Conference on Global Insurance Supervision 2023 - Summary

Executive Summary

The 8th Conference on Global Insurance Supervision, held on September 6 and 7, 2023, brought together a diverse group of stakeholders from over 30 countries, fostering insightful discussions on the most pressing matters within the insurance industry. The agenda covered a wide array of topics, ranging from the ever-growing concern of cyber threats and the escalating complexities of climate and geopolitical risks to the intricacies of regulatory frameworks. Furthermore, it delved into the evolving role of insurance in the context of a rapidly changing global macroeconomic landscape. One of the central themes that resonated throughout the conference was the global paradigm shift towards risk-based supervision. This shift reflects the insurance sector's growing recognition of the need for a more adaptable and dynamic approach in response to increasingly intricate and fluid risk environments. It highlighted the importance of supervisory bodies worldwide embracing this approach to ensure the ongoing stability of insurance and financial markets. The conference also discussed the role of insurance in bridging protection gaps, especially in the face of emerging risks such as climate change. Experts emphasised how the insurance industry can significantly contribute to enhancing societal resilience, highlighting the necessity of collaborative efforts between regulators, insurers, and other stakeholders to effectively close these protection gaps. In addition, the event explored the impact of innovative business models and new insurance products, which are reshaping the insurance landscape. Discussions encompassed digitalisation, artificial intelligence, and generative AI, among other innovations. The conference revealed the challenges and opportunities these innovations bring, emphasising the importance of regulatory frameworks that can both foster innovation and safeguard consumer protection. The conference ultimately served as a vital platform for robust dialogue and knowledge exchange among regulators, supervisors, industry leaders, and academics. This collaborative environment underscored the immense value of collective efforts in addressing the multifaceted challenges facing the insurance and financial industries.