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The International Association of Insurance Supervisors (IAIS) has concluded its 27th Annual Conference preceded by the Annual General Meeting of Members (AGM) and several weeks of Committee meetings during which the IAIS finalised numerous projects, discussed the impact of Covid-19 on the global insurance sector, as well as the associated supervisory responses, and set the direction for 2021.
“Despite the impact of Covid-19, the IAIS met its key milestones in 2020 and is well-positioned
to deliver on its future work plan”, said Vicky Saporta, Chair of the IAIS Executive Committee.
She continued: “Our future work is focussed on the ongoing assessment of potential
vulnerabilities arising from Covid-19, the finalisation and implementation of key reforms and
supporting our members in responding to accelerating trends, like climate change and digital
transformation.”
The meetings and events were held virtually, allowing for more participation than in past
events. The AGM gathered 329 participants, while the Annual Conference attracted 720
attendees. The virtual sessions afforded insurance supervisors and stakeholders a unique
opportunity to discuss globally significant matters currently impacting the insurance sector and
gain knowledge on current and planned IAIS activities.
The 27th Annual Conference programme included panels on climate risk management in the
insurance sector and on reducing the insurance protection gap. A virtual IAIS Town Hall
provided an opportunity for members of the Executive Committee and the Secretary General
to give an update on the activities of 2020 and share plans for 2021. This was followed by an
interactive Q&A session to exchange ideas and perspectives with IAIS members and
stakeholders.
At the IAIS Annual General Meeting, members approved the 2019 Annual Report, welcomed
five new members to the IAIS (Agência Angolana de Regulação e Supervisão de Seguros
(Angola), Financial Services Regulatory Authority of Ontario (Canada), International Financial
Services Centres Authority (India), National Bank of Ukraine (Ukraine) and the Insurance and
Pensions Commission (Zimbabwe)) and elected new Executive Committee members.Important leadership announcements include the re-election of Vicky Saporta, Executive
Director, Prudential Policy at the Bank of England, as Chair of the IAIS Executive Committee
for a third term for a period of two years and the reappointment of Jonathan Dixon as IAIS
Secretary General for a further three years. Executive Committee members welcomed the
continuity in leadership as the IAIS helps its members navigate the current pandemic crisis
and maintains its momentum in delivering the ambitious goals set for the coming years.
At its recent meetings, the IAIS Executive Committee reviewed the analysis of quantitative
and qualitative data from the IAIS’ Global Monitoring Exercise (GME), which is part of its
Holistic Framework. Data for the GME is collected directly from insurance groups and
supervisory authorities around the world. Put in place just last year, the GME was quickly
adapted to assess the impact of Covid-19 on the global insurance sector. Findings will be
published in the Global Insurance Market Report (GIMAR) next week.
Furthermore, the IAIS Executive Committee determined four overarching priorities for the
coming years:
1. Risk assessment and the maintenance of financial stability, including ongoing
assessment of potential vulnerabilities arising from the impact of Covid-19;
2. Delivering on key post-crisis reforms, including further refinement of the ICS during the
current five-year monitoring period and the consistent implementation of the Holistic
Framework;
3. Addressing the risks and opportunities of key trends, especially those accelerated by
the Covid-19 crisis, like technological innovation, cyber risk, climate risk and financial
inclusion to address the protection gap. Diversity and inclusion and helping Emerging
Market and Developing Economies shift to risk-based supervision will also factor
heavily in IAIS work; and
4. Implementation support and assessment, specifically reinforcing our extensive
programme of member support to help insurance supervisors understand and
implement our standards.
These priorities will be codified in the IAIS Roadmap 2021-2022, which will be published in
early-2021.
Already a pioneer in the area of standard-setting for climate risk, the IAIS is now the first global
standard-setting body to adopt an environmental policy aimed at guiding its own performance
on environmental issues. The policy, published on 2 December 2020, sets out clear objectives
and metrics by which to measure progress in the reduction of the IAIS’ carbon footprint.
Climate risk and sustainability are key themes of the IAIS Strategic Plan 2020-2024, including
its partnership with the UN Environmental Programme’s Sustainable Insurance Forum.
IAIS Secretary General Jonathan Dixon noted: “As with all our members and stakeholders,
this has been an incredibly demanding year, but we have demonstrated continued delivery,
supported by a rapid adjustment to the new normal of remote work and virtual engagements.
Covid-19 has underscored the importance of being able to find global solutions to global
challenges, and the importance of international cooperation, collaboration and being able to
speak a common supervisory language. Our global efforts are more important than ever.”
The 27th Annual Conference programme, presentation and replay videos can be accessed
here.