Established in 1994, the IAIS is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums. It is the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and guidance as well as supporting material for the supervision of the insurance sector. The IAIS mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
The Application Paper was developed following extensive stakeholder and member engagement including four public consultations. The paper will support supervisors in effectively integrating climate-related risk into their supervisory practices to strengthen the resilience of the global insurance sector.
Read the latest news from the IAIS. Learn more about the Issues Paper on structural shifts in the life insurance sector, which was published for consultation, and our contribution to the G20 Sustainable Finance Working Group on protection gaps and fostering societal resilience to natural catastrophe risks.
An FSI Insights note has been published today entitled “Mind the climate-related protection gap – reinsurance pricing and underwriting considerations”. The note was drafted by staff from the IAIS, BIS Financial Stability Institute (FSI) and the Swiss Financial Market Supervisory Authority (FINMA).
