Insurance is an important part of the financial sector. It supports broader economic and general well‐being in developed economies in a way that is so entrenched and accepted that it is not widely recognized. In less developed markets, insurance can remain nascent for many years and then pick up through a dynamic development phase and reach a more mature phase. As will be expected, many actors contribute to this development. This report is part of a larger effort to understand the key drivers of development in insurance sectors in a range of jurisdictions especially including the role of policy and project interventions. This report contributes to two of the identified imperatives for development in particular. Development has been found to be supported by more effective policy leadership, which needs adequate and effective metrics, and by a better implemented risk‐based rather than rules-based approach to supervision.