19th January 2022
The International Association of Insurance Supervisors (IAIS) has published its 2022-2023 Roadmap. The Roadmap outlines the projects and activities that form the IAIS’ work programme over the next two years, guided by the IAIS’ Strategic Plan 2020-2024.
“As we arrive at the mid-point of the 2020-2024 Strategic Plan, the 2022-2023 Roadmap builds on the lessons learnt from responding to the new circumstances brought about by COVID-19, while also looking ahead to the risks and challenges insurance supervisors are and will be facing in the near future”, commented IAIS executive committee chair, Vicky Saporta.
The 2022-2023 Roadmap sees a prioritisation of the IAIS’ activities focussed in five primary areas:
-Assessing trends and risks in the global insurance sector– notably through the Global Monitoring Exercise(GME)–an important pillar of the Holistic Framework for the assessment and mitigation of systemic risk;
-Finalising the development of global standards, in particular, the Insurance Capital Standard(ICS) for internationally active insurance groups IAIGs);
-Promoting effective supervisory practices, particularly in responding to accelerating trends in the global insurance sector;
-Supporting the implementation of agreed global standards and assessing their comprehensive and consistent implementation; and
-Enhancing efficient and effective IAIS operations and transparent communication.
COVID-19 amplified many of the trends that the IAIS identified as relevant to the global insurance sector. In response, in 2022-2023, the IAIS will strengthen its consideration of these accelerating trends from a supervisory perspective.
Notably, the IAIS will continue to advance its ambitious work programme on climate risk. It will also continue work on promoting good supervisory practices in the key areas of digital transformation, cyber risk, culture and conduct, financial inclusion and sustainable development. In 2022-2023, the IAIS will add a focus on diversity, equity and inclusion in the insurance sector, particularly related to interlinkages with insurers’ culture and governance.
In progressing efforts in these areas, the IAIS will continue to work with its partners, while also consulting and collaborating with stakeholders and members.
Overall, the 2022-2023 Roadmap presents an ambitious, but achievable, programme of work focused on areas of key interest for the members and stakeholders of the IAIS.
IAIS Trends(161 articles)