Thirty-one of the world’s most important insurance associations, who represent 87 per cent of worldwide insurance business, formally established the Global Federation of Insurance Associations (GFIA) on October 9.
Members include the American Insurance Association (AIA), Property Casualty Insurers Association of America (PCI), Association of British Insurers (ABI), German Insurance Association (GDV) and the Insurance Bureau of Canada (IBC).
Frank Swedlove, newly-elected GFIA chair and president of the Canadian Life and Health Insurance Association, called it a “great day for the insurance industry around the world,” adding that the “federation will give our associations the ability to respond on a timely basis to international issues affecting our industry and to speak with one voice.”
Peter Braumüller, chairman of the executive committee of the International Association of Insurance Supervisors (IAIS), welcomed the new organization, stating: “As the global insurance standard setter, the IAIS values greatly the contributions of IAIS observers — who represent international institutions, professional associations and insurance and reinsurance companies — to the development and implementation of IAIS supervisory material.
“We look forward to working with GFIA and its members as we all continue to promote effective and globally-consistent supervision of the insurance industry.”
Recaredo Arias, secretary general of FIDES (Federación Interamericana de Empresas de Seguros) has been elected vice-chair of the new federation. The founding member associations also elected a secretary, Michaela Koller, director general of Insurance Europe.
The announcement explained that “the secretariat, Insurance Europe will undertake the significant work that will be required to support the GFIA’s initiatives in key areas of concern to the global insurance industry.”
The GFIA also stressed that it will “be active in commenting on a broad range of issues affecting the international insurance industry, including developments in the systemic risk debate; the work of the IAIS in developing ComFrame, the common framework for the supervision of international groups; market conduct and trade issues; and initiatives in relation to financial inclusion and anti-money laundering.”
Governor Dirk Kempthorne, president and CEO of the American Council of Life Insurers, who chaired the GFIA’s inaugural meeting in Washington, DC: stated: “This is indeed a historic day. Regulation of the insurance industry is increasingly being set internationally. The establishment of the Global Federation of Insurance Associations will allow the industry to work more closely with international regulators in the development of sound and balanced regulation.”
Source: Global Federation of Insurance Associations