Int’l association establishes roadmap, prioritises ICS

The roadmap pans out five high-level goals with key projects and objectives.

The International Association of Insurance Supervisors (IAIS) has released its 2024 Roadmap, outlining the organisation's work program guided by the 2020-2024 Strategic Plan. 

A significant focus is on the global Insurance Capital Standard (ICS), which is set to be adopted at the IAIS Annual General Meeting of Members in 2024. 

The ICS aims to provide a common language for cross-border supervisory discussions on the solvency positions of Internationally Active Insurance Groups (IAIGs). The IAIS will also continue the Global Monitoring Exercise (GME) to assess global risks and trends. 

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Key strategic themes in 2024 include climate risk, digital innovation, diversity, equity, and inclusion, financial inclusion, operational resilience, cyber risk, and protection gaps. 

The IAIS plans to advance initiatives supporting the implementation of its standards, with a new Strategic Plan for 2025-2029 to be published at the end of 2024, focusing on effective standard implementation amid changing environmental factors.