The 16th Ibero-American Insurance Summit will be held in Asunción on September 3rd and 4th. The event is organized by the Foundation of the Ibero-American Federation of Insurance and is officially supported by the Paraguayan government. Over 30 leaders representing the insurance, finance, regulatory, and technology sectors of Ibero-America will gather to discuss the future direction of the insurance system.
The most notable agenda item of this summit is the establishment of an insurance system for micro, small, and medium-sized enterprises (Mipymes). Mipymes form the backbone of the Ibero-American economy, yet they have been excluded from the traditional insurance market. In Paraguay, specifically, Mipymes account for 97% of all companies, but their insurance penetration rate is very low. The summit plans to hold a special workshop for Mipymes to deeply explore the challenges they face and seek practical solutions.
The workshop will discuss various strategies, including the development of coverage products for Mipymes, financial education, and customized advisory services necessary for business operations. These efforts are focused on reducing the financial risks of Mipymes and supporting their long-term growth. This is driven by the recognition that an inclusive insurance system can enhance overall economic stability and achieve inclusive growth.
The main theme of the summit is "Is it possible to rebuild insurance without a structural crisis?" This reflects a willingness to break away from the existing framework of the insurance industry and attempt innovative changes. Digital transformation and the development of Insurtech are key factors accelerating these changes. An Insurtech workshop will be held prior to the summit to analyze the impact of technological innovation on the insurance industry and explore new regulations and business models.
The outcomes of both workshops will serve as key discussion materials for the summit. With Mipymes and Insurtech as the two main pillars, participants will work together to redefine the essential value of insurance and design a new insurance system suitable for the future.
This summit is more than just a gathering of industry professionals; it's an event with significant social and economic importance. The attempt to bring Mipymes into the center of the insurance system is seen as a move to resolve economic imbalances in Ibero-America and build an inclusive financial system that benefits everyone. It is hoped that this summit will provide practical solutions for the sustainable growth of Mipymes and open a new chapter for the Ibero-American insurance industry.
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