The Canadian Life and Health Insurance Association has joined and six other insurance industry trade associations in a unified statement to the G20 leaders ahead of their summit in London on April 2.

In the statement, the insurance industry lays out principles that they would like the G20 leaders to consider. These include gearing prudential regulation to reflect an insurer’s level of risk and diversification; improving fair value accounting; and equipping regulators to supervise a globalized insurance industry and guard against systemic risks.

Additionally, they stressed that it’s crucial that the G20 renew and expand upon their commitment to a standstill on trade and investment barriers made at last November’s G20 Summit.

“This initiative, undertaken by leading insurance associations, reflects our joint commitment to encourage G20 leaders to continue down the path of risk- and principles based regulation while strengthening regulatory cooperation around the world,” said Frank Swedlove president of the CLHIA.

With respect to the Canadian insurance industry, the CLHIA said that the sector as a whole is strong and continues to be well capitalized. “Canadians can be assured that companies are well positioned to meet any obligations to their policyholders,” Swedlove noted.

IE