Scaling Up Insurance for Development Impact and Reach. Creating Strategic Partnerships IFC s Value Added Proposition

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1 Scaling Up Insurance for Development Impact and Reach Creating Strategic Partnerships IFC s Value Added Proposition January 2012

2 AGENDA I. Background on IFC/WBG IFC at a Glance IFC s Global Reach Investments by Region IFC s Products and Services II. III. Insurance and Economic Growth How insurance provides development impact Insurance in Emerging Markets IFC s strategy of scaling up investment in insurance sectors in emerging markets Our insurance strategy and Value proposition IFC s insurance portfolio IV. New Areas of Focus V. IFC Contact details 2

3 I. Background on IFC/WBG 3

4 IFC: PART OF THE WORLD BANK GROUP International Bank for Reconstruction and Development, 1945 Lends to governments of middle-income developing countries International Finance Corporation, 1956 Invests and advises to promote sustainable private sector development International Development Association, 1960 Provides concessional loans to governments of the poorest developing countries International Centre for Settlement of Investment Disputes, 1966 Multilateral Investment Guarantee Agency, 1988 Provides guarantees to foreign investors against non-commercial risk 4

5 IFC AT A GLANCE 5

6 IFC S GLOBAL REACH 100+ country and regional advisory services offices worldwide 6

7 IFC IN LATIN AMERICA & THE CARIBBEAN Gulf of Mexico ATLANTIC Mexico City Santo Domingo OCEAN Port au Prince Guatemala City Caribbean Sea Port-of-Spain Tegucigalpa Managua Bogota Lima PACIFIC OCEAN La Paz São Paulo Rio de Janeiro Buenos Aires IFC Hubs IFC Country Offices ATLANTIC OCEAN 7

8 IFC INVESTMENTS BY INDUSTRY, FY11 Other sectors 0.3% Agribusiness 4% Consumer and Social Services 4% Commitments for IFC s Account: Trade Finance 38% Financial Markets 25% $12.2 Billion Telecomunications & Information Technology 3% Oil, Gas, Mining 2% Manufacturing 7% Infrastructure 13% Funds 4% 8

9 IFC INVESTMENTS BY REGION, FY11 Global 0.4% Sub-Saharan Africa 18% East Asia and the Pacific 16% Commitments for IFC s Account: $12.2 Billion South Asia 6% Middle East and North Africa 13% Europe and Central Asia 22% Latin America and the caribbean 25% 9

10 IFC S GLOBAL FINANCIAL MARKETS OUTSTANDING PORTFOLIO SNAPSHOT 847 clients, 1245 projects, $17 billion total portfolio as at Sept 30, 2011 Middle East & North Africa 90 clients, 119 projects $1.5 billion portfolio Eastern Europe 73 clients, 124 projects $1.8 billion portfolio Southern Europe & Central Asia 117 clients, 185 projects $2.6 billion portfolio Latin America & Caribbean 180 clients, 267 projects $4 billion portfolio Sub-Saharan Africa 162 clients, 231 projects $1.7 billion portfolio South Asia 78 clients, 103 projects $1.3 billion portfolio East Asia & Pacific 117 clients, 174 projects $2.8 billion portfolio World 30 clients, 42 projects $1 billion portfolio 10

11 IFC S PRODUCTS AND SERVICES Senior Debt Structured Finance Mezzanine Finance Private Equity On-lending Liquidity management Acquisition financing Warehousing facilities Syndicated loans Partial credit guarantees Securitization Bond underwriting Convertible debt Subordinated debt Other Tier II instruments Common shares Preferred shares Global Trade Finance Program $3 billion program Guarantees to issuing banks 151 issuing banks in 74 countries $3.8 billion of issued guarantees in first 2.5 years of program Advisory Services Business-Enabling Environment Corporate advice, incl Risk management & Corporate Governance Environmental and Social Sustainability Infrastructure Access to Finance Sustainable Finance Carbon finance Renewable energy Supply chain financing Corporate governance financing Energy efficiency finance 11

12 II. Insurance and Economic Growth 12

13 INSURANCE AND ECONOMIC DEVELOPMENT The relationship between insurance use and growth dates back to the early days of industrialization of many of today s leading economies. Great Britain, which played a large part in contributing to the development of modern insurance market know-how and practices, turned to various forms of insurance early on, in its economic development. Between 1790 and 1862, Britain s industrial production and its demand for insurance coverage to protect its physical assets and productive capacity increased almost in tandem. This relationship between business expansion and fire insurance consumption (by creditors and investors who wished to protect their ownership interests in industrial infrastructure) reflects the persistent demand for property-liability insurance that is generally seen during economic expansions worldwide. 13

14 INSURANCE AND ECONOMIC GROWTH World Bank Study, 2006: Robust evidence of a causal relationship between insurance market activity and economic growth, using dynamic models of panel data for 56 countries and for the period. Both life and non-life insurance have a positive and significant causal effect on economic growth. Regarding the individual impact of insurance variables, an increase in one standard deviation in life insurance premiums to GDP, ceteris paribus, would imply an increase of 0.37 percent in economic growth. In the case of non-life insurance premiums to GDP, an increase of one standard deviation would have a larger impact on economic growth of 0.39 percent. Finally, a one standard deviation increase in total insurance (life plus nonlife insurance premiums to GDP) would increase real GDP per capita growth by 0.47 percent. 14

15 LINK OF INSURANCE TO ECONOMIC GROWTH USAID Study, 2006: Multiple studies testing the causal relationship have found evidence that insurance market development is a supply-leading phenomenon, backed up by rigorous methodological data analysis, advancing the conclusion that insurance is an agent, and not just a by-product, of growth. Eight out of nine classes of insurance showed evidence of causing economic growth in the UK. In large, multiple-country study, using different econometric techniques, insurance penetration was robustly indicative of increase in growth rate of real GDP per capita in 55 countries over the period from 1980 to Insurance markets do not develop adequately without both public and private sector investment in their infrastructure. 15

16 S-CURVE 16

17 HOW INSURANCE PROVIDES DEVELOPMENT IMPACT 17

18 HOW INSURANCE PROVIDES DEVELOPMENT IMPACT Risk Insulation: Risk Management: Economic Multiplier: Capital Market Development: Increased Social Stability: Efficient Government: Insurance enables households, businesses, asset buyers, investors and lenders to take on more risk than they could underwrite individually, creating more businesses and jobs Formalize RM practices, leading to economic efficiency, stability and poverty reduction Fund accumulation, esp. tied for longer terms, enables insurers to better deploy long-term investments than banks into the regional economy, enhancing private enterprise and supporting economic development Substantial savings / funds accumulated by insurers invested in bonds and stocks deepen capital markets. As institutional investors, insurers encourage stronger corporate governance and greater transparency. Insurance assists in diversifying risks, leading to stability in unplanned disasters and potential social / financial consequences at household and society level Reduces demands on overburdened and inefficient government risk protection plans in pensions, health, and disaster recovery. 18

19 DEVELOPMENT IMPACT Insurance provides high development impact at each stage of market development and is necessary for efficient job creation: In IDA countries, In IDA and Low Income markets, In Middle Income markets, CAT insurance and micro-insurance provide a means to insulate the most vulnerable populations and help stabilize jobs and incomes P&C insurance enables businesses and asset owners to spread their risks. This makes business and equipment investments possible. These investments would be unlikely to occur, or would occur less frequently, if investors had to bear all of the risk. So P&C insurance increases business formation, asset investment and job creation. as GDP per capita approaches $6K or more for a significant segment of the population, life insurance markets take-off. Life insurance creates a source of stable, long term funding that enables longer term financing and the development of deeper capital markets that can finance infrastructure and housing and more robust equity markets creating further jobs in an economy 19

20 DEVELOPMENT IMPACT Insurance companies specialize in diverse lines, each with a unique impact on development Agro Health Vehicle Life Pension Home SME Commercial Surety Trade/Credit Workers Comp Title Increased investment/production, disaster recovery, access to finance, risk management, reduced government burden Increased household stability, more risk taking by households, access to health, health management, reduced government burden Asset and income stability for households and small enterprises Income stability for households, more risk taking for households, facilitates lending Promotes savings, deepens capital markets, reduces dependency, reduces government burden Increased household stability, disaster recovery Increased risk taking by SMEs, investment and employment Increased risk taking by companies, investment and employment Supports infrastructure investment, efficient government contracting and contract management Increased international and domestic trade, investment and employment, facilitates lending Increased household and SME stability, increased risk taking by households and businesses, reduces government burden Increased investment in land, housing and real estate 20

21 DEVELOPMENT IMPACT Insurance companies specialize in diverse lines, each with a unique impact on development Reinsurance Deploy capital and knowhow across broad geographies, including a wide range of hard-to-reach smaller countries and insurers. Ability to deploy equity-like capital while avoiding control issues. Responsible for new product introduction /development and dissemination of pricing, underwriting, claims and risk management skills in emerging markets. Support new products through high retention, e.g. agro, health, giving primary insurers the confidence to roll out new products. Increased coverage of emerging market catastrophes, not only allowing faster disaster recovery and social stability, but also higher insurance capacity across catastrophe-prone lines such as home insurance Regional insurers can focus on analyzing and pricing smaller local risks, providing stable capacity and pricing, independent of major developed country loss events. Significant IFC team experience 21

22 INSURANCE IN EMERGING MARKETS 22

23 EMERGING MARKETS ARE LEFT OUT Region Premium (in USD million) Real Growth Premium (% of GDP) Premiums Per Capita (in USD) N. America 626,066-3, ,855.6 LA & Caribbean 40, Western Europe 1,025, ,022.4 Central and Eastern Europe 25, South & East Asia 164, Middle East and Central Asia 7, Oceania 43, ,281.5 Africa 37, World 2,490, Industrialized countries 2,218, ,174.4 Emerging Markets 271, Insurance Penetration in Emerging Markets: 27% of developed countries, with an annual per capita expenditure of only 2% of that written in developed countries. 23

24 EMERGING MARKETS ARE LEFT OUT Insurance Deepening is also expected in EMs This alone could double EM Markets over the coming years $ billions GDP Bank Assets Insurance Assets % Bank Assets Insurance Assets to GDP United States 14,119 14,163 6,671 47% 47% France 2,656 8,771 2,188 25% 82% Germany 3,339 5,059 1,844 36% 55% Netherlands 797 2, % 61% United Kingdom 2,179 10,708 2,808 26% 129% Japan 5,069 8,847 2,785 31% 55% Emerging market 17,962 15,948 2,454 15% 14% World 57,843 92,970 20,383 22% 35% Source: IMF - Global Financial Stability Report, TheCityUK - Fund Management Report 2010 and estimations from the Insurance Information Institute 24

25 Total Premiums ($ millions) POTENTIAL OPPORTUNITIES IN EMERGING MARKETS Regional Comparison: Population, Premiums & Penetration $250,000 $200,000 Africa / CAF Africa excl SA $150,000 Middle East / MENA Asia / CEA Asia excl China / India $100,000 Latin America / LAC Europe / SECA $50,000 $- 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Insurance Penetration (Premium as a % of GDP) 25

26 III. IFC s strategy of scaling up investment in insurance sectors in emerging markets 26

27 INSURANCE: DEVELOPMENTAL ROLES Improve Financial Intermediation and Stability Corporate Governance / Privatization Risk Management Pricing / Cost management New products Improve Access to Finance Life / Health / Pension P & C Micro-Insurance Cat Protection Market risk mitigation: funding & guarantees Improve Institutional Capabilities Training and development of: Actuaries Finance People Intermediaries Consultants and Advisors Fund Management Skills Asset Market development Improve Development Sustainability Building entrepreneurial capacity Enhancing underwriting competence Global networking Supporting innovation Providing Insurance & TA services. 27

28 HOW OUR INSURANCE STRATEGY HELPS MEET RETURN TARGETS Returns Insurance Industry growth is very high in emerging markets Average Insurance growth in EMs is nearly 15% per year In addition, Insurance penetration as a % of Bank assets is low in EMs For this reason, insurance investments in emerging markets generally provide superior returns on equity, if selected for consistent profitability The most attractive returns will come from larger more developed markets in Asia, Latin America and Central and Eastern Europe However, even in smaller less developed markets, returns have been acceptable. Diversification Insurance provides diversification to IFC s FM portfolio Non-life insurers (most of the EM market), have low correlation with the credit cycle on the liability side, and moderate correlation of the asset side During the recent banking crisis, limited failures were driven by bank-like activities of affiliated companies, niche sectors (e.g., mortgage insurance) and complex life guarantees /optionality offered mostly in developed markets Development Goals Policy count, lives covered, pension participants 28

29 DELIVERY PLATFORM GLOBAL PARTNERSHIPS PRODUCT EXPANSION SCALE-UP INSURANCE STRATEGY - EXECUTION Dedicated insurance IOs in place Business development / processing Developing regional insurance champions Regional mapping exercise ongoing Insurance training program deployed in LAC, EMENA; Asia, Africa upcoming Pro-active involvement by specialists Initiatives with global reinsurers for broad reach and to disseminate skills: Anchor privatization/ demutualization IPOs for organizational change: Funds for small deals: Cooperation with other Development Finance Institutions Startups to introduce products or open markets: Regional reinsurers for deeper impact: South South expansion:, Leverage global crisis: Catastrophe pools, cat, agro, reinsurance JVs Health, Agribusiness, Infrastructure: Micro-Insurance: Microreinsurance facility New products such as Financial Guarantee: Leverage IFC s bank relationships for distribution Be involved in ongoing incountry and cross-border consolidation Streamlining insurance investment process (Marketing, Appraisal, Valuation, IRM, Credit, Portfolio) Invest in underperforming companies by bringing a global partner Build out advisory services: GIIF 29

30 OUR INSURANCE TEAM Head Alexander Ilkgelen Insurance Specialists Investment Officers Heinrich De Kock Martin Buehler Alexander Wellsteed Eric Brown Richard Gyles Levan Shalamberidze Peter Maina (Advisory GIIF) 30

31 STRATEGY IFC is building up its A2F insurance advisory services in coordination with Investment GIIF operational: US$10m out of US$30m disbursed. Focus on CAF, EAP, CSA IFC A2F Advisory strategy focus on Microinsurance, Agroinsurance, Health Insurance Microinsurance: three-pronged approach with a global micro reinsurance facility, advisory services to MFIs and selective investments in microinsurers Donor-funded market studies for regional expansion will be explored Closer coordination with A2F insurance advisory services needed to generate investments Leverage WB resources Coordinate on regulatory change and market gaps: arrangements already made for GIIF through a joint IBRD/IFC approach in 14 countries Investment in PPPs and national cat/agro pools IFC/IBRD Global Insurance Conference scheduled was held in June

32 OUR INSURANCE VALUE PROPOSITION: Unique Role as a Strategic Partner Political Protection: Institutional Endorsement: Distribution: Global benefits through IFC s World Bank Group / Sovereign linkages Tacit IFC seal of approval / AAA-rating: Welcomed by rating agencies and rating sensitive reinsurance clients Facilitate networking with IFC investee Banks to develop distribution channels Specialist : IFC understands the insurance business better than EM PE firms Stable Investor: Welcomed by regulators in new markets and for startups by rating agencies Innovation: Global Network: Global Advisory Services Partnering on new ideas, markets or services IFC can bring in global insurers to upgrade average / under performing companies Corporate governance, technical advisory 32

33 HOW WE LOOK AT INSURANCE BUSINESSES Market position, brand, distribution channels, efficiency Underwriting profitability Insurance product-driven risks Reserve tails (distribution of claims payments over time) Risk retention limits, catastrophe exposure, reinsurance program Interest rate and market exposure in products / ability to share risks with policyholders Liquidity risks, surrender charges, assets liability management Product guarantees and policyholder optionality Market conduct issues Asset risks: Equity, real estate, low rated bonds, affiliated/illiquid investments, reinsurance recoverables Reserve adequacy / capital adequacy models / financial leverage Regulation Valuation: Insurance DCF, actuarial valuation and embedded value 33

34 IFC S INSURANCE PORTFOLIO As of Dec 2011, IFC s Insurance Portfolio consisted of 20 clients with US$433 million committed: Europe, Central Asia & Middle East Committed Balance 74 m # Clients 3 % Insurance Portfolio 17% Latin America and the Caribbean Committed Balance 239 m # Clients 10 % Insurance Portfolio 55% Asia and the Pacific Committed Balance 66.6m # Clients 2 % Insurance Portfolio 15% Sub-Saharan Africa Committed Balance 53.4 m # Clients 5 % Insurance Portfolio 12% 34

35 EXAMPLES OF SUCCESSFUL RELATIONSHIPS Africa Region Middle East Region China Morocco Trinidad & Tobago US$10.4 million Common Shares Regional Reinsurance US$1.2 million Common Shares Regional Reinsurance China Life Re US$55.5 million Common Shares Privatization US$125 million Common Shares Regional Expansion US$50.0 million Subordinated Loan Restructuring Panama Colombia Caribbean Region Nigeria Turkey US$19 million Common and Preferred Shares Regional expansion US$75 million Common Shares Regional expansion US$100.0 million Common Shares Regional Expansion US$13.3 million Common Shares Inst. Endorsement US$100.0 million Contingent Loan Earthquake facility Latin America Region US$30 million Common Shares Regional expansion World GIIF Trust Fund Euro 24.5 million Multi Donor TA fund Global Re-facility Latin America Region US$3.0 million Common Shares Greenfield Micro-insurer Philippines US$1.5 million Common and Preferred Shares Capacity building Peru US$5 million Common Shares Low-income Microinsurer 35

36 EXAMPLES OF SUCCESSFUL RELATIONSHIPS African Reinsurance Corporation Expand the operational capacity of the African Reinsurance Corporation (Africa Re), the only Africanbased, pan-african reinsurance company. History: In 1976, African Reinsurance Corporation was founded in Cameroon by 36 member states of the African Union, with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein. As of today, Africa Re has share ownership participation by 41 African member states and some 120 insurance and reinsurance companies in addition to the African Development Bank. IFC s Involvement: Equity investment of 8% of the share capital of the company assist in the development of primary insurance markets through its insurance network across Africa. Description: The project helps to strengthen and expand the operational capacity of the African Reinsurance Corporation, the only African-based, pan-african reinsurance company, to support both the development of the leading locally based reinsurance provider in Africa and provide critical support to the growth of a healthy primary insurance market across the continent. Africa Re transacts reinsurance business in the region, creates and administers pools, assists in the establishment of national, regional and sub-regional insurance and reinsurance institutions, invests its funds in African countries in a manner that promotes the continent s development, provides technical assistance to African countries, and promotes contacts and business co-operation among insurance and reinsurance Key Lessons: Supporting regional reinsurers like Africa Re allows to promote and ensures good standards and capacity building in the region. Regional expansion platforms allow a quicker scaling up of activities. 36

37 EXAMPLES OF SUCCESSFUL RELATIONSHIPS Paralife Creation of a green-field life micro insurance company called ParaLife targeted at disabled and poor populations History: Focus on an underserved and untapped market: people with disabilities, their family members and other people in the low income and poor sectors of the population. The disabled sector is not generally served in developing markets. An IFC sponsored market study concluded that 50% of the disabled population would qualify for the life insurance products that Paralife is proposing, both in terms of their ages and types of disability. Traditional insurance companies have not entered the microinsurance field because of the perceived lack of purchasing power of the low-income segments and the cost of conventional distribution IFC s Involvement: IFC sponsored a feasibility study, providing advice to the sponsor on technical and fund-raising aspects. linking the project with micro-credit providers as viable distribution agents facilitating the roll-out of the Paralife project concept in other countries through discussions with relevant government officials and regulators; and enhancing the corporate governance framework, with particular emphasis on the role of the main sponsor and the appointment of a suitable nominee to the Board. Key Features: Paralife will bring life insurance and associated good return savings products to the poor and disabled communities that have previously been ignored by the main stream insurance industry. Paralife, through working with the disabled and local communities, will also provide training and employment opportunities for the disabled through participation in the sales and distribution of the products. 37

38 NEW AREAS OF FOCUS 38

39 GLOBAL INDEX INSURANCE FACILITY Objectives Benefits» Improve Agro lending (credit) through risk mitigation of weather; through» Development of parametric/cat and weather risk insurance; in order to» Develop sustainable local markets and local capacity» Mobilize private sector / global players» Establish knowledge management and exchange platform on Index Insurance» Reduced moral hazard, exogenous determination» Lower administrative costs» Ability to transfer CAT exposures efficiently into international markets» Versatility: Potential to bundle with other financial services» Flexibility to target diverse level of risk aggregation(dev. organizations, governments, institutions, end-users)» Simplified Risk Assessment: Does not require broad exposure data that is often unavailable. 39

40 FACILITY STRUCTURE Global Index Insurance Facility (GIIF) Technical Partners to provide GTF with GIIF Trust Fund (GTF) Funding for Development (First priority region Sub-Saharan Africa) - Technical Reinsurance Support Partial Premium Support Local Capacity Building Regulatory and Policy -Capacity Building & Knowledge Management -Co-Investments Role of the GIIF Trust Fund (GTF) - Seek Expressions of Interest, based on Requests for Proposals - Knowledge Management and Distribution Center - Facilitation of Insurance Sector Development 40

41 HEALTH INSURANCE IFC is the world s largest multilateral investor in the private health sector in emerging market: Private hospital groups, diagnostic centres, ambulatory care. We have invested $1.3 billion in 85 health projects in 35 countries. Recent investments: Max India: IFC invested >$100 million to support the growth of Max s life and health insurance business as well as the group s hospital network across northern India. Allianz Eurasia: IFC provided >$20 million to assist Allianz s expand its coverage in Russia by developing a network of clinics. Currently reviewing: Investing in a major provider of medical plans across Eastern Europe Investing in an international insurer expanding across Kazakhstan and Eastern Europe Financing employer related basic health care provision with an insurance component in South East Asia 41

42 CONTACT INFORMATION 42

43 CONTACT INFORMATION IFC Washington Office 2121 Pennsylvania Avenue, NW Washington, DC USA Alexander Ilkgelen Head Telephone: (202) Eric Brown Principal Investment Officer Financial Markets Telephone: (202) Heinrich De Kock Sector Lead - Insurance Global Financial Markets Telephone: (202) Martin Reto Buehler Principal Insurance Officer Telephone:

44 Scaling Up Insurance for Development Impact and Reach Creating Strategic Partnerships IFC s Value Added Proposition January 2012

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