{
  "title": "Opening Remarks by IMF Managing Director Kristalina Georgieva at the Insurance Development Forum Summit",
  "publication": "IMF News, June 7, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/06/10/sp060721-opening-remarks-at-the-insurance-development-forum-summit",
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  "summary": "Remarks delivered on June 7, 2021.",
  "publishDate": "2021-06-07",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Remarks delivered on June 7, 2021.\n- Core IMF mandate referenced: promoting macroeconomic and financial stability, growth and employment.\n- Three focal areas addressed:\n  - Building resilience to climate shocks and accelerating the transition to the new climate economy.\n  - Identifying and managing climate-related financial risks for the insurance industry.\n  - Unlocking the potential of the insurance industry as a source of financing in the climate transformation."
    },
    {
      "heading": "Building resilience",
      "content": "- Insurance industry credited with advances in climate risk monitoring, modeling, and integration of those risks into insurance products.\n- IMF engagement:\n  - Deepening understanding of climate risks and ways to reduce them.\n  - Integrating insurance industry risk assessment into IMF work, including regular country assessments and financial sector assessments (FSAPs).\n  - Supporting countries to develop and adopt forward-leaning insurance products and expand insurance coverage for sovereigns, businesses, and households."
    },
    {
      "heading": "Making insurers more resilient",
      "content": "- Key enablers: high-quality disclosure standards, improved data, and stress-testing for climate-related risks.\n- Governance and reporting:\n  - Support noted for the G7 agreement to move towards mandatory disclosure of climate-related risks and to standardize reporting.\n  - Observation that there remain some 200 frameworks for reporting; aim is to standardize reporting by COP26.\n- IMF operational steps:\n  - Move to stress-testing for climate-related risks.\n  - Integrate standardized reporting into FSAPs.\n  - Current FSAP coverage and targets:\n    - FSAPs cover some 12 countries per year.\n    - Climate-related risks have been included in one in five of these assessments.\n    - Goal to move to full coverage within 18 months."
    },
    {
      "heading": "Insurance money for green finance",
      "content": "- Research finding cited: a green infrastructure push—coordinated across economies—can boost global GDP in the next 15 years by 0.7 percent per year and create millions of new jobs.\n- Barriers to insurer investment in emerging and developing economies:\n  - Prohibitions or very tight limits on insurer investment in infrastructure projects.\n  - Capital requirements that often overestimate the risks of such investments.\n- Policy implications:\n  - Reducing regulatory barriers and reflecting risks more accurately can be a global game changer for mobilizing insurance capital into green infrastructure."
    },
    {
      "heading": "IMF commitments and collaboration",
      "content": "- IMF seeks to work with the insurance industry to:\n  - Share best practices on risk assessment and resilience-building.\n  - Support expansion of insurance coverage at sovereign, business, and household levels.\n  - Advance policies to reduce barriers to insurer investment in infrastructure and improve risk calibration in regulation.\n- Emphasis on collective action: accelerating the transition to a greener and more resilient economy requires coordinated efforts among institutions and the financial sector.\n\nSource: Opening Remarks by IMF Managing Director Kristalina Georgieva at the Insurance Development Forum Summit (June 7, 2021).\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/06/10/sp060721-opening-remarks-at-the-insurance-development-forum-summit"
    }
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    "Published: June 7, 2021",
    "Remarks delivered on June 7, 2021.",
    "Core IMF mandate referenced: promoting macroeconomic and financial stability, growth and employment.",
    "Three focal areas addressed:",
    "Insurance industry credited with advances in climate risk monitoring, modeling, and integration of those risks into insurance products.",
    "IMF engagement:",
    "Key enablers: high-quality disclosure standards, improved data, and stress-testing for climate-related risks.",
    "Governance and reporting:",
    "IMF operational steps:",
    "Research finding cited: a green infrastructure push—coordinated across economies—can boost global GDP in the next 15 years by 0.7 percent per year and create millions of new jobs.",
    "Barriers to insurer investment in emerging and developing economies:",
    "Policy implications:",
    "IMF seeks to work with the insurance industry to:",
    "Emphasis on collective action: accelerating the transition to a greener and more resilient economy requires coordinated efforts among institutions and the financial sector.",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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