Lead Financial Sector Specialist

World Bank

Serap Gonulal is the Lead Financial Sector Specialist, in the World Bank. Ms. Gonulal joined the World Bank in 2007 and has been actively engaged in the designing and implementation of Insurance projects, with special focus on advisory services and design of upgrading the regulatory/supervisory capacity, creating solutions to close protection gap and for sustainable insurance sector development in life and non-life insurance around Globe. Her work particularly focuses on designing and implementing insurance technical assistance to reach untapped population to close protection gap, to provide coverage for their lives and properties to fight against poverty. Key objective in this respect is to assist countries to build insurance market infrastructure, to provide strategy to build legal framework, regulatory/supervisory capacity, to restructure state insurance companies and to promote public-private partnership for developing insurance markets in EMDEs. Working as a global lead she has promoted insurance sector liberalization, asset liability management, supervisory and regulatory technology, risk-based approach for supervisors and market players, supervisory tools for consumer protection, inclusive insurance, motor third party insurance, bancassurance and restructuring distribution channels.

She has written numerous reports and papers on the subject of insurance regulation and supervision with the World Bank and she participated in numerous Financial Sector Assessment Program missions jointly with the International Monetary Fund.

Prior to joining the World Bank, Ms. Gonulal worked for the Turkish Treasury, where, among others, she served as permanent delegate in insurance committee in OECD, Acting General Director of Insurance Regulatory and Supervisory Directorate of Turkish Prime Ministry Office, led many reforms including the establishment of Turkish Insurance Catastrophic Pool, the insurance regulatory supervisory body, formulation of the strategies for sustainable/resilience insurance sector, restructuring of products to close protection gap, liberalization and development of the insurance market, and setting up of mechanism/PPP to transfer the cat-risk management from the public sector to the private insurance sector.

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