UNCTAD has just published a book on Trade and Development Aspects of Insurance Services, which flags key economic issues for developing countries wishing to strengthen their insurance markets.

As one of the key pillars of financial services and of the trade and development matrix, insurance services have a spillover effect on the rest of the economy and play a crucial role in economic development. The sector, which is in the midst of rapid liberalization, also holds great potential for growth, particularly in the developing world.

The book highlights the importance of effective regulatory and supervisory frameworks and the challenges faced by developing countries in setting them up. It also points out specific types of insurance schemes and products that could facilitate the development process and examines relevant developments at the WTO.

The publication draws heavily on national experiences in China, Guatemala, India and Africa.