2024 will be a defining year for the global Insurance Capital Standard (ICS), with adoption as a prescribed capital requirement (PCR) for Internationally Active Insurance Groups (IAIGs) in December.
- The IAIS will support its members in addressing the consequences of climate risk for insurers’ solvency and policyholder protection outcomes, culminating in the publication of a comprehensive application paper in December.
- The 2024 IAIS workplan (Roadmap) is the last under the current five-year (2020-2024) IAIS Strategic Plan. The next Strategic Plan – covering 2025-2029 – will be published later this year.
Basel, Switzerland – The International Association of Insurance Supervisors (IAIS) today published its 2024 Roadmap. The Roadmap outlines the IAIS’ work programme and is guided by the 2020-2024 Strategic Plan. The 2024 Roadmap provides substantial continuity in the IAIS’ workplan.
“Significantly, 2024 marks the culmination of a 13-year journey for the global Insurance Capital Standard (ICS), including extensive data collection and analysis, broad global participation from supervisors and insurance groups during the monitoring period and rigorous consultation,” said Jonathan Dixon, IAIS Secretary General. “Once adopted at the IAIS Annual General Meeting of Members, the ICS will provide, for the first time, a common language for cross-border supervisory discussions on the solvency positions of Internationally Active Insurance Groups (IAIGs).” Alongside feedback from the 2023 public consultation, the IAIS is analysing input on the potential economic impact of ICS implementation.
The Association will also continue its annual cycle of assessing global risks and trends through the Global Monitoring Exercise (GME), with deeper analyses of themes identified through the 2023 GME process. ..
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