The International Association of Insurance Supervisors (IAIS) published its Global Insurance Market Report (GIMAR) 2025, drawing on the Global Monitoring Exercise to assess sector trends and potential systemic risk build-up. The report finds the global insurance sector supported by strong solvency, adequate liquidity and strong profitability, alongside a slight decline in aggregate systemic risk, and identifies rising private credit investment, deepening geoeconomic fragmentation and expanding artificial intelligence (AI) use as key themes requiring supervisory attention. Private credit features as a dedicated focus, with the report noting rapid growth in life insurers’ allocations across several jurisdictions despite moderate aggregate exposures, and highlighting risks including valuation uncertainty, liquidity challenges, borrower credit quality and structural complexity. Geoeconomic fragmentation is presented as increasing volatility and complicating asset-liability management for internationally active groups, with supervisory responses including strengthened scenario analysis, data collection and cross-border coordination. On AI and generative AI, the report points to growing use in underwriting, pricing and claims, while flagging governance and transparency issues, cyber and operational risks, data bias and third-party concentration risks; climate-related exposures and cyber risks are also cited as emerging risk priorities, and the report discusses evolving natural catastrophe coverage and reinsurance levels as well as reinsurers’ continued strong capitalisation. Looking ahead, the IAIS plans to expand monitoring of alternative assets including private credit, deepen systemic risk analysis, develop supervisory guidance on structural shifts in life insurance, and continue refining climate-risk and natural catastrophe protection gap assessments.

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