03 July 2020

IAIS Executive Committee confirms continued focus on addressing the impact of Covid-19 on the global insurance sector while advancing key IA

The Covid-19 pandemic has underscored the importance of a resilient insurance sector...Insurers and supervisors remain vigilant to risks and vulnerabilities stemming from the pandemic, with a focus on ensuring that the sector remains financially and operationally resilient.

The ExCo also held two far-ranging discussions with a broad group of stakeholders to examine the critical issues affecting the insurance sector due to Covid-19:
ExCo Stakeholder Dialogue, 25 June 2020

• The ExCo Dialogue provided an interactive virtual format for the IAIS to share information on its 2020–2021 Roadmap activities and exchange perspectives with stakeholders on the impact of Covid-19 on their current and future focus, as well as discuss critical issues and trends related to or accelerated by the pandemic. Stakeholder input will be used to inform the IAIS future work programme. Over 350 stakeholders joined the event. The replay is now available.

CRO Roundtable, 30 June 2020
• The CRO Roundtable provided an opportunity for ExCo members to engage with a representative cross-section of CROs from IAIGs and exchange views on the supervisory and policy responses to Covid-19 to date, as well as to reflect on the key risks and vulnerabilities facing the sector in the coming months. Input from this Roundtable will inform the IAIS’ forward-looking qualitative assessment of risks, to complement our targeted Covid-19 data collection from individual insurers and supervisors.

Looking ahead, the IAIS will continue to assess and address the implications of Covid-19 on the global insurance sector and actively coordinate with the Financial Stability Board (FSB) and other standard-setting bodies on cross-cutting financial system issues. Further steps will be taken, as necessary, to coordinate the actions taken by IAIS Members to mitigate the impact of Covid-19 on the insurance sector, while concurrently ensuring such actions do not roll back regulatory reforms or compromise the underlying commitment to the finalisation and implementation of international standards to safeguard policyholders and contribute to the maintenance of financial stability.

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