The International Association of Insurance Supervisors (IAIS) set out a package of market-monitoring and implementation updates, including publication of the 2025 Global Insurance Market Report (GIMAR) mid-year update and the launch of a public consultation on changes to the Global Monitoring Exercise (GME) Individual Insurer Monitoring (IIM) assessment methodology. Drawing on GME data collected through June 2025, the mid-year GIMAR reports stable aggregate solvency and liquidity positions in 2024 despite heightened macroeconomic uncertainty. The report highlights market volatility linked to trade tensions and rising sovereign debt, including a USD 10 trillion equity market decline in April 2025, and notes heightened risks for insurers’ asset valuations, investment income and liability management. While return on assets improved for many insurers, the impact of declining interest rates and widening bond spreads was uneven, and liquidity was strained at some firms with significant allocations to illiquid assets or those affected by dividend payments and share buybacks. Aggregate systemic risk scores for 2024 were described as stable, with higher intra-financial and level 3 assets offset by reductions in indicators related to minimum guarantees on variable products and derivatives, while cyber and climate-related risks remain areas for further analysis. The IIM methodology review is intended to refine the approach for the 2026–2028 cycle, with comments due by 18 August 2025 (24:00 CEST); the IAIS also plans a supervisory feedback loop ahead of a collective discussion among supervisors in September and publication of the year-end 2025 GIMAR in December. Separately, CGAP will become the new host and convenor of the Access to Insurance Initiative on 1 July 2025, the IAIS published guidance on transitioning to a risk-based solvency regime, and it updated its register of Internationally Active Insurance Groups to 60 groups.

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