Diversity, Equity and Inclusion

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.

IAIS work on DEI

The IAIS is committed to deepening and strengthening its work on DEI through the following activities:

  • Undertaking exploratory work on the insurance sector’s efforts and steps taken by supervisors in support of DEI objectives, including via engagement with stakeholders
  • Incorporating relevant DEI aspects into ongoing IAIS projects and activities, in particular those related to corporate governance, culture and conduct
  • Exploring opportunities to cooperate with other international organisations and partners, such as our implementation partner, the Access to Insurance Initiative (A2ii), to encourage supervisory dialogue and sharing of good practices.

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.

In 2023-2024 the IAIS’ work focuses on:

  • How expectations for fair treatment of customers (ICP 19) can be implemented for the fairer treatment of, and better outcomes for, diverse consumers; and
  • How DEI within an insurers’ institution links to the insurers’ governance (ICP 7), risk management (ICP 8) and corporate culture.

Public consultation on draft Application Papers on these topics is expected in 2024.

As an interim product for IAIS members, in October 2023 the IAIS released a member-only document exploring how the IAIS sees DEI as relevant to insurers’ governance, risk management and corporate culture, and therefore the link to supervisory objectives. It was prepared by the IAIS’ Governance Working Group. IAIS members can find the report, and other member-only publications on the members-only reports page. Member-only materials can be shared with all employees of an IAIS member organisation.

DEI at the IAIS

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.

Recent and upcoming events
  • 09 February 2023, Stakeholder session on DEI stocktake and future work
  • 10 November 2022, Annual Conference panel on DEI for better consumer and prudential outcomes

Related documents
  • In November 2021, the IAIS published a statement on the importance of DEI
    considerations in insurance supervision.

Partners

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.