The Sustainable Insurance Forum ramps up activities in the first half of 2020
Despite COVID the sustainable insurance forum continues to expand
Geneva 30 August, 2020
Today the Sustainable Insurance Forum (SIF) released its half yearly report where despite the catastrophic disruption caused by COVID it lays out its myriad successes in the first six months of the year. The report also includes updates from 17 of its members and highlights the need to keep the sustainability agenda and climate change at the forefront of discussions and decisions about how best to deal with a post-COVID regulatory landscape.
“With the SIF serving as the global platform for insurance supervisors to exchange experience and develop common approaches to shared challenges, this report points the spotlight on our members and their jurisdictions. It showcases their responses to sustainability challenges and opportunities for the business of insurance and does so under the gaze of a post-COVID world. This report highlights the resilience of the SIF and its members and in a sense provides a snapshot of the pre-COVID world as well as a picture of the immediate response to it at a regulatory level,” said Geoff Summerhayes, Chair, SIF.
In the first six months of 2020, the SIF released two global publications, added five new members and hosted three member meetings. The new members included, the Bermuda Monetary Authority (BMA), ); the Financial Supervisory Commission (FSC) in Chinese Taipei, Taiwan, Province of China, ; the Dubai Financial Services Authority (DFSA), ); the Financial Market Supervisory Authority (FINMA) in Switzerland as well as the National Association of Insurance Commissioners (NAIC) in the United States of America.
The first paper SIF launched was in collaboration with the International Association of Insurance Supervisors (IAIS) and provides an overview of practices that supervisors have considered in the development of climate-related disclosure requirements within their markets. It focuses on practices that can be implemented with limited direct regulatory intervention.
That was soon followed by SIF’s Question Bank which help’s supervisors develop engagement tools to better understand exposures and strategic responses of regulated entities to climate change risks and opportunities. The Question Bank provides a framework, and sample questions, which supervisors can adapt for use in their own jurisdictions – depending on local market contexts, objectives, areas of interest, and levels of sophistication with climate change issues.
The SIF and the IAIS have also been preparing the groundwork on an Application Paper on the Supervision of Climate-related Risks in the Insurance Sector, to be published before the end of the year. The purpose of the paper is to promote a globally consistent approach to addressing climate-related risks in the supervision of the insurance sector.
“The SIF’s half-yearly report is more than just an update of its work and that of its members. It is a global survey into how different insurance jurisdictions are responding to climate change. If ever there was a quick, short read to understand the current state of the insurance regulatory field in relation to sustainability challenges then this is it,” said (insert name), (insert designation), NAIC.
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