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, financial inclusion, plus also 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 engagement with stakeholders
- Incorporating relevant DEI aspects into ongoing IAIS projects and activities, in particular those related to corporate governance, conduct and culture
- Exploring opportunities to cooperate with other international organisations and partners, such as our implementation partner 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, 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:
- The potential implications to insurers’ governance (ICP 7), risk management (ICP 8) and corporate culture if they lack a commitment to DEI and the actions supervisors can take in response, whether industry-wide or insurer-specific. The Application Paper on supervising DEI – the governance, risk management and culture perspective was published in November 2024; and
- How expectations for fair treatment of customers (ICP 19) can be implemented by supervisors, insurers and intermediaries to achieve fair treatment for diverse consumers. Public consultation on this draft Application Paper closed on 25 September 2024.
In October 2023 the IAIS released a member-only document prepared by the IAIS’ Governance Working Group exploring how the IAIS sees DEI as relevant to insurers’ governance, risk management and corporate culture, and therefore the link to supervisory objectives. Member-only materials can be shared with all employees of an IAIS member organisation. The key messages are now published within the Application Paper on supervising DEI – the governance, risk management and culture perspective.
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.
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 our implementation partner A2ii is relevant to the IAIS activities related to DEI.
Recent and upcoming events
- On 6 December 2024, Annual Conference panel on DEI in insurance and roundtables on financial inclusion and fair treatment of diverse consumers.
- On 17 July 2024, Public background session: consultation on DEI supervisory guidance – fair treatment for diverse consumers.
- On 3 April 2024, Public background session: consultation on DEI supervisory guidance – the governance, risk management and culture perspective.
- 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
Read the conversation between incoming and outgoing DEI Champions in the “IAIS Spotlight on DEI” on LinkedIn.
- In November 2021, the IAIS published a statement on the importance of DEI
considerations in insurance supervision.