The Global Seminar of the International Association of Insurance Supervisors (IAIS) was hosted by the Croatian Financial Services Supervisory Agency (Hanfa).
According to svijetosiguranja.eu, this year, regulators in Dubrovnik discussed the main challenges facing the insurance industry in the future. The global insurance market has already undergone major changes due to the pandemic, and is now facing climate, cyber, operational, and other risks. Also, one of the topics was how insurance can support a sustainable and green economy and how to respond to social change, as well as protection and education of consumers of financial services.
"In addition to the current challenges due to inflation and rising interest rates, the insurance sector around the world and in Croatia is facing major changes and risks posed by the climate due to global warming. It is also exposed to increasing cyber-attacks on private and public IT systems. In these circumstances, insurance companies will have to offer appropriate solutions for the economy and consumers and at the same time educate users to raise awareness about protecting their assets and businesses from potential losses. Insurance will no longer cover only isolated physical but also systemic risks", said the President of the Board of the Hanfa Ante ZIGMAN. He added that the insurance sector in Croatia has so far successfully responded to the challenges of the pandemic and earthquakes, remained highly capitalized, liquid and stable, and developed digital communication with consumers. "Next year insurers in Croatia expect two major changes - new financial reporting under IFRS 17 and introduction of the euro, for which the domestic market will be ready with a satisfactory level of solvency", he said.