23 April 2013
GFIA welcomes the recent communiqué by the G-20 which underlines the need for long-term investment to underpin economic growth and job creation.
As one of the world's largest institutional investors, with roughly $24.5trn in assets under management, the global insurance industry provides financial security to individuals and contributes thereby to more balanced and sustainable economic growth. A number of important bodies have recently recognised that new financial and accounting regulations intended to reinforce financial stability unintentionally create disincentives for insurers and others to invest long-term.
In a letter sent to the Deputy Finance Minister of Russia, GFIA therefore urged the G-20 to ensure that International regulatory bodies assess the potential impact of regulatory changes on long-term finance needs and minimise any barriers.
