The President of the Board of the Croatian Financial Services Supervisory Agency, Ante Žigman, spoke at the Austrian Financial Market Authority’s 2025 High Level Meeting of Insurance Supervisors of the South East European and Turkey region in Vienna, where supervisors discussed regulatory priorities, supervisory process design and international cooperation. In his remarks on how regulators can support financial stability amid uncertainty, Žigman questioned whether existing supervisory tools are based on outdated models that struggle to detect complex, simultaneous and non-linear risks linked to technological, geopolitical, inflationary and climate developments. He argued that traditional stress tests and scenarios built around occasional shocks are becoming insufficient for insurers, and called for integrated, adaptable and dynamic approaches, including embedding geopolitical factors in stress testing, Own Risk and Solvency Assessment exercises and broader macro-supervisory frameworks to better gauge exposure and reduce systemic vulnerabilities.
Croatian Financial Services Supervisory Agency 2025-12-05
Croatian Financial Services Supervisory Agency chair calls for more dynamic insurance stress testing that incorporates geopolitical risks
Ante Žigman, President of the Board of the Croatian Financial Services Supervisory Agency, addressed the Austrian Financial Market Authority’s 2025 High Level Meeting, highlighting the need for updated supervisory tools to address complex risks. He advocated for integrated, adaptable approaches, including incorporating geopolitical factors into stress testing and macro-supervisory frameworks, to enhance financial stability.