Bank of England Executive Director Anna Sweeney is named Chair of the UN-convened Sustainable Insurance Forum (SIF)
Ms. Anna Sweeney, Executive Director – Insurance, at the Bank of England, has been named the new Chair of the Sustainable Insurance Forum (SIF). Ms. Sweeney succeeds Mr. Geoff Summerhayes, Executive Board Member at the Australian Prudential Regulation Authority (APRA), who served as Chair from February 2018 to early December 2020.
Established with the support of the International Association of Insurance Supervisors (IAIS), the UN-convened Sustainable Insurance Forum (SIF) is a global network of 30 insurance supervisors and regulators, which works to address challenges to the sector brought about by the climate change crisis and to promote sustainable insurance.
An experienced insurance and banking regulator who has led the supervision of a number of the largest banks and insurers, Anna Sweeney is responsible for the supervision of the UK’s general insurance sector, including the Society of Lloyd’s.
Commenting on taking up her new role as Chair, Ms. Sweeney said: “I am delighted to be taking up this role as Chair of the SIF at what is a critical period for climate action globally. The insurance sector can play an instrumental role in responding to sustainability and climate change challenges; I look forward to working with SIF members and the IAIS to advance this response. The SIF has achieved a great deal under Geoff’s leadership, for which we all thank him hugely and will endeavour to further build on these accomplishments in the next phase of the SIF’s work”.
Mr. Stephen Nolan, Head of the SIF Secretariat, welcomed the appointment and said: “Championing the climate change agenda during his term as Chair, Geoff has been an exemplary leader for SIF. On the back of his leadership efforts and in partnership with the IAIS, the SIF has grown considerably. With the Bank of England, a founding member of the SIF, we look forward to working with Ms. Sweeney, as we begin implementing SIF’s new work programme (2021-2023)”.
Instrumental in contributing to SIF’s many accomplishments, Geoff Summerhayes term as Chair saw the SIF increase from 11 founding members to 30 today. As IAIS Executive Committee Member and IAIS Sustainability Champion, Geoff also ensured the work of SIF and the IAIS on this important topic was developed in strong partnership. Notable joint outputs include two joint SIF/IAIS Issues Papers on Climate Change Risks to the Insurance Sector and Implementation of the Recommendations of the Task Force on Climate-related Financial Disclosures. In addition, the SIF/IAIS Application Paper on the Supervision of Climate-related Risks in the Insurance Sector is currently out for consultation.
Reflecting on his time as Chair, Mr Summerhayes said: “There has been a paradigm shift in the engagement, understanding and action by regulators to address climate change financial risk. I am proud of the role SIF has played in this shift. Critical to SIF’s success has been the support of the UN and the global standard setting body, the IAIS. I know Anna will continue advancing the mandate of SIF and its positive impact”.
About the Sustainable Insurance Forum (SIF)
Established with the support of the International Association of Insurance Supervisors (IAIS) by the UN, the Sustainable Insurance Forum (SIF) is a global network of 30 insurance supervisors and regulators working together to strengthen responses to sustainability and climate change challenges facing the insurance sector. Launched in December 2016, the SIF provides a platform for international collaboration among supervisors, facilitating knowledge sharing, dialogue, and uptake of policy innovations.
For more information please visit www.sustainableinsuranceforum.org.
For all SIF related queries, please contact Sarah Zaidi, SIF Coordination and Networking Manager at Sarah.Zaidi@un.org.