Annual Report

2025–2026

Ageing Society Working Group

With the global annual pension savings gap estimated at USD 1 trillion, strengthening retirement savings and complementary private-sector solutions is increasingly important to help ensure adequate retirement incomes.

Anti-Money Laundering and Counter Terrorism Financing Working Group

AML/CFT expectations should reflect the differentiated risk profile of insurance products, recognising that life and investment-related insurance may present some exposure, while some life-related products and non-life insurance generally presents materially lower or negligible AML/CFT risk.

Capital Working Group

With the Insurance Capital Standard now adopted, focus is now on supporting its consistent and proportionate implementation across jurisdictions, while avoiding unnecessary reporting burdens.

Climate Risks and Extreme Events Working Group

Prevention should be considered a strategic pillar of resilience alongside risk transfer and post-disaster recovery. Insurers can make a significant contribution through their risk expertise, data, modelling capabilities and understanding of exposure to natural hazards.

Corporate Governance Working Group and Market Conduct Working Group

The value of insurance should be assessed holistically, taking into account risk transfer, financial protection, coverage scope, advice, claims handling and long-term customer outcomes, rather than relying on any single metric.

Cyber Risks Working Group

Supervisory expectations should reflect the specific nature of insurance, focusing on adequate redundancy and the restoration of systems rather than immediate substitutability. Insurers’ resilience has proven effective to date, continuing to provide essential services even when disruption occur.

Disruptive Technology Working Group

AI is no longer an experimental technology operating at the margins of organisations. It is increasingly becoming part of core business processes. The insurance sector remains committed to adopting AI responsibly while ensuring that customers continue to receive fair and good outcomes.

Diversity, Equity and Inclusion Working Group

Approaches differ between markets, but the objectives remain the same: help reduce barriers for people from diverse backgrounds, increase understanding and uptake of insurance, and ensure more people can access the protection and support they need.

Life Insurance Structural Shifts Working Group

While insurance markets differ significantly, many are experiencing similar trends. Insurers are seeking long-duration assets to back long-term liabilities, increasing their participation in private markets and exploring new approaches to risk transfer.

Road Safety Working Group

Through risk assessment, claims analysis, pricing mechanisms and engagement with policyholders, insurers are well positioned to support a shift from reactive compensation towards proactive risk prevention.

Systemic Risk Working Group

GFIA supports continued vigilance towards the potential build-up of systemic risk and remains strongly supportive of the IAIS Holistic Framework as the appropriate global framework for identifying and monitoring systemic risk in insurance.

Taxation Working Group

GFIA advocates for stability, clarification and – above all – simplification regarding the applicable tax rules at both local and international level.

Trade Working Group

GFIA will continue to act as a forum for members to alert colleagues to violations of trade commitments affecting GFIA members and will look to collectively resolve by trade policy advocacy.