GFIA Global Federation of Insurance Associations

GFIA’s new Annual Report sets out the global insurance federation’s activities on a wide range of topics. These include: a major new survey on diversity, equity and financial inclusion; developing principles for the use of innovative technologies by the sector’s supervisors; and efforts to promote cross-border (re)insurance and remove barriers to (re)insurance trade.

GFIA’s new Annual Report details the global insurance federation’s activities on a wide range of topics. These include the industry’s role in mitigating and adapting to climate change and facilitating the transition to sustainability; how insurers are addressing evolving cyber risks and disruptive technology; and the federation’s advocacy and education about the value of open, well-regulated (re)insurance markets.

GFIA is writing to express its concerns about OSFI’s June 2018 “Discussion Paper on OSFI’s Reinsurance Framework”. The proposal in the June 2018 discussion paper relating to the policy limit rule affecting large global commercial writers, if implemented, would increase the cost of insurance in Canada and reduce overall insurance capacity while at the same time imposing burdensome measures designed to discourage the participation of foreign reinsurers in the Canadian market. While GFIA recognises that a supervisor has the duty to ensure that insurers account for counterparty risk, the approach detailed in the discussion paper is drastic and will have enormous unintended consequences.

The Global Federation of Insurance Associations (GFIA) commends the decision by Government of Japan to take up “Ageing and its policy implications”1 as one of the main priorities for the G20 Finance Track. GFIA cannot agree more with Deputy Prime Minister Taro Aso’s statement that “ageing is becoming an important policy issue across G20 economies for both advanced and emerging economies”2 at the G20 Symposium “For a better Future: Demographic changes and Macroeconomic Challenges”. GFIA equally recognises that not only developed countries but also “young” countries are - or soon will be - confronted with a rising old-age dependency ratio.

The Global Federation of Insurance Associations (GFIA), which represents companies that account for 89% of total insurance premiums worldwide, wishes to express its concerns with the development process of proposed standard ISO/IEC 27102, which provides guidelines for cyber insurance. GFIA takes the view that it is premature to develop such standardising guidelines on cyber insurance at a time when markets are still developing.

GFIA appreciates its engagement with the OECD to date and would like to renew its commitment to working with the OECD on its new cyber insurance project to review legislative and regulatory impacts on cyber insurance coverage. GFIA is of the view that its broad global perspectives and expertise will be helpful to the OECD. As such, GFIA would welcome the opportunity to provide proactive and meaningful participation and serve as a resource beyond traditional comment periods