Africa," IMF Working Papers 2024/240, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/240
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