IAIS Annual Conference 2025
The IAIS Annual Conference 2025 took place on 13-14 November in the vibrant city of Tirana, Albania.
The conference brought together more than 500 participants from more than 110 jurisdictions.
The Annual Conference 2025 was themed “Navigating uncertainty: Enhancing societal resilience amidst growing complexity,” and featured an excellent line-up of speakers, thought-provoking panel discussions and interactive roundtables to provide valuable opportunities for meaningful engagement on key issues.
We explored:
• The importance of global collaboration to tackle pressing socioeconomic challenges, such as the impact of extreme weather events and accelerated digital transformation;
• Structural shifts in the life insurance sector; and
• The critical role of insurance in strengthening overall societal resilience.
Conference participants heard from the IAIS’ leadership, including newly the elected IAIS Executive Committee Chair, Toshiyuki Miyoshi, as they reflected on this year’s achievements and shared insights into the IAIS’ work programme for 2026. Newly appointed IAIS committee chairs presented the new committee structure and mandates.
A special thank you to the Albanian Financial Supervisory Authority (AFSA) for hosting the event.
Welcome remarks by Mimoza Kaçi
Mimoza Kaçi, General Executive Director AFSA, provided brief opening remarks, and welcomed the IAIS, members and stakeholders to Tirana.
Mimoza Kaçi – General Executive Director AFSA
Welcome remarks by Jonathan Dixon
IAIS Secretary General Jonathan Dixon provided welcome remarks, thanking Mimoza Kaçi, General Executive Director of the Albanian Financial Supervisory Authority and her team for the generous hospitality in hosting the IAIS Annual Conference this year and in making this milestone event possible.
Jonathan Dixon – IAIS Secretary General
Opening remarks from the Prime Minister of Albania
H.E. Edi Rama, the Prime Minister of Albania, highlighted the growing challenges facing the world today, emphasising that risks such as climate change, cyber threats, and global market fluctuations know no borders.
The Prime Minister stressed that these interconnected issues demand innovative and inclusive solutions, warning that inaction is no longer an option as it comes with significant costs to daily life.
Speaking on the role of the insurance sector, the H.E. Edi Rama acknowledged the difficult choices the sector faces turning risk into resilience and shared security. While it is impossible to predict every calamity, he shared his view of the importance of taking proactive steps to prepare for and mitigate risks. “To secure a sustainable future, we must adopt a holistic approach,” the Prime Minister stated.
The Prime Minister called for greater regional and global collaboration, saying: “Together we can amplify our impact through regional collaboration because the risk are not confined by borders thus our strategies must not be either.” He stressed the need to educate citizens to improve financial literacy, as this would empower individuals to take informed decisions and view insurance as not just a safety net but a vital investment in the future.
The Prime Minister’s presence underscores the critical role of the insurance sector in addressing today’s societal challenges and highlights the significance of the IAIS in fostering global collaboration to tackle these issues.
H.E. Mr. Edi Rama – Prime Minister of Albania
IAIS Executive Committee leadership dialogue
The ExCo leadership dialogue opened with remarks from Shigeru Ariizumi, Former IAIS Executive Committee (ExCo) Chair, Toshiyuki Miyoshi, newly elected ExCo Chair, and Jonathan Dixon, IAIS Secretary General.
Shigeru Ariizumi reflected on his two-year tenure as ExCo Chair, highlighting three key milestones:
• The finalisation of the Insurance Capital Standard (ICS) as a prescribed capital requirement for Internationally Active Insurance Groups (IAIGs).
• The IAIS’ strengthened collaboration with global policymakers, including contributions to the G20 Sustainable Finance Working Group on natural catastrophe (NatCat) protection gaps and the publication of a Global Insurance Market Report (GIMAR) on the financial stability implications of these gaps.
• The adoption of the IAIS Strategic Plan 2025-2029, marking a shift from standard-setting to implementation.
Shigeru expressed gratitude to IAIS members and stakeholders for their support and warmly welcomed his successor.
Toshiyuki Miyoshi thanked Shigeru for his exceptional leadership – emphasising that the strong foundation will ensure continuity in the important work that has been championed during Shigeru’s tenure. Toshiyuki outlined the Associations priorities for the future, providing an outline of the governance changes which will take effect as of 1 January 2026, including a restructured committee system and mandates to enhance effectiveness in implementing the Strategic Plan 2025-2029. He also reaffirmed the IAIS’ commitment to global cooperation and risk assessment, highlighting key themes such as geoeconomic fragmentation, insurers’ adoption of AI, and increased investment in private credit.
Jonathan Dixon thanked Shigeru for his impactful contributions as IAIS Chair and welcomed Toshiyuki Miyoshi. Reflecting on his own tenure which will end in 2026, he celebrated the IAIS’ progress in addressing interconnected global risks and promoting insurance’s role in resilience and sustainable development. He emphasised the critical importance of collaboration among policymakers, supervisors, and the insurance industry in tackling societal challenges.
The following dialogue included IAIS ExCo Vice Chairs and provided insights into key challenges and opportunities for the global insurance sector and supervisory community, and strategic priorities for the Association. Topics discussed included the importance of stakeholder engagement in the IAIS’ risk assessment framework, structural shifts in the life insurance sector and the IAIS’ Issues Paper on this topic, the increasing use of AI in the sector and the implications for supervision, as well as an update on the implementation of the ICS.
The session concluded with a Q&A from the audience which included questions on the use of AI tools by insurers, how the IAIS engages with the FSB and other standard-setting bodies to ensure that the specificities of insurance are represented with regards to NBFI discussions, and a question regarding longevity protection gaps.
Shigeru Ariizumi – Past chair, IAIS Executive Committee and Special Advisor to the Minister of State for Financial Services, Financial Services Agency of Japan
Dieter Hendrickx – Chair, IAIS Macroprudential Committee and Head, Prudential Policy Insurance, National Bank of Belgium
Petra Hielkema – Vice Chair, IAIS Executive Committee, IAIS FinTech Forum Chair and Chair, EIOPA
Andrew N. Mais – Vice Chair, IAIS Executive Committee, Insurance Commissioner, Connecticut and Past President, NAIC
Toshiyuki Miyoshi – Chair, IAIS Executive Committee and Vice Minister for International Affairs, Financial Services Agency of Japan
Siham Ramli – Vice Chair, IAIS Executive Committee and Director of Communication and International Relations, Autorité de Contrôle des Assurances et de la Prévoyance Sociale Morocco
Moderator:
Jonathan Dixon – IAIS Secretary General
The need for global collaboration amidst growing complexity
In this panel, moderated by new IAIS Chair Toshiyuki Miyoshi, panellists discussed the importance of effective cooperation and collaboration between insurance supervisors and the need for a strong voice for insurance in international policy discussions.
The panel also covered:
• The importance of the development of domestic capital markets and the role insurance has to play in supporting the development of these markets.
• Recognition of the significant benefits of the use of artificial intelligence (AI) in the insurance sector, however noting that increased access to individual data could have a negative impact on the crucial role of risk pooling by insurers.
• Panellists also noted the real benefit of learning from supervisors globally and the key role that the IAIS plays as a platform for these discussions.
Jon Godfread – President, NAIC and Insurance Commissioner, North Dakota
Petra Hielkema – Vice Chair, IAIS Executive Committee, IAIS FinTech Forum Chair and Chair, EIOPA
Satoru Komiya – Chairman of the Board, Tokio Marine Holdings, Inc.
Fundi Tshazibana – Deputy Governor and CEO, Prudential Authority South Africa
Shriti Vadera – Chair, Prudential plc and Chair, World Bank Private Sector Investment Lab
Moderator:
Toshiyuki Miyoshi – Chair, IAIS Executive Committee and Vice Minister for International Affairs, Financial Services Agency of Japan
Structural shifts in the life insurance sector
Moderated by Dieter Hendrickx, MPC Chair, the discussion built on the IAIS’ Issues Paper and Global Monitoring Exercise (GME) analysis on this topic, and provided a multi-stakeholder perspective on:
• Drivers and risks associated with increased investments of insurers in alternative assets. Risks highlighted include added complexity, valuation challenges, illiquidity, transparency issues, and a lack of standardised data and reporting. How insurers and supervisors are assessing and addressing these risks.
• How supervisors are navigating the challenges associated with asset-intensive reinsurance.
Panellists agreed that these structural shifts are here to stay, and likely to continue evolving. They emphasised the importance of staying at the forefront of understanding their underlying characteristics. Panellists discussed various challenges and issues needed to adequately respond to these structural shifts, including the need for understanding of risks through stress testing and scenario analysis, investment in supervisory capability and resources, risk-based capital requirements, consistent terminology among supervisors (aided by the IAIS Issues Paper), and robust asset-liability management and risk management by insurers.
An audience poll also revealed that private credit was viewed as the most prominent alternative asset.
Gaston Gelos – Deputy Head of the Monetary and Economic Department and Head of Financial Stability, Bank for International Settlements
Doug Ommen – Insurance Commissioner, Iowa
Samuel Ramos – Chief Legal Officer, Global Atlantic Financial Group
Thea Utoft Høj Jensen – Director General, Insurance Europe and Secretary General, Global Federation of Insurance Associations
Vicky White – Director of Insurance and Cross-Sectoral Policy, Prudential Regulation Authority UK
Moderator:
Dieter Hendrickx – Chair, IAIS Macroprudential Committee and Head, Prudential Policy Insurance, National Bank of Belgium
The contribution of insurance to societal resilience
The discussion highlighted the critical importance of innovative and scalable insurance solutions and how these can foster financial inclusion, address protection gaps, and help communities better navigate uncertainty.
Collaboration among stakeholders supported by clear communication and shared goals was underscored as a cornerstone for achieving meaningful progress to enhance societal resilience. This conversation set the stage for two parallel roundtables which explored these topics in greater detail.
Christine Cupitt – CEO, Council of Australian Life Insurers
Bill Marcoux – Co-chair, Law, Regulation and Resilience Policies Working Group, Insurance Development Forum
Moderator:
Siham Ramli – Vice Chair, IAIS Executive Committee and Director of Communication and International Relations, Autorité de Contrôle des Assurances et de la Prévoyance Sociale Morocco
In conversation with committee chairs: looking ahead
This session provided an opportunity to explain in more detail the changes to the IAIS committees – which will take effect on 1 January 2026 – and for the newly appointed committee chairs to introduce themselves.
The introduction of the new committees MRC, SSC, and IAC is designed to align the IAIS’ governance and operations for effective delivery of the Strategic Plan 2025-2029. The SSC will oversee standard-setting and implementation support, combining these complementary activities to strengthen supervisory practices. The IAC will focus exclusively on implementation assessments, while the MRC continues to monitor and assess risks and trends in the global insurance sector. The introduction of a co-chair model for the SSC, with one chair from an emerging market and developing economy (EMDE) jurisdiction, underscores the IAIS’ commitment to inclusion.
The chairs also highlighted their priorities for 2026:
• The MRC’s key focus for 2026 will be the Global Monitoring Exercise (GME), with a revised methodology following the 2025 triennial review and updates from the Financial Stability Board’s (FSB) review of the Holistic Framework. The GME will continue to monitor systemic risks and emerging trends, sharing insights in the Global Insurance Market Report (GIMAR) and mid-year updates.
• One of the priorities for the SSC will be the topic of structural shifts in the life insurance sector, which will likely transition from risk monitoring to reviewing supervisory material and developing supporting material. This work will be closely coordinated with the MRC.
• The SSC will also support supervisory practices on strategic themes, including climate risk, digital innovation and societal resilience. A notable focus will be on updating recovery and resolution application papers following revised ICP and ComFrame standards. Public consultation on these updated papers will begin later in November. Additionally, the SSC will work with the Secretariat to strengthen capacity-building efforts, ensuring they address the diverse needs of IAIS members, particularly those in EMDE jurisdictions.
• The IAC will focus on two priorities in 2026. First, it will assess the implementation of ComFrame and the Insurance Capital Standard (ICS) through baseline self-assessments, providing insights into jurisdictions’ progress and laying the groundwork for intensive assessments. Second, the IAC will explore enhancement of assessment tools like the Member Assessment Programmes (MAP) and Self-Assessment Tool (SAT).
Farzana Badat –Deputy Commissioner, Financial Sector Conduct Authority, South Africa
Judi French – Director, Ohio Department of Insurance, USA
Dieter Hendrickx – Chair, IAIS Macroprudential Committee and Head, Prudential Policy Insurance, National Bank of Belgium
Vicky White – Director of Insurance and Cross-Sectoral Policy, Prudential Regulation Authority UK
Moderator:
Romain Paserot – IAIS Deputy Secretary General and Head of Capital and Financial Stability
Closing remarks
Jonathan closed the IAIS Annual Conference by highlighting three takeaways.
• He emphasised the continued importance of global collaboration, noting the steadfast commitment of IAIS members to work together on global solutions, even amidst geopolitical fragmentation.
• He also acknowledged the IAIS’ unique value as a body combining deep technical expertise with the ability to engage industry and consumer stakeholders, ensuring its work remains credible and authoritative. This is particularly relevant in addressing crucial issues such as the structural shifts in the life insurance sector.
• He underscored the shared commitment to supporting insurance in its vital societal role of building resilience and driving sustainable development, while urging for more purposeful and accelerated action.
Jonathan expressed his gratitude to Mimoza Kaçi and the AFSA team for their exceptional hosting of the event. He concluded by previewing the 2026 Annual Conference which will take place in China, Hong Kong on 12-13 November 2026.
Jonathan Dixon – IAIS Secretary General
Roundtables
During the conference, there was also ample opportunity for more focused discussions through various roundtables, focused on financial stability, NatCat events and affordability. Furthermore, the conference provided an opportunity for members and stakeholders to learn more about the wide offering of capacity building and implementation support through a dedicated “Implementation Café”.
Roundtable moderators and speakers were able to report back key findings from their discussions to the plenary immediately afterwards, to enable broader engagement on these topics and providing insights for all participants – including those who could not attend the roundtable.
Financial stability and private credit
Moderated by Gareth Truran, Executive Director of Insurance Supervision at the UK Prudential Regulation Authority, the session brought together supervisors, insurers and other stakeholders to exchange insights on this fast-growing asset class and its implications for financial stability. The session explored key themes shaping the IAIS’ work:
- The definition of private credit
- Key risks of private credit assets
Participants considered the breadth of private credit, including direct lending, infrastructure debt, real estate and mortgage-related investments, securitised products and private credit funds. They also examined potential risks such as credit risk, liquidity risk and valuation uncertainty.
These discussions highlighted the growing need for enhanced governance, transparency and supervisory frameworks to effectively manage these risks while ensuring financial stability as private credit becomes a larger part of insurers’ portfolios.
Keeping Insurance Affordable and Valued
Moderated by Rudy van Leeuwen, Chair of the IAIS Market Conduct Working Group and featuring Brenda Cude, PhD, Professor Emerita, University of Georgia, the discussion covered actionable strategies for meeting customer needs and fostering trust, including:
- Delivering value: Build trust by educating customers early, simplifying claims processes, and ensuring transparency in coverage, exclusions and refunds.
- Affordability: Ensure affordable basic products, leverage digital innovation to reduce costs, and collaborate with governments to explore subsidies.
By focusing on customer-centric solutions, transparency and innovation the insurance industry can address misconceptions, improve accessibility, and ensure insurance remains a trusted tool for resilience and inclusion.
Financial stability and NatCat insurance protection gaps
Moderated by Fiona Woods, IAIS-Protection Gaps Task Force Chair, the roundtable on quantifying potential financial stability impact of NatCat protection gaps opened with a presentation by Hanne van Voorden, IAIS Head of Supervisory Practices and Operations of the recently published Global Insurance Market Report special topic edition.
Participants emphasised the need to communicate to different stakeholders the value of addressing data and model gaps. This can motivate different parties to effectively contribute in multistakeholder collaboration necessary to address these gaps. Also, the roundtable stressed the importance of consistent data and model standards.
Addressing NatCat protection gaps
Mderated by Yoshihiro Kawai, Chairman, GAIP, focused on the policy initiatives to improve resilience to NatCat protection gaps. It opened with a presentation from Peter Hofinger, Deputy CEO at VIG. The discussion emphasised that addressing protection gaps requires a holistic approach, requiring buy-in from government, supervisors, society and the insurance industry.
Implementation Café
The IAIS and its implementation partners provided insights into the range of trainings and tools designed to strengthen supervisory skills and build knowledge on emerging risks and trends. The IAIS Secretariat and our implementation partners showcased their resources, how to access them and the value they can bring to supervisors in their daily work.
For more information about the work of our partners, visit:
- Access to Insurance Initiative (A2ii) | CGAP
- Financial Stability Institute (FSI)
- Frankfurt School of Finance & Management
- International Actuarial Association (IAA)
- Toronto Centre
Members were also reminded of the various offers of the IAIS itself, including the self-assessment tool and CLIMADA related to natural catastrophes.
1) Private credit
Moderator:
Gareth Truran – Executive Director for Insurance Supervision, Prudential Regulation Authority UK
2) Quantifying potential financial stability impact of natural catastrophe protection gaps
Hanne van Voorden – IAIS Head of Supervisory Practices and Operations
Moderator:
Fiona Woods – Chair, IAIS Protection Gaps Task Force and Senior Policy Specialist in the Policy and International Directorate, Central Bank of Ireland
3) Policy initiatives to improve resilience to natural catastrophe events
Peter Höfinger – Deputy General Manager, and Deputy Chairman of the Managing Board, Vienna Insurance Group Holding
Moderator:
Yoshihiro Kawai – Chairman, OECD Insurance and Private Pensions Committee; Chairman, Southeast Asia Disaster Risk Insurance Facility and Chairman, Global Asia Insurance Partnership
4) Keeping insurance affordable and valued by customers
Brenda J. Cude – Professor Emerita, Department of Financial Planning, Housing and Consumer Economics, University of Georgia
Moderator:
Rudy van Leeuwen – Chair, IAIS Market Conduct Working Group and Manager, Insurance Supervision, Dutch Authority for the Financial Markets
5) Implementation Café
Partners:
– Access to Insurance Initiative (A2ii) | CGAP
– Financial Stability Institute (FSI)
– Frankfurt School of Finance & Management
– International Actuarial Association (IAA)
– Toronto Centre
Photo gallery
H.E. Mr. Edi Rama
Prime Minister of Albania
Past chair, IAIS Executive Committee and Special Advisor to the Minister of State for Financial Services, Financial Services Agency of Japan
Deputy Commissioner, Financial Sector Conduct Authority of South Africa
Professor Emerita, Department of Financial Planning, Housing and Consumer Economics, University of Georgia
CEO, Council of Australian Life Insurers
IAIS Secretary General
Judi French
Director, Ohio Department of Insurance, USA
Deputy Head of the Monetary and Economic Department and Head of Financial Stability, Bank for International Settlements
President, NAIC and Insurance Commissioner, North Dakota
Chair, IAIS Macroprudential Committee and Head, Prudential Policy Insurance, National Bank of Belgium
Vice Chair, IAIS Executive Committee, IAIS FinTech Forum Chair and Chair, EIOPA
Deputy General Manager, and Deputy Chairman of the Managing Board, Vienna Insurance Group Holding
General Executive Director, Albanian Financial Supervisory Authority
Yoshihiro Kawai
Chairman, OECD Insurance and Private Pensions Committee
Chairman, Southeast Asia Disaster Risk Insurance Facility
Chairman, Global Asia Insurance Partnership
Chairman of the Board, Tokio Marine Holdings, Inc.
Vice Chair, IAIS Executive Committee, Insurance Commissioner, Connecticut and Past President, NAIC
Co-chair, Law, Regulation and Resilience Policies Working Group, Insurance Development Forum
Chair, IAIS Executive Committee
Vice Minister for International Affairs, Financial Services Agency of Japan
Insurance Commissioner, Iowa
IAIS Deputy Secretary General and Head of Capital and Financial Stability
Vice Chair, IAIS Executive Committee and Director of Communication and International Relations, Autorité de Contrôle des Assurances et de la Prévoyance Sociale Morocco
Chief Legal Officer, Global Atlantic Financial Group
Executive Director for Insurance Supervision, Prudential Regulation Authority UK
Deputy Governor and CEO, Prudential Authority South Africa
Director General, Insurance Europe and Secretary General, Global Federation of Insurance Associations
Chair, Prudential plc and Chair, World Bank Private Sector Investment Lab
Chair, IAIS Market Conduct Working Group and Manager, Insurance Supervision, Dutch Authority for the Financial Markets
IAIS Head of Supervisory Practices and Operations
Director of Insurance and Cross-Sectoral Policy, Prudential Regulation Authority UK
Chair, IAIS Protection Gaps Task Force and Senior Policy Specialist in the Policy and International Directorate, Central Bank of Ireland
