Launched in December 2016, the Sustainable Insurance Forum (SIF)

is the global network of insurance supervisors and regulators who are working

together on sustainability challenges facing the insurance sector.

SIF is a dynamic platform for international collaborative action on climate issues

whose work includes research on emerging risks, knowledge-sharing on

supervisory practices, high-level policy engagement, and joint supervisory statements.

Established in

2016

December

Chairman

Geoff Summerhayes

Australian Prudential
Regulation Authority

GROWN FROM 0 TO

30

MEMBERS IN 4 YEARS

PARTNERS WITH

12

ORGANISATIONS

TRILLION GROSS

US$5+

INSURANCE PREMIUMS

GLOBAL INSURANCE

92%

MARKET SHARE

Structure

SIF is made possible through generous financial support from:

Collaboration with these Partners strengthens the work of SIF:

FSH-logo-color

Engagement with these groups amplifies SIF’s work:

NGFS

Observer at Central Bank and Supervisors Network for Greening the Financial System (NGFS)

Member of the Informal Working Group (IWG) of the Task Force on Nature Based Disclosures (TNFD)

The Secretariat provides research on emerging issues, facilitates international collaboration and knowledge sharing, supports high-level policy engagement and joint statements in line with the SIF work programme.
To undertake its work, the Secretariat is supported by the International Association of Insurance Supervisors (IAIS), the United Nations Environment Programme (UNEP), and the United Nations Development Programme (UNDP).

History

2014

First-ever international consultations on the links between insurance policy, regulation and supervision, and sustainable development held by the UNEP FI Principles for Sustainable Insurance (PSI) and the UNEP Inquiry into the Design of a Sustainable Financial System.

2015

May 2015: Insurance 2030 – Harnessing Insurance for Sustainable Development Roundtable, co-hosted by UN Environment Programme (UNEP) and Swiss Re.

June 2015: Release of “Insurance 2030 – Harnessing Insurance for Sustainable Development” report, at the Global Insurance Forum of the International Insurance Society, which recommended the creation of the SIF.

September 2015: Several insurance regulators express support for the SIF concept, including the Bank of England, in its assessment of climate change and the UK insurance sector.

2016

A steering group of insurance regulators (Brazil, France, Netherlands, South Africa, the UK, and California and Washington State) guide the process of creating the SIF.

June 2016: Presentation of the results of an international consultation on the proposed SIF involving regulators from more than 30 countries, in cooperation with the IAIS.

December 2016: Launch of the SIF, with Commissioner Dave Jones, California Department of Insurance elected to the role of SIF Chair.

2017

February 2017: Submission of joint SIF response to Financial Stability Board Task Force on Climate Related Financial Disclosures consultation.

July 2017: Second meeting of the SIF, held in Windsor, UK.

July 2017: SIF releases public statement in support of the final recommendations of the Financial Stability Board Task Force on Climate Related Financial Disclosures.

November 2017: Third meeting of the SIF, held in Kuala Lumpur, Malaysia.

2018

February 2018: Commissioner Geoff Summerhayes, Australian Prudential Regulatory Authority named as new SIF Chair.

May 2018: Fourth meeting of the SIF, held in Rio de Janeiro, Brazil.

July 2018: Joint SIF/IAIS Issues Paper on Climate Change Risks released at the IAIS Global Seminar in Moscow, Russia.

November 2018: Fifth meeting of the SIF, held in Luxembourg.

2019

February 2019: SIF conducts a global survey on the implementation of the Task Force on Climate Finance Disclosures within the insurance sector, gathering responses from nearly 1,200 insurers across 15 jurisdictions.

June 2019: Sixth meeting of the SIF, held in Buenos Aires, Argentina.

November 2019: Seventh meeting of the SIF held in Abu Dhabi, UAE.

2020

February 2020: Eighth meeting of the SIF held in Basel, Switzerland, alongside the Financial Stability Institute (FSI) Cross-sectoral Policy Implementation Meeting on Climate Risk Assessment.

February 2020: SIF and IAIS collaborate on “Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-related Financial Disclosures”.

March 2020: SIF launches the public version of the SIF Question Bank; “Question Bank on Climate Change Risks to the Insurance Sector”.

May 2020: SIF holds two virtual online meetings, instead of its regular bi-annual meeting, due to the Covid-19 pandemic.

June 2020: SIF and IAIS co-host a webinar on climate-related risks in the insurance sector.

August 2020: ‘SIF launches a half-yearly report of activities January to June 2020 Update‘.

September 2020: SIF joins the Informal Working Group (IWG) of the Task Force on Nature-related Financial Disclosures (TNFD).

October 2020: SIF/IAIS launch Public Consultation: Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.

October 2020: SIF/IAIS hold Public Background Session on Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.