GFIA Global Federation of Insurance Associations

The Global Federation of Insurance Associations (GFIA) has published its 2022-23 Annual Report, sharing information and insights on pressing issues facing the industry today.

With contributions from industry leaders and the global regulatory community, the report touches on the achievements and challenges in managing risk. These include responding to the insurance protection gap in areas such as natural catastrophes and pensions, the global regulatory framework, corporate tax rules, the underwriting of cyber risks and open insurance.

It refers to a major GFIA study published in March this year which measured the key protection gaps and made recommendations for reducing them. As the president of GFIA and president and CEO of the American Council of Life Insurers, Susan Neely, notes in the foreword, ’’Providing citizens and companies with protection from the risks they face and strengthening their financial resilience lie at the heart of the insurance business. It is what distinguishes us from other financial services industries. And the issues we tackle as insurers are, in many cases, global’’.

The report also includes opinion pieces by:

• Vicky Saporta, chair, International Association of Insurance Supervisors (IAIS), and executive director, prudential policy, Bank of England
• Shigeru Ariizumi, vice chair, IAIS, and vice-minister for international affairs, Financial Services Agency, Japan
• Petra Hielkema, fintech champion, IAIS, and chairperson, European Insurance and Occupational Pensions Authority