UNDP Sustainable Insurance Forum (SIF)

📍 Over the weekend, SIF members convened in Cape Town, South Africa, for the second biannual meeting in 2024. ➡ Chaired by SIF Chair, Mr. Daniel Wang from the Monetary Authority of Singapore (MAS), the meeting saw SIF members and partners reflecting on key achievements from 2024, including transition plans and nature, and charted the course for advancing #SustainableInsurance in 2025. Australian Prudential Regulation Authority | Autorité de contrôle prudentiel et de résolution (ACPR)  | Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) - MAROC) | BaFin | Bank of England | Bermuda Monetary Authority | California Department of Insurance | Central Bank of Ireland | Central Bank of The UAE | De Nederlandsche Bank | Dubai Financial Services Authority (DFSA) | European Insurance and Occupational Pensions Authority (EIOPA) | Finansinspektionen | Finanssivalvonta - Finnish Financial Supervisory Authority | Financial Regulatory Authority FRA | Guernsey Financial Services Commission (GFSC) | Isle of Man Financial Services Authority | IVASS - Istituto per la Vigilanza sulle Assicurazioni | Maryland Insurance Administration | Massachusetts Division of Insurance (DOI) | Monetary Authority of Singapore (MAS) | National Association of Insurance Commissioners (NAIC) | National Bank of Belgium | New York State Department of Financial Services | Office of the Superintendent of Financial Institutions Canada | Otoritas Jasa Keuangan | Reserve Bank of New Zealand | South African Reserve Bank | Superintendencia General de Seguros (SUGESE) | Superintendencia de Seguros de la Nación | SUSEP - Superintendência de Seguros Privados | Swiss Financial Market Supervisory Authority FINMA | U.S. Department of the Treasury | Vermont Department of Financial Regulation | Washington State Office of the Insurance Commissioner | European Insurance and Occupational Pensions Authority (EIOPA) | UNDP Sustainable Finance Hub

✨ Season's greetings and wishing everyone a very content and prosperous new year! 💙

Good start of the IAIS - International Association of Insurance Supervisors ‘s Annual meetings and Conference in Capetown 🇿🇦! First stop on Sunday was the meeting of the Sustainable Insurance Forum #SIF hosted by UNDP. 🌿Chair Daniel Wang lead a great discussion on transition plans 📊, biodiversity risk, #protectiongaps and future work. Good to join the discussion, learn from other jurisdictions and share the European Insurance and Occupational Pensions Authority (EIOPA) perspective on these important topics. 🫱🏻🫲🏽

📣 At #COP29, UNDP's Sustainable Insurance Forum (SIF) released a pivotal report titled Supervisory Thinking on Insurance-related Climate Transition Plans. ➡️ The report showcases the collected insights on supervisory perspectives from insurers representing about 30% of global net insurance premium underwritten. 📘 Read the full report here: https://lnkd.in/d-tb3XFB 📃 Read the report summary here: https://lnkd.in/dHVX-BTz #TransitionPlans #SustainableInsurance Australian Prudential Regulation Authority | Autorité de contrôle prudentiel et de résolution (ACPR)  | Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) - MAROC) | BaFin | Bank of England | Bermuda Monetary Authority | California Department of Insurance | Central Bank of Ireland | Central Bank of The UAE | De Nederlandsche Bank | Dubai Financial Services Authority (DFSA) | European Insurance and Occupational Pensions Authority (EIOPA) | Finansinspektionen | Finanssivalvonta - Finnish Financial Supervisory Authority | Financial Regulatory Authority FRA | Guernsey Financial Services Commission (GFSC) | Isle of Man Financial Services Authority | IVASS - Istituto per la Vigilanza sulle Assicurazioni | Maryland Insurance Administration | Massachusetts Division of Insurance (DOI) | Monetary Authority of Singapore (MAS) | National Association of Insurance Commissioners (NAIC) | National Bank of Belgium | New York State Department of Financial Services | Office of the Superintendent of Financial Institutions Canada | Otoritas Jasa Keuangan | Reserve Bank of New Zealand | South African Reserve Bank | Superintendencia General de Seguros (SUGESE) | Superintendencia de Seguros de la Nación | SUSEP - Superintendência de Seguros Privados | Swiss Financial Market Supervisory Authority FINMA | U.S. Department of the Treasury | Vermont Department of Financial Regulation | Washington State Office of the Insurance Commissioner | UNDP Sustainable Finance Hub

📣 On Finance Day at COP29, UNDP's Sustainable Insurance Forum (SIF) released a pivotal report titled Supervisory Thinking on Insurance-related Climate Transition Plans. This comprehensive document offers valuable insights into the current supervisory landscape regarding transition plans and highlights the challenges in developing regulatory guidance for the insurance sector as it shifts toward a net-zero future. 💬 “Insurance supervisors have a vital leadership role to play by engaging and working with the insurance industry amidst the global transition to a net-zero economy. The collective progress made now will contribute to a sustainable future. I extend my sincere thanks to my fellow SIF members, and in particular the SIF Transition Plans Working Group, for this critical work. Much more needs to be done on this journey and we all need to press on. The development of credible climate transition plans will help bring about a more resilient and sustainable financial system for all.”   ➡ Daniel Wang, Chair of the UNDP's SIF   📘 Read the full report here: https://lnkd.in/d-tb3XFB 📃 Read the report summary here: https://lnkd.in/dHVX-BTz Australian Prudential Regulation Authority | Autorité de contrôle prudentiel et de résolution (ACPR)  | Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) - MAROC) | BaFin | Bank of England | Bermuda Monetary Authority | California Department of Insurance | Central Bank of Ireland | Central Bank of The UAE | De Nederlandsche Bank | Dubai Financial Services Authority (DFSA) | European Insurance and Occupational Pensions Authority (EIOPA) | Finansinspektionen | Finanssivalvonta - Finnish Financial Supervisory Authority | Financial Regulatory Authority FRA | Guernsey Financial Services Commission (GFSC) | Isle of Man Financial Services Authority | IVASS - Istituto per la Vigilanza sulle Assicurazioni | Maryland Insurance Administration | Massachusetts Division of Insurance (DOI) | Monetary Authority of Singapore (MAS) | National Association of Insurance Commissioners (NAIC) | National Bank of Belgium | New York State Department of Financial Services | Office of the Superintendent of Financial Institutions Canada | Otoritas Jasa Keuangan | Reserve Bank of New Zealand | South African Reserve Bank | Superintendencia General de Seguros (SUGESE) | Superintendencia de Seguros de la Nación | SUSEP - Superintendência de Seguros Privados | Swiss Financial Market Supervisory Authority FINMA | U.S. Department of the Treasury | Vermont Department of Financial Regulation | Washington State Office of the Insurance Commissioner | UNDP Sustainable Finance Hub

📣 On Finance Day at COP29, UNDP's Sustainable Insurance Forum (SIF) released a pivotal report titled Supervisory Thinking on Insurance-related Climate Transition Plans. This comprehensive document offers valuable insights into the current supervisory landscape regarding transition plans and highlights the challenges in developing regulatory guidance for the insurance sector as it shifts toward a net-zero future. 💬 “The effects of climate change are becoming increasingly evident, making the transition to net-zero urgent. The report of the Transition Plan Working Group (TPWG) provides valuable insights for regulators and supervisors, potentially paving the way for globally harmonised approaches. FINMA is proud to contribute to the development of the gold standard for private sector climate transition plans.”   ➡ Dr Judit Limperger, Swiss Financial Market Supervisory Authority FINMA   📘 Read the full report here: https://lnkd.in/d-tb3XFB 📃 Read the report summary here: https://lnkd.in/dHVX-BTz Australian Prudential Regulation Authority | Autorité de contrôle prudentiel et de résolution (ACPR)  | Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) - MAROC) | BaFin | Bank of England | Bermuda Monetary Authority | California Department of Insurance | Central Bank of Ireland | Central Bank of The UAE | De Nederlandsche Bank | Dubai Financial Services Authority (DFSA) | European Insurance and Occupational Pensions Authority (EIOPA) | Finansinspektionen | Finanssivalvonta - Finnish Financial Supervisory Authority | Financial Regulatory Authority FRA | Guernsey Financial Services Commission (GFSC) | Isle of Man Financial Services Authority | IVASS - Istituto per la Vigilanza sulle Assicurazioni | Maryland Insurance Administration | Massachusetts Division of Insurance (DOI) | Monetary Authority of Singapore (MAS) | National Association of Insurance Commissioners (NAIC) | National Bank of Belgium | New York State Department of Financial Services | Office of the Superintendent of Financial Institutions Canada | Otoritas Jasa Keuangan | Reserve Bank of New Zealand | South African Reserve Bank | Superintendencia General de Seguros (SUGESE) | Superintendencia de Seguros de la Nación | SUSEP - Superintendência de Seguros Privados | Swiss Financial Market Supervisory Authority FINMA | U.S. Department of the Treasury | Vermont Department of Financial Regulation | Washington State Office of the Insurance Commissioner | UNDP Sustainable Finance Hub

📣 On Finance Day at COP29, UNDP's Sustainable Insurance Forum (SIF) released a pivotal report titled Supervisory Thinking on Insurance-related Climate Transition Plans. This comprehensive document offers valuable insights into the current supervisory landscape regarding transition plans and highlights the challenges in developing regulatory guidance for the insurance sector as it shifts toward a net-zero future. 💬 “The SIF Transition Plans Working Group’s report urges insurance supervisors to take immediate and proactive measures to guide the global transition to a sustainable economy. As many supervisors are just beginning to tackle the complexities of transition planning, their role is paramount. By providing clear direction, enhancing data transparency, and fostering collaboration, supervisors can create an environment conducive to the development of credible transition plans.”   ➡ Marcos Neto, United Nations Assistant Secretary-General and Director of UNDP’s Bureau of Policy and Programme Support   📘 Read the full report here: https://lnkd.in/d-tb3XFB 📃 Read the report summary here: https://lnkd.in/dHVX-BTz Australian Prudential Regulation Authority | Autorité de contrôle prudentiel et de résolution (ACPR)  | Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) - MAROC) | BaFin | Bank of England | Bermuda Monetary Authority | California Department of Insurance | Central Bank of Ireland | Central Bank of The UAE | De Nederlandsche Bank | Dubai Financial Services Authority (DFSA) | European Insurance and Occupational Pensions Authority (EIOPA) | Finansinspektionen | Finanssivalvonta - Finnish Financial Supervisory Authority | Financial Regulatory Authority FRA | Guernsey Financial Services Commission (GFSC) | Isle of Man Financial Services Authority | IVASS - Istituto per la Vigilanza sulle Assicurazioni | Maryland Insurance Administration | Massachusetts Division of Insurance (DOI) | Monetary Authority of Singapore (MAS) | National Association of Insurance Commissioners (NAIC) | National Bank of Belgium | New York State Department of Financial Services | Office of the Superintendent of Financial Institutions Canada | Otoritas Jasa Keuangan | Reserve Bank of New Zealand | South African Reserve Bank | Superintendencia General de Seguros (SUGESE) | Superintendencia de Seguros de la Nación | SUSEP - Superintendência de Seguros Privados | Swiss Financial Market Supervisory Authority FINMA | U.S. Department of the Treasury | Vermont Department of Financial Regulation | Washington State Office of the Insurance Commissioner | UNDP Sustainable Finance Hub

📣 On Finance Day at COP29, UNDP's Sustainable Insurance Forum (SIF) released a pivotal report titled Supervisory Thinking on Insurance-related Climate Transition Plans. This comprehensive document offers valuable insights into the current supervisory landscape regarding transition plans and highlights the challenges in developing regulatory guidance for the insurance sector as it shifts toward a net-zero future. 💬 “As regulators around the world face similar climate-related challenges, it is important that we all continue to share best practices and insights. Forums such as the SIF help facilitate this exchange. This report reflects that most supervisors are at an early stage of conceptual thinking around insurers’ transition planning, but it was useful to survey the state of play to better understand the potential supervisory role in this space, especially given differing supervisory mandates. We look forward to further discussions with our international colleagues at the SIF in 2025 regarding how best to address various climate-related challenges in our respective markets.”   ➡ Lori Wing-Heier, National Association of Insurance Commissioners (NAIC)   📘 Read the full report here: https://lnkd.in/d-tb3XFB 📃 Read the report summary here: https://lnkd.in/dHVX-BTz Australian Prudential Regulation Authority | Autorité de contrôle prudentiel et de résolution (ACPR)  | Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) - MAROC) | BaFin | Bank of England | Bermuda Monetary Authority | California Department of Insurance | Central Bank of Ireland | Central Bank of The UAE | De Nederlandsche Bank | Dubai Financial Services Authority (DFSA) | European Insurance and Occupational Pensions Authority (EIOPA) | Finansinspektionen | Finanssivalvonta - Finnish Financial Supervisory Authority | Financial Regulatory Authority FRA | Guernsey Financial Services Commission (GFSC) | Isle of Man Financial Services Authority | IVASS - Istituto per la Vigilanza sulle Assicurazioni | Maryland Insurance Administration | Massachusetts Division of Insurance (DOI) | Monetary Authority of Singapore (MAS) | National Association of Insurance Commissioners (NAIC) | National Bank of Belgium | New York State Department of Financial Services | Office of the Superintendent of Financial Institutions Canada | Otoritas Jasa Keuangan | Reserve Bank of New Zealand | South African Reserve Bank | Superintendencia General de Seguros (SUGESE) | Superintendencia de Seguros de la Nación | SUSEP - Superintendência de Seguros Privados | Swiss Financial Market Supervisory Authority FINMA | U.S. Department of the Treasury | Vermont Department of Financial Regulation | Washington State Office of the Insurance Commissioner | UNDP Sustainable Finance Hub

The UNDP Sustainable Insurance Forum (SIF) recently published results from a survey of insurance supervisors on work they are undertaking on climate transition plans. More details in the UNDP SIF post below. ⬇️ 🌐 The IAIS works with the UNDP SIF on a range of climate-related matters. The IAIS also has an extensive #Climate workplan and next month will publish a chapter in the Global Insurance Market Report on climate risks. 👉 Learn more about our work on #ClimateRisk: https://lnkd.in/eTfbbNqQ #IAIS2024 #Insurance

📣 Now available! UNDP's Sustainable Insurance Forum (SIF) released a pivotal report titled 'Supervisory Thinking on Insurance-related Climate Transition Plans'. 📖 Full Report: https://lnkd.in/d-tb3XFB 📃 Report Summary: https://lnkd.in/dHVX-BTz ➡ This comprehensive document offers valuable insights into the current supervisory landscape regarding transition plans and highlights the challenges in developing regulatory guidance for the insurance sector as it shifts toward a net-zero future. Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau of Policy and Programme Support stated, "The SIF Transition Plans Working Group’s report urges insurance supervisors to take immediate and proactive measures to guide the global transition to a sustainable economy." 📝 The report also proposes essential next steps for insurance supervisors, including enhancing coordination among authorities to share best practices and align frameworks, advocating for the establishment of an international baseline and consistent global guidance, assisting regulated entities in overcoming data-related challenges and collaborating with the insurance sector to pool resources for capacity-building initiatives. Daniel Wang, Chair of the UNDP’s SIF, stated, “Insurance supervisors have a vital leadership role to play by engaging and working with the insurance industry amidst the global transition to a net-zero economy. The collective progress made now will contribute to a sustainable future.” ➡ Read the launch press release here: 🔗 https://lnkd.in/daYb_APs #SustainableInsurance #SIFTPWG #SIF