"Through this membership, the Central Bank has gained the opportunity to expand cooperation with insurance supervisors and regulators from various countries, participate in the exchange of international experience and knowledge, and be represented in the forum's working groups and discussions. Consequently, the Central Bank will be able to contribute to international initiatives aimed at strengthening sustainability and resilience against climate risks within the insurance sector, as well as expand opportunities to apply advanced international practices to the development of the country's insurance sector", the regulator notes in its statement.
It is noted that established in 2016 through a UN initiative and with the support of the International Association of Insurance Supervisors (IAIS), the SIF is a global network bringing together 40 institutions active in the field of insurance supervision and regulation.
The Forum strengthens international cooperation among supervisory and regulatory bodies to support the sustainable development of the insurance sector, fosters the exchange of knowledge and experience, and supports the development and implementation of new policy and regulatory approaches. One of the SIF's primary objectives is to ensure the effective management of climate risks and the integration of other sustainability factors into the regulation and supervision processes of insurance companies.
Currently, the SIF's 40 members regulate approximately 80% of the global insurance market. The annual total insurance premiums of the companies supervised by the forum's members exceed USD 6.3 trillion, the source added.
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