From the Desk of the Secretary General – March 2025

By Jonathan Dixon

Tackling insurance protection gaps and fostering societal resilience to natural catastrophe (NatCat) risks demands decisive and coordinated action from all stakeholders. As the global association of insurance supervisors, the IAIS is uniquely positioned to contribute to multi-party solutions, drawing on the collective expertise of our membership.

Our growing involvement in the global policy-setting space is reflected in our recent invitation to contribute to the G20 Sustainable Finance Working Group (SFWG), under the South African G20 Presidency. Building on our established work in this area, we are developing a paper focused on multi-party solutions to addressing NatCat insurance protection gaps, providing valuable insights and recommendations to support global efforts in this area. This contribution underscores the critical role of insurance in enhancing climate resilience and financial stability, and reflects the growing importance of addressing insurance protection gaps on the global policy agenda.

This effort is a testament to collaboration. The report will focus on how governments, insurance supervisors, industry and other stakeholders need to work together to find solutions to NatCat protection gaps. Partnering with the World Bank and informed by a survey of our members — particularly those from Emerging Market and Developing Economies — we are shaping actionable recommendations. These insights will also support the World Bank’s Finance and Prosperity report, showcasing the alignment of our work with broader international efforts.

The Chair’s summary from the first Finance Ministers and Central Bank Governors (FMCBG) meeting in late February recognised our contribution to the G20 agenda on insurance protection gaps, as well as the finalisation of the Insurance Capital Standard (ICS) in December 2024. These acknowledgements highlight the IAIS’ growing prominence in advancing global financial reforms and strengthening the resilience of the insurance sector.

Our involvement in the G20 process has also provided a platform to engage with a broad range of partners with expertise on this topic, including the Consultative Group for Assisting the Poor (CGAP), the Insurance Development Forum (IDF), the OECD, and the UN World Food Programme.

At the G20 meeting in February, Finance Ministers and Central Bank Governors discussed enhancing the availability and affordability of insurance, including reinsurance, recognising that this can play a significant role in managing the financial impact of natural catastrophes. They also looked forward to the development of practical recommendations to enable countries to address NatCat insurance protection gaps in line with their own priorities.

As we prepare to present our G20 paper in June, ahead of its publication in July, we are also looking beyond this immediate milestone. The IAIS will continue to build on this work, aiming to build a toolbox of practical solutions to address insurance protection gaps and support financial resilience in the face of growing NatCat risks.

In parallel, we are intensifying our focus on other critical issues reshaping the insurance sector. This includes our work on structural shifts in the life insurance sector, where through coordination with the Financial Stability Board (FSB) and our membership, including the International Monetary Fund (IMF), we ensure a globally cohesive approach to addressing these transformative changes. These efforts aim to deepen the understanding of the evolving landscape and ensure that the sector and supervisors across borders remain equipped to meet emerging challenges, ensuring policyholder protection.

Together, these initiatives reflect the IAIS’ increasing contribution, not only within the insurance supervisory community but also in the broader global policy-setting arena. By fostering collaboration and providing thought leadership, we are committed to supporting the insurance sector to play its key role in building societal resilience.