ZAGREB, 16 June 2022 - A global seminar of the International Association of Insurance Supervisors (IAIS) opened in Dubrovnik on Thursday, bringing together over 350 participants from 70 countries.

The two-day seminar is being hosted by the Croatian Financial Services Supervisory Agency (HANFA), whose president, Ante Žigman, said that insurance companies are under great pressure from inflation and increasing interest rates as well as from climate change. "Catastrophic events, such as floods, hailstorms, wildfires and earthquakes, are largely covered by insurance, so insurance companies have to cope with that," he noted.

Žigman also mentioned cybernetic risks, which are not tangible but do great harm to the industry and the IT sector. "This risk is only growing in the present geopolitical circumstances. Coupled with the COVID-19 pandemic, it is important to provide insurance to businesses facing such threats. Insurance enables a smooth running of business and companies are insured against the risks they are facing," he added.

IAIS Secretary-General Jonathan Dixon said that the seminar would focus on the implementation of the key reforms launched after the global crisis of 2008, primarily through the Insurance Capital Standard with common global regulatory rules. 

The topics will also include financial stability and risk at the present time of Russia's military invasion of Ukraine, climate and cyber risks, and financial inclusion.

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