The Sustainable Insurance Forum (SIF) is a network of insurance supervisors and regulators from around the world who are working together on sustainability challenges facing the insurance sector. The SIF is convened by the UN Environment Programme, which serves as its Secretariat. As of June 2019, the SIF has 25 jurisdictions as members.
What is the goal of the SIF?
The goal of the SIF is to strengthen insurance supervisors’ and regulators’ understanding of, and responses to sustainability challenges and opportunities for the business of insurance, focusing on environmental issues such as climate change.
The long-term vision of the SIF is a global insurance system where sustainability factors are effectively integrated into the regulation and supervision of insurance companies. To achieve this, the SIF serves as the platform for insurance supervisors to exchange experience and develop common approaches to shared challenges.
How does it work?
The SIF functions as a voluntary leadership group for insurance supervisory authorities, which share a common objective of addressing sustainability issues impacting consumers, firms and markets in their jurisdictions, and a strategic interest in collaborating with their peers to share knowledge and identify best practices.
The SIF conducts in-person meetings twice per year, alongside meetings of the International Association of Insurance Supervisors (IAIS). In addition, SIF members participate in collaborative projects managed by the Secretariat.
Who leads the SIF, and how is it governed?
The SIF is led by a Chairperson, who is a Commissioner-level or similarly senior representative of a SIF member jurisdiction. The current Chairperson is Mr. Geoff Summerhayes, Executive Board Member of the Australian Prudential Regulation Authority. Commissioner Dave Jones of the California Department of Insurance served as the Forum’s initial chair between December 2016 and January 2018.
Detailed information about the operations, management, and governance of the SIF can be found its Framework Document, which can be accessed here. For other information, please contact the SIF Secretariat.
How does the SIF engage with other international authorities?
The SIF works closely with the International Association of Insurance Supervisors (IAIS) on issues relating to sustainability, including climate change risks. This includes the development of collaborative outputs with the IAIS Secretariat, and engaging with the IAIS Executive Committee on sustainability issues relevant to the activities and strategy of the IAIS.
In addition, the SIF works in partnership with other supervisory coalitions focused on sustainability-related issues, including the Central Bank and Supervisors Network for Greening the Financial System, to provide input on activities relating to insurance supervision and regulation.
The SIF also works with relevant international and intergovernmental authorities on issues relating to sustainability issues within the insurance sector, such as the World Bank Group, the IMF, the OECD, and others.