IAIS 2022 annual conference update

ESG practices rise in priority for the insurance industry

The global seminar and annual conference events hosted more than 350 people each, from at least 60 jurisdictions, where participants focused on insurance sector resilience in challenging times, how insurance offerings flourished, and how attempts to be more inclusive and meet entrenched and emerging social and economic challenges constituted an ongoing journey.

IAIS Executive Committee Chair Victoria Saporta told attendees at the Town Hall session in June that it was “fantastic” to be meeting in-person after so many Zoom connections, a sentiment heartily echoed by others in Dubrovnik. “It feels like we have been through the wilderness and come through the other side,” said IAIS Secretary General Jonathan Dixon, who commented on the energy and collaboration he had seen from the outset of the international gathering.

The course for the Insurance Capital Standard (ICS) is charted, with the monitoring period continuing through 2024, and supervisors indicated they were comfortable with both process and progress. Supervisors continue to wrestle with data collection, scenario analysis, monitoring transition and disclosure, and making sure frameworks continue to be in place or further developed to meet these risks.

Progress on recognizing the values of diversity, equity, and inclusion (DEI), together with insurance sector discussions to implement them, leads to better outcomes for consumers, better corporate governance, and better operations and gave social change further momentum during the conferences in 2022.

Dialogue moved toward the topic of how embracing diverse people with their skill sets and perspectives broadens the ability of insurance to provide coverage and innovate. The broad insight that insurance is a reflection of the society it is aiming to protect, as offered by then-NAIC President-Elect and Missouri Insurance Commissioner Chlora Lindley-Myers (set to become NAIC’s president in 2023), became a signature element of the discussions.

Gain additional insurance insights at upcoming IAIS events

The 2023 IAIS global seminar is scheduled for June 15–16 in Seattle, with more details on the IAIS website. By the time of this late spring meeting, the IAIS will likely have selected the criteria that will be used to assess whether the AM provides comparable outcomes to the ICS, based on its published timeline.

The larger IAIS 2023 annual conference will be held in Tokyo in November, although the exact dates haven’t been scheduled as of the time of publication. However, the AM comparability assessment will have been underway by the time members and stakeholders convene in Tokyo, as the IAIS has stated it is scheduled to begin in the second half of the year. These meetings are preceded by IAIS members’ committee meetings and the general meeting. As a curtain raiser to some of the key topics at these global events, the 2023 NAIC International Insurance Forum will be held May 18–19 in Washington, DC.

Take a deeper dive and plan your company’s next steps

Learn how insurance regulatory trends, discussions, and insights at the IAIS annual conferences have evolved through the years. Our library of recaps and highlights of the IAIS meetings cover the meetings from 2014 to 2019. Explore the IAIS updates collection.

And, if you’d like to talk about any of the updates you’ve read or how your insurance company can better strategize for the future, let’s set up a conversation.