GFIA Supports Business 20 (B20) Recommendations to G20 Trade MinistersRelease Date: 07/16/2014 Staff Reference: Janice Hilchie
16 July 2014
The Global Federation of Insurance Associations (GFIA) which through its 38 member associations represents insurers that account for around 87% or more than $4.0 trillion in global insurance premiums. GFIA endorses the recommendations of the Business Coalition to G20 Trade Ministers meeting in Sydney this week and calls on G20 Trade Ministers to halt the imposition of more trade restrictive measures on insurers and reinsurers and to remove those currently in place.
By helping to manage risk effectively, insurers play a key economic and social role in local and global economies. Insurers are also one of the largest sources of investment in any economy. According to the IMF's April 2012 Global Financial Stability Report, at present the global insurance industry holds USD$6.4 trillion worth of worldwide government securities, equal to 15 per cent of all outstanding sovereign debt. Additionally, the insurance sector is one of the world’s largest institutional investors – with US$ 26.8 trillion in assets under management in 2012 and $4.6 trillion of new premiums to invest annually.