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Challenges facing insurers: lessons from the Global Monitoring Exercise, ICS implementation, sustainability risks measurement and mitigation.

Day 1 Morning

Wednesday 21 February

Room :



Jonathan Dixon
Secretary General - International Association of Insurance Supervisors (IAIS)
Public Authorities
Gary Anderson
Commissioner, Massachussets Division of Insurance - National Association of Insurance Commissioners (NAIC)
Alberto Corinti
Member of the Board of Directors - Italian Insurance Supervisory Authority (IVASS)
Petra Hielkema
Chairperson - European Insurance and Occupational Pensions Authority (EIOPA)
Julia Wiens
Chief Executive Director Insurance and Pension Funds Supervision - Federal Financial Supervisory Authority, Germany (BaFin)
Industry Representatives
Mireille Aubry
Director of Prudential Regulation Standards & Foresight within the Risk Management Department - Covéa
Hiroshi Oota
Fellow - Dai-ichi Life Holdings, Inc.


The IAIS Global Insurance Market Report 2023 highlights some key risks and trends facing the global insurance sector. Although the overall outlook has improved compared to a year ago, there are still challenges to address. The report assesses interest rate, liquidity, and credit risks within the current macroeconomic context. Household purchasing power strains and geopolitical tensions continue to impact the global insurance outlook.

Specific shifts in the life insurance sector, such as increased investments in alternative assets and asset-intensive reinsurance, are noted. The report also emphasizes material exposures to climate change, linked to investments in climate-relevant sectors and an expected rise in natural event-related claims.

The ESAs will conduct an analysis of climate risk scenarios to assess the EU’s financial system’s resilience in financing the transition. While Solvency II is seen as effectively managing sustainability risks, EIOPA is evaluating potential dedicated prudential treatment for these risks. Additionally, the assessment of the standard formula for natural catastrophe risk in Solvency II has begun.

Regulators are adapting global and regional frameworks to address climate-related risks and to enhance risk sensitivity and comparability. These adjustments aim to align with the global implementation of the Insurance Capital Standard (ICS).

The session is thus dedicated to clarifying the risks and trends emerging in the global insurance sector and to explaining the regulatory agenda and policy priorities intended to address them not to mention the technical challenges these regulatory evolutions are confronted to.

Points of discussion

  1. What are the current challenges facing the insurance sector in the fast-evolving economic context?
  2. How is the insurance sector dealing with climate related risk?
  3. How is the IAIS assessing of the comparability of the Aggregation Method with the ICS