Global Insurance Market Report (GIMAR)
The Global Insurance Market Report (GIMAR) is published annually and highlights the outcomes of the Global Monitoring Exercise. It is aimed at assessing global insurance market trends and developments and detecting the possible build-up of systemic risk in the global insurance sector.
The GIMAR shares the outcomes of the annual GME and the IAIS’ risk assessment framework to monitor key risks and trends and detect the potential build-up of systemic risk in the global insurance sector.
The GIMAR provides an assessment of the following sections in the year-end publication.
Sections of the GIMAR include:
- Introduction of the GME and its data collections.
- Global insurance market developments in the past year in terms of assets, liabilities, solvency, profitability and liquidity.
- Key macroprudential themes identified in the insurance sector.
- Climate-related risks in the insurance sector.
- Aggregate results from the individual insurer monitoring exercise.
- Global reinsurance market.
The IAIS also publishes a mid-year GIMAR in July each year that provides a summary of the interim outcomes of the 2024 IAIS GME ahead of the publication of the final GIMAR at the end of the year. This update covers preliminary reporting on solvency, profitability and liquidity positions of the global insurance sector; aggregate systemic risk scores; and key macroprudential themes.
In 2023, the GME data indicates that global insurance sector capital adequacy remains sound but has slightly declined at year-end 2022, primarily due to financial market developments such as lower asset valuations. Nevertheless, the aggregate systemic risk footprint of the insurance sector decreased at year-end 2022 compared to the year before.
Shigeru Ariizumi, Chair of the IAIS Executive Committee
The IAIS also develops special editions of the GIMAR to delve deeper into relevant topics to assess their potential risks to global financial stability and identify the need for further work.