This report provides the aggregate assessment results and observations from the IAIS peer review process (PRP) on the topic of “Reinsurance and other forms of risk transfer” covering standards set out in Insurance Core Principle 13 as adopted in November 2017.
The IAIS has issued two publications today: 1) The report of the 2025 Targeted Jurisdictional Assessment (TJA) evaluating six jurisdictions supervising 10 Internationally Active Insurance Groups (IAIGs); and 2) A report on progress made by the 10 original jurisdictions in addressing implementation gaps identified in the 2022 TJA.
The 2025 progress monitoring exercise reviews the progress of 10 jurisdictions assessed in the 2022 TJA, including Canada, China, Hong Kong, France, Germany, Japan, the Netherlands, Switzerland, the United Kingdom, and the United States.
The 2025 TJA report assesses the implementation of Holistic Framework standards across Australia, Bermuda, Italy, Singapore, South Africa, and Spain, focusing on IAIG determination, macroprudential supervision, liquidity risk management and disclosure, as well as crisis management, recovery planning, and resolution frameworks.
The report highlights the resilience of the global insurance sector and examines key sector-wide themes including growth of private credit investments, geoeconomic fragmentation and AI adoption, alongside emerging risks such as climate and cyber risks.
The IAIS will continue to enhance the Holistic Framework, including through its triennial review of its GME assessment methodology and through updates to its supervisory and supporting materials. As part of this commitment, we have published several updates today to further support its implementation.
The ancillary risk indicators in the Global Monitoring Exercise (GME) serve as a tool to facilitate the IAIS’ monitoring of the global insurance sector’s credit risk, derivatives and reinsurance. Additionally, some amendments to the liquidity metrics, specifically to the calculation of the Insurance Liquidity Ratio (ILR), are introduced.
The updated Global Monitoring Exercise (GME) document outlines the objectives and process of the GME. Revisions include an updated methodology for calculating the systemic footprint of individual insurers.
Public consultation feedback is invited by 25 February 2026. The papers are updated versions of the existing Application Papers, reflecting the updated requirements on recovery and resolution in the ICPs and ComFrame, as adopted in December 2024.
