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Insurance, Supervision and Trust: An Intricate Relationship

Insurance, Supervision and Trust: An Intricate Relationship

by Shigeru Ariizumi

Chair of the Executive Committee of the International Association of Insurance Supervisors

Jun 23, 2025

Compendium
In FocusCulture Risk Governance & SupervisionCross-Border CollaborationPublic-Private PartnershipPrudential ConcernsCulture & Performance

These remarks, contributing to Starling’s 2025 Compendium, were drafted on the heels of the World Bank Group/ International Monetary Fund Spring meetings in Washington D.C. A full week of meetings spent discussing the risks and opportunities facing the global financial sector inspired me to offer the following notes on the importance of continued global cooperation and coordination, and to offer some examples of how this spirit of global cooperation has underpinned recent achievements of the IAIS and informed our future strategic plan.

Insurance is a highly regulated and supervised business — for understandable reasons: Firstly, insurance is intangible, it is not a product that can be touched, inspected or trialled before purchase. It is a promise to cover a loss in the future, if and when it arises, in accordance with its contractual terms. Policyholders pay their regular premiums, based on trust that, if and when the day comes that they need to claim, the insurer will be solvent, will settle their claim justly, and will treat them fairly.

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