Established in
2016
December
Chairman
Daniel Wang
Monetary Authority of Singapore (MAS)
GROWN FROM 0 TO
37
MEMBERS IN 4 YEARS
PARTNERS WITH
12
ORGANISATIONS
TRILLION GROSS
US$5+
INSURANCE PREMIUMS
GLOBAL INSURANCE
92%
MARKET SHARE
Structure
SIF is made possible through generous financial support from:
Collaboration with these Partners strengthens the work of SIF:
Engagement with these groups amplifies SIF’s work:
Observer at Central Bank and Supervisors Network for Greening the Financial System (NGFS)
Member of the Informal Working Group (IWG) of the Task Force on Nature Based Disclosures (TNFD)
The Secretariat provides research on emerging issues, facilitates international collaboration and knowledge sharing, supports high-level policy engagement and joint statements in line with the SIF work programme.
The Secretariat is hosted by the United Nations Development Programme (UNDP) and supported by the International Association of Insurance Supervisors (IAIS) to undertake its work.
History
2014
First-ever international consultations on the links between insurance policy, regulation and supervision, and sustainable development held by the UNEP FI Principles for Sustainable Insurance (PSI) and the UNEP Inquiry into the Design of a Sustainable Financial System.
2015
May 2015: Insurance 2030 – Harnessing Insurance for Sustainable Development Roundtable, co-hosted by UN Environment Programme (UNEP) and Swiss Re.
June 2015: Release of “Insurance 2030 – Harnessing Insurance for Sustainable Development” report, at the Global Insurance Forum of the International Insurance Society, which recommended the creation of the SIF.
September 2015: Several insurance regulators express support for the SIF concept, including the Bank of England, in its assessment of climate change and the UK insurance sector.
2016
A steering group of insurance regulators (Brazil, France, Netherlands, South Africa, the UK, and California and Washington State) guide the process of creating the SIF.
June 2016: Presentation of the results of an international consultation on the proposed SIF involving regulators from more than 30 countries, in cooperation with the IAIS.
December 2016: Launch of the SIF, with Commissioner Dave Jones, California Department of Insurance elected to the role of SIF Chair.
2017
February 2017: Submission of joint SIF response to Financial Stability Board Task Force on Climate Related Financial Disclosures consultation.
July 2017: Second meeting of the SIF, held in Windsor, UK.
July 2017: SIF releases public statement in support of the final recommendations of the Financial Stability Board Task Force on Climate Related Financial Disclosures.
November 2017: Third meeting of the SIF, held in Kuala Lumpur, Malaysia.
2018
February 2018: Commissioner Geoff Summerhayes, Australian Prudential Regulatory Authority named as new SIF Chair.
May 2018: Fourth meeting of the SIF, held in Rio de Janeiro, Brazil.
July 2018: Joint SIF/IAIS Issues Paper on Climate Change Risks released at the IAIS Global Seminar in Moscow, Russia.
November 2018: Fifth meeting of the SIF, held in Luxembourg.
2019
February 2019: SIF conducts a global survey on the implementation of the Task Force on Climate Finance Disclosures within the insurance sector, gathering responses from nearly 1,200 insurers across 15 jurisdictions.
June 2019: Sixth meeting of the SIF, held in Buenos Aires, Argentina.
November 2019: Seventh meeting of the SIF held in Abu Dhabi, UAE.
2020
February 2020: Eighth meeting of the SIF held in Basel, Switzerland, alongside the Financial Stability Institute (FSI) Cross-sectoral Policy Implementation Meeting on Climate Risk Assessment.
February 2020: SIF and IAIS collaborate on “Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-related Financial Disclosures”.
March 2020: SIF launches the public version of the SIF Question Bank; “Question Bank on Climate Change Risks to the Insurance Sector”.
May 2020: SIF holds two virtual online meetings, instead of its regular bi-annual meeting, due to the Covid-19 pandemic.
June 2020: SIF and IAIS co-host a webinar on climate-related risks in the insurance sector.
August 2020: SIF launches a half-yearly report of activities ‘January to June 2020 Update‘.
September 2020: SIF joins the Informal Working Group (IWG) of the Task Force on Nature-related Financial Disclosures (TNFD).
October 2020: SIF/IAIS launch Public Consultation: Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.
October 2020: SIF/IAIS hold Public Background Session on Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.
October 2020: The SIF Chair, Geoff Summerhayes participated in the UNEP Finance Initiative (UNEP FI) Global RoundTable (recording here), which explored the role of regulators in delivering a sustainable financial system.
November 2020: The SIF Chair, Geoff Summerhayes participated in a session during Climate Finance Week Ireland (recording here), where Stephen Nolan, Head of the SIF Secretariat also delivered welcome remarks.
December 2020: The SIF held its Third Virtual Meeting (SIF VM3) and announced Anna Sweeney, Executive Director – Insurance, Bank of England as the new SIF Chair.
December 2020: The SIF Secretariat represented by William Harding, APRA, presented to the new NAIC Climate and Resiliency EX Task Force, at the virtual Fall National Meeting of NAIC. The presentation deck can be viewed here and the meeting minutes here.
2021
March 2021: SIF Chair Anna Sweeney spoke at the Milliman Climate Resilience Forum on ‘Climate resilience strategies for insurance supervisors around the globe’. Her speech can be read here and viewed here.
April 2021: The SIF joins the new NGFS & INSPIRE – Greening the financial system joint study group on Biodiversity & Financial Stability, as a member.
May 2021: The SIF member – the Office of the Superintendent of Financial Institutions (OSFI), produced the French version of the Climate Change Risk Questions Bank for the SIF insurance sector and used it in their training.
May 2021: The SIF Chair Anna Sweeney, Bank of England participated in the Solvency Workstream Meeting of the National Association of Insurance Commissioners (NAIC) Climate and Resiliency (Ex) Task Force.
May 2021: The SIF held a working group call to support the development of its scoping study on the Nature Related Risks in the Insurance Sector.
May 2021: The SIF launched the SIF/IAIS Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.
June 2021: The IAIS/SIF held a public webinar on the Application Paper, which can be viewed here.
June 2021: The SIF/IAIS/UN PSI held two webinar sessions across the 14th and 15th June to accommodate the different time zones. The recordings of the webinars can be viewed here.
June 2021: The SIF Chair Anna Sweeney, Bank of England spoke at the Association of Bermuda Insurers & Reinsurers’s members virtual seaside chat.
June 2021: The SIF in partnership with the UN Principles for Sustainable Insurance (UN PSI) launched a global survey on nature related risks and the insurance industry, which was disseminated to UN PSI’s 200+ members, to support the SIF scoping study.
June 2021: The SIF held its first working group meeting on Climate risks in actuarial processes, co-hosted by the International Actuarial Association (IAA).
July 2021: The A2ii and IAIS hosted a dialogue based on the SIF/IAIS Application Paper on the Supervision of Climate-related Risks in the Insurance Sector, which featured SIF experts and member representatives.
2023
March 2023: Mr. Daniel Wang, Executive Director of Monetary Authority of Singapore (MAS) is named the new Chair of the UNDP convened Sustainable Insurance Forum (SIF).