Bank for International Settlements – BIS’ Post

🎥 ICYMI: Have you watched the #IAIS mini-series entitled #ICSExplained? If not, check out the first video by IAIS Executive Committee Chair Shigeru Ariizumi. 🌐 The case for a global Insurance Capital Standard (#ICS) sets the stage, explaining how the ICS will fit into the IAIS’ existing suite of standards and what benefits it will unlock for the global #FinancialSystem. 📽Watching time: 5 minutes ▶Link to the video: https://lnkd.in/dw9Vqu6p  ▶Watch the series: https://lnkd.in/ektpzV2d #IAIS2024 #IAISNews #Insurance #InsuranceNews #InsuranceSupervisor #InsuranceIndustry #InsuranceSector #FinancialStability #SupervisoryPractice #IAISICS #AggregationMethod #ICSExplained

🎬 #ICSExplained: The #InsuranceIndustry plays a vital role in our global economy, providing protection to individuals and businesses around the world. However, the financial crisis of 2008 highlighted the need for a globally consistent and robust #CapitalStandard for insurers – a global Insurance Capital Standard – or #ICS. Developing the ICS has been a complex and multi-faceted endeavour, spanning over 10 years. The IAIS is now nearing adoption of the standard, expected in December 2024. 🎞 To provide an overview of the ICS – a globally comparable risk-based measure of capital adequacy, specifically tailored for Internationally Active Insurance Groups (#IAIGs) – the IAIS has developed three 5-minute videos, explaining the business case, the development and the implementation plans for this global standard. 🎞 Today’s video is presented by Executive Committee Chair Shigeru Ariizumi. "The case for a global ICS" sets the stage, explaining how the ICS will fit into the IAIS’ existing suite of standards and what benefits it will unlock for the global financial system. 📽 Watching time: 5 minutes ▶ Link to the video: https://lnkd.in/dw9Vqu6p  Learn more about the ICS: https://lnkd.in/ektpzV2d #IAIS2024 #IAISNews #Insurance #InsuranceNews #InsuranceSupervisor #InsuranceIndustry #InsuranceSector #FinancialStability #SupervisoryPractice #IAISICS #AggregationMethod #ICSExplained

It is a challange and an honor to contribute to the implementation of macroprudential supervision of the insuramce market.

The #IAIS Year in Numbers 2023 highlights our quantifiable deliverables and provides an overview of our work last year. “We have achieved much, and the journey ahead will see an increasingly critical role for the #InsuranceSector and insurance supervisors to work together to tackle key challenges around societal resilience,” said Shigeru Ariizumi, Chair of the IAIS Executive Committee. 👉 Read the full report: https://lnkd.in/eX4Baxvz #IAIS2024 #AnnualReport #Insurance #InsuranceSupervisor #InsuranceNews #FinancialStability #SocialResponsibility #Sustainability #InsuranceIndustry

Delighted to have chaired the Operational Resilience and TPRM for the insurance sector roundtable yesterday. We discussed upcoming regulatory expectations, challenges faced in the market and shared insights and experiences related to UK Operational Resilience and third-party risks. Thanks to the GT Team Priya Prakash Iman Hussain Hoshang Kotwal Lauren Wilks Lucy Allen James Lythe #financialservices #insurance #operationalresilience

AIE Conference 50th Anniversary Topic Alert: 'The Evolution of Insurance (How the evolution of insurance is shaping the fundamentals of the business of insurance)'. Register on www.aie2024.co.za and be a part of the conversation! #AIE2024 #SAIA #IISA

ICYMI: Our new P&C #insurance report is here! This survey reveals the industry's top emerging risks and how insurers leverage #AI-derived insights from #AerialImagery to stay ahead. Explore the full survey results here: https://bit.ly/4eOkHIz #LocationIntelligence

Insurance Regulatory Development Authority (IRDA) publishes the Handbook of Insurance Statistics on an annual basis. The key insights from the Handbook for 2022-2023 are presented here. The Assets under management of insurance companies are higher than AUM of mutual funds as of 31st March 2023 #casushrutchitale #IRDAI #insurance #AUM #reinsurance

The #FiDA regulation aims to enhance and secure the sharing and access of financial data across the EU. While its objectives are commendable, the regulation’s current form raises significant concerns, particularly regarding its potential consequences for citizens, especially the most vulnerable among them. ✉️ In a recently published joint letter, AMICE Mutuals, of which Aéma Groupe is a member, urges decision makers to take the time to conduct an in-depth impact assessment, that has not been produced so far, and to work with all stakeholders to significantly improve the regulation and especially its added value for consumers. 👉 Read the letter here: https://lnkd.in/g9i2Qubw Insurance, unlike other financial products, is deeply rooted in the principle of mutualization. It is not merely a commodity to be traded but a social contract that spreads risk across a community. FiDA risks undermining this foundational principle by inadvertently promoting demutualization, leaving the door open to cherry-picking profitable segments, excluding vulnerable groups, which often need it the most, from coverage, and threatening the very stability of the whole insurance sector. Our CEO Adrien Couret already warned about that risk last June, when he highlighted: “[...] insurance data, which is highly sensitive, could be exploited maliciously if it fell into the wrong hands. For example, information relating to mobility could provide unscrupulous parties with information about health data without the consumer being informed. Ultimately, the consequence of this system would be demutualisation. Certain players, seeking to maximise their profits, might be tempted to segment their offers to target only the ‘right risks’. This approach could not only destabilise the insurance market, but also increase the number of people who would find themselves without adequate cover, thereby exacerbating uninsurable situations.” 👉 more here: https://lnkd.in/gZW7H3yT Mattias Levin; Hungarian Presidency; Xavier MICHEL; Pierre SZLINGIER; Guillaume Roy; Jérôme Balmes; France Assureurs; Insurance Europe; Aurore Lalucq; GDV Gesamtverband der Deutschen Versicherungswirtschaft e.V.; Lenka De Mauro; Nicolas Marescaux; Fanny Bastid; Carlo Martuscelli; Gruppo Unipol; Achmea; Verbond van Verzekeraars; UNESPA; Assuralia; MACIF; AÉSIO mutuelle; Abeille Assurances; Ofi Invest

Great to collaborate with our Supporting Member EY on this new edition of the Global Mutual Insurance Market Scan which covers the findings of EY’s most recent research into the global mutual insurance sector. Thank you to Duncan Meadows and Lorenzo Fattibene for your research leadership and Isabelle Santenac for launching the report at the ICMIF Biennial Conference in Buenos Aires earlier this month. Link to download 👇 #ICMIF2024Conf #EYCanada #ShapeTheFutureWithConfidence #ICMIF #CollaboratingWithPurpose #propertyandcasualtyinsurance #lifeinsurance #mutuality