On September 4, the IIF submitted its response to the IAIS Request for Feedback on the Impact of COVID-19. As part of its effort to assess the impact of COVID-19 on the insurance sector, the IAIS issued a request for feedback on July 24. The request for feedback included five questions regarding the impact of COVID-19 on the insurance sector in both the short-term and longer-term, key trends, risks and opportunities for insurers, supervisory implications, as well as suggestions for related IAIS work. The Insurance Working Group (IWG) has held a number of calls to discuss this request for feedback and IIF staff greatly appreciate the contributions of members during this challenging time.
The IIF response included our appreciation of the IAIS for its support of the industry and for the good lines of communication that the IAIS has maintained throughout the crisis. We recommended that the IAIS hold another stakeholder dialogue before the end of 2020 in order to communicate to stakeholders the aggregated, high-level results of recent IAIS data calls as well as the feedback from the July 24 consultation. We also noted that, despite the challenges of a worldwide pandemic, the insurance industry overall has remained well capitalized, with adequate levels of liquidity, in the first half of 2020, allowing insurers to continue to serve and support their policyholders and communities throughout this difficult time.