There is growing acknowledgement that advancing DEI within insurers’ organisations and business models supports sound prudential and consumer outcomes as well as sustainability objectives. DEI also touches on several strategic themes identified in the IAIS Strategic Plan 2020-2024, such as conduct and culture, but also financial inclusion, sustainable economic development and technological innovation.
The IAIS is committed to deepening and strengthening its work on DEI through the following activities:
In December 2022 the IAIS published a stocktake report on the actions IAIS member supervisors, other international organisations and the insurance industry are taking to advance DEI in the insurance sector. This stocktake was a first step to inform further IAIS work to promote DEI in insurers’ governance and conduct of business.
The IAIS is also committed to leading by example, strengthening DEI in its own governance and processes as a global membership association. Read more about this here.
10 November 2022, Annual Conference panel on DEI for better consumer and prudential outcomes
Advancing DEI within an insurers’ organisation plays a role in achieving broader Environment, Social and Governance (ESG) objectives, such as creating more accessible markets and supporting financial inclusion among traditionally underserved communities and individuals, including progressing inclusive insurance.
In this regard, the work of A2ii is relevant to the IAIS activities related to DEI.