A one-size-fits-all approach just doesn’t make sense when it comes to regulating insurers versus banks and others in 2024. A new report from the Global Federation of Insurance Associations (GFIA) details the real and significant differences between insurers and other financial institutions and why policymakers need to take these distinctions into account when designing new regulations. “Insurance: A unique sector” shows that insurers have much less exposure to systemic and liquidity risks compared to banks and other FIs. Regulatory approaches tailored to these differences are going to reduce business costs and improve outcomes for consumers. https://lnkd.in/eVaMmhpG
Stephen Frank’s Post
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📢The latest report from the Global Federation of Insurance Associations (GFIA) making it clear that the insurance industry should not be regulated like the banking industry. Key points from the report- 🔑It's crucial to recognise the distinct nature of the insurance industry. We must steer clear of simply mirroring the regulatory frameworks designed for banks and other financial sectors. 🔑By keeping insurance regulation separate from banking models, we ensure that our focus remains sharp, addressing the unique risks inherent in insurance operations. 🔑Advocate for a regulatory environment that fosters innovation, encourages growth, and most importantly, safeguards the interests of policyholders. 🔑Inappropriate or excessive regulations can inadvertently burden the insurance industry, ultimately impacting the very individuals we aim to protect. #insurance #insuranceindustry #regulation #regulatory For full report -👉 https://lnkd.in/eFVhAbB6
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Stay up to date with trends and insights in the #insurance sector . Check out the latest edition of our #InsuranceInsights
Stay up to date with trends and insights in the #insurance sector . Check out the latest edition of our #InsuranceInsights
Insurance Insights - latest edition
kpmg.smh.re
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Stay up to date with trends and insights in the #insurance sector . Check out the latest edition of our #InsuranceInsights
Insurance Insights - latest edition
kpmg.smh.re
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Stay up to date with trends and insights in the #insurance sector. Our Insurance Insights May 2024 edition covers updates from KPMG Ireland, Central Bank Ireland, EIOPA, and other key European bodies. Our insurance team have compiled a collection of latest publications and articles. Among other topics, the newsletter explores the insurance transformation, reporting under IFRS 17 and IFRS 9, and best practices to optimise and automate your risk and control lifecycle. See more here: https://lnkd.in/eTAsyr7n
Latest trends and insights in the insurance sector
kpmg.smh.re
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Stay up to date with trends and insights in the #insurance sector. Our Insurance Insights May 2024 edition covers updates from KPMG Ireland, Central Bank Ireland, EIOPA, and other key European bodies. Our insurance team have compiled a collection of latest publications and articles. Among other topics, the newsletter explores the insurance transformation, reporting under IFRS 17 and IFRS 9, and best practices to optimise and automate your risk and control lifecycle. See more here: https://lnkd.in/eB2chVN9
Latest trends and insights in the insurance sector
kpmg.smh.re
Innovation | Digital Transformation| Risk | Compliance | ELEKS
9moStephen Frank, Well-researched report highlighting important distinctions.