AAJI Daily News - 14 Juli 2025

IAIS publishes Application Paper on fair treatment of a wide range of consumers

International Association of Insurance Supervisors - July 10, 2025

Following consultation in 2024, the IAIS has now published its Application Paper on fair treatment of a wide range of consumers that supports implementation of Insurance Core Principle (ICP) 19 (Conduct of Business).

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Protection Gaps in Insurance for Natural Hazards and Retirement Savings in Asia

oecd.org - July 10, 2025

Asian countries face significant financial protection gaps in natural hazard insurance and retirement savings, leaving individuals under-protected and putting their financial well-being at risk. This report examines the drivers of these gaps and identifies possible approaches to addressing them, focusing on the experiences of Indonesia, Malaysia, Pakistan, the Philippines, Sri Lanka, Thailand and Viet Nam.

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OECD Employment Outlook 2025: Can We Get Through the Demographic Crunch?

oecd.org - July 10, 2025

The OECD Employment Outlook provides an annual assessment of key labour market developments and prospects in OECD member countries. Each edition also includes several chapters that focus on specific aspects of the functioning of labour markets and the implications for policies to promote more and better jobs.

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Public consultation on draft Application Paper on operational resilience objectives and toolkit

International Association of Insurance Supervisors - July 10, 2025

Public consultation feedback is invited by 29 September 2025. The paper includes objectives and a toolkit to promote insurance sector operational resilience.

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The IAIS publishes Application Paper on the supervision of artificial intelligence

International Association of Insurance Supervisors - July 10, 2025

The IAIS today published the final version of its Application Paper on the supervision of artificial intelligence (AI). The paper, which has been updated following consultation in early 2025, reinforces the importance of the Insurance Core Principles (ICPs), outlining how existing expectations around governance and conduct remain essential considerations for supervisors and insurers related to the use of AI systems in insurance.

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High-level principles for the development of the ICS implementation assessment published

International Association of Insurance Supervisors - July 10, 2025

The Executive Committee of the International Association of Insurance Supervisors (IAIS) has agreed the high-level principles (HLPs) for the development of the Insurance Capital Standard (ICS) implementation assessment methodology.

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Climate change will continue to bring 'substantial financial costs', need for change urgent - Independent

interest.co.nz - July 9, 2025

Larger and more frequent costs for the country. Financial strain after major events. People having declining insurance, insurance withdrawal and unaffordable insurance cover. Those are just some of the things New Zealand could face if it doesn’t make changes to how it deals with climate change, a group put together by the Ministry for the Environment says.

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Climate and Sustainability Roundup: Insurers find their voice at COP30

InsuranceERM - July 9, 2025

At the Forum for Insuring the Transition to Net Zero (FIT) event at the start of the month, fresh details emerged about the 'House of Insurance' at COP30 – an initiative led by Brazil's insurance association CNseg. The aim is to provide the sector with dedicated representation at the summit. Banks typically have their own spaces at climate events, which is something the insurance industry has long lacked.

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Indonesia launches marine trust to fund coral reef insurance

msn.com - July 10, 2025

Indonesia has established a Marine Biodiversity Trust to support sustainable marine and fishery programs, with a focus on financing coral reef insurance.

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Korea to introduce climate insurance next year - ???? ???? ??(Pulse)

Pulse - July 10, 2025

The South Korean government, in collaboration with the insurance industry, plans to introduce a climate insurance product in 2026 as the country swelters under extreme summer heat every year.

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How technology is transforming wildfire insurance claims in Canada

Insurance Business Canada - July 8, 2025

From drone footage to AI-powered tools, wildfire claims handling in Canada is undergoing a quiet revolution

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Cyber insurance confronts the age of intelligent threats

Insurance Business America - July 7, 2025

As cyberattacks grow more sophisticated, underwriters and brokers face new demands – and new responsibilities

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UN launches guide to help insurers make plans for net-zero transition

Green Central Banking - July 10, 2025

A UN-led forum has launched a guide to help insurers and reinsurers make plans for supporting the transition to a net-zero economy. The guide was produced by the Forum for Insurance Transition to Net Zero (Fit) which was set up in April 2024 to bring together insurers, regulators, academics and civil society to support the industry in accelerating the green transition. It currently has more than 50 members and is chaired by the UN Environment Programme (UNEP).

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Japan:Regulator publishes report on insurer practices to address climate risks

Asia Insurance Review - July 10, 2025

Since the Financial Services Agency (FSA) published the 'Supervisory Guidance on Climate-related Risk Management and Client Engagement' in 2022, it has maintained dialogues with financial institutions, including insurance companies.

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