Key Workshop Themes

The workshop focused on the implications of an increasingly complex geopolitical environment, including heightened global conflict, energy market disruptions, supply chain vulnerabilities, economic fragmentation and the growing importance of resilience and strategic autonomy. Participants also discussed the opportunities and risks presented by emerging technologies, particularly artificial intelligence and cyber-related threats.

A significant portion of the discussion centred on regulatory burden and regulatory simplification. GFIA members shared experiences from their respective jurisdictions regarding increasing regulatory requirements and considered how the industry can collectively advocate for more proportionate and effective regulation, particularly in anticipation of upcoming G20 and B20 discussions.

General Assembly Discussions

The General Assembly considered whether current geopolitical developments warrant a reprioritisation of GFIA’s strategic focus. Members broadly supported maintaining GFIA’s existing priorities, including addressing protection gaps, promoting insurance accessibility and affordability, supporting proportionate regulation, and engaging on climate, cyber and technology-related risks.

The Disruptive Technologies Working Group reported continued engagement with the International Association of Insurance Supervisors (IAIS) on artificial intelligence. The Group emphasised the need for a balanced regulatory approach that recognises both the benefits and risks of AI and seeks to avoid overly restrictive regulation that could inhibit innovation within the insurance sector.

Members from multiple jurisdictions identified artificial intelligence, cyber resilience, climate-related risks, regulatory burden and affordability pressures as common themes affecting insurance markets globally. There was also considerable discussion regarding increasing international regulatory expectations and the need for stronger industry engagement in international standard-setting processes.

GFIA Advocacy and Stakeholder Engagement

GFIA reported continued success with its “Pathways to Protection” paper and agreed that greater emphasis should be placed on advocacy and stakeholder engagement following the publication of major policy papers. Members also discussed leveraging international forums, including G20 and IMF/World Bank engagements, to strengthen the industry’s voice on issues such as protection gaps, regulatory burden, resilience and emerging technologies.

Relevance for SAIA

The discussions were closely aligned with several issues currently under consideration within the South African insurance sector, including:

• The impact of artificial intelligence and emerging technologies on insurance operations and regulation;
• The importance of proportionate and outcomes-based regulation;
• Climate resilience and protection gap initiatives;
• Cyber risk and operational resilience; and
• The increasing focus on affordability and accessibility of insurance products.

SAIA will continue to participate in GFIA structures, including the Disruptive Technologies Working Group, to monitor developments and contribute to global industry discussions on these matters.