Press Release – October 30, 2024

FOR IMMEDIATE RELEASE
October 30, 2024

Connecticut Insurance Department (CID) Commissioner and President of the National Association of Insurance Commissioners (NAIC), Andrew N. Mais participated in a high-level panel at the International Monetary Fund (IMF) Annual Meeting, hosted in collaboration with the International Association of Insurance Supervisors (IAIS). The panel, titled "Climate Change Protection Gaps and the Insurance Sector," marked a pivotal moment as insurance took the main stage at the IMF annual meeting for the first time since its formation in 1944. This event brought together global leaders to address the increasing economic impact and protection gaps driven by climate change and natural catastrophes worldwide.

Key global figures joined Commissioner Mais on the panel, including Jonathan Dixon, IAIS Secretary General, Jérôme Jean Haegeli, Group Chief Economist at Swiss Re Institute, and Ms. Fundi Tshazibana, Deputy Governor of the Reserve Bank of South Africa and Vice-Chair of the Network for Greening the Financial System (NGFS). The discussion was moderated by Tobias Adrian, Financial Counsellor and Director of the IMF's Monetary and Capital Markets Department.

"We are witnessing an alarming increase in both the frequency and severity of natural catastrophes, which has driven up financial and economic losses and made the task of safeguarding lives, assets, and incomes increasingly challenging," said Commissioner Mais. "Addressing protection gaps requires innovative collaboration between public and private sectors. It's not enough to rely on traditional insurance solutions; we need adaptable, forward-thinking approaches to build resilience across communities. As regulators, it's our responsibility to ensure insurance markets are strong, accessible, and fair in the face of these unprecedented climate-related risks."

The panel emphasized the importance of dynamic, collaborative strategies to close the insurance coverage gap and bolster resilience to climate impacts. The ongoing efforts of the CID, IAIS, NAIC, and IMF to address these widening protection gaps are essential to promoting financial stability and economic prosperity worldwide.

View the full program here.

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Contact: Mary Quinn
Communications, Director
Cell: (959) 529-4904
[email protected]