21 May 2025
The Global Federation of Insurance Associations (GFIA) has written to the International Association of Insurance Supervisors (IAIS) calling for greater attention be given to the growing global pension protection gap.
In the letter, GFIA urges the IAIS to take steps to address the widening retirement savings gap that threatens the financial well-being of individuals and the sustainability of pension systems around the world. Referring to GFIA’s 2023 report, the federation notes that the global pension gap is now estimated at over $1 trillion annually and is expected to further grow due to ageing populations.
“Without active intervention by a range of stakeholders, it threatens the financial stability of future generations.,” said Sarah Hobbs, Chair of GFIA’s Ageing Society Working Group in the letter before adding, ‘By prioritising the pension gap in its ongoing work, the IAIS can help ensure that both regulators and insurers take concrete steps towards enhancing retirement security for all.”
GFIA reiterated its willingness to collaborate with the IAIS and offered to meet to explore how to work together to tackle this pressing global challenge.
