From the Desk of the Secretary General – October 2024

By Jonathan Dixon

This month the IAIS published its Strategic Plan for 2025-2029 – the culmination of extensive collaboration and discussion with our members and stakeholders, setting a clear and ambitious direction for the next five years.

Central to our Strategic Plan are four core objectives of the IAIS, a set of three strategic themes we will address, and four operational priorities that will guide how we work.

I encourage you to read the Strategic Plan to understand the direction of the Association for the next five years. To draw out some key points:

• Following an intensive standard-setting phase, the IAIS will emphasise globally consistent implementation of its standards over the next five years. This includes assessing implementation across jurisdictions and supporting members in adopting effective supervisory practices.
• Assessing and addressing key risks and trends impacting the global insurance sector will remain a priority. We will continue to refine our risk assessment framework and use it to support globally coordinated supervisory responses.
• Amid global trends expected to shape the insurance landscape over the next five years, the IAIS has identified three strategic themes that will feature prominently in its work programme: climate change, digital innovation including the use of AI and cyber risks, and the need for insurance to fulfil its societal purpose of building resilience.

We now turn our attention to putting the Strategic Plan into action.

We started this process at the IAIS Executive Committee Strategic Retreat last month, where we discussed the projects and activities the IAIS will take forward in the 2025-2026 period. We also had the opportunity to reflect on “how we work” and how we can best set ourselves up for success in achieving our goals in the next five-year period.

Our work plan will cover a broad range of activities, reflecting our role as both:

• A broad-based membership-driven Association, established to support members in their own efforts to strengthen insurance supervision; and,
• A standards-setting body within the global financial architecture.

Furthermore, as our work increasingly intersects with broader policy objectives, we will continue to strengthen our collaboration and engagement with international forums and organisations to ensure alignment and consistency on key issues.

Partnerships with international policy development organisations will be crucial in addressing the complex societal challenges ahead.

We are currently refining our work programme, to present to the Executive Committee in December in Cape Town, before it is published early in the new year.

I extend my gratitude to all our members and stakeholders for their invaluable contributions to this strategic plan. Together, we will continue to build a resilient and inclusive insurance sector.