OPINION by Stephen Frank, President of the Global Federation of Insurance Associations (GFIA) & President and CEO of the Canadian Life and Health Insurance Association (CLHIA)
Across the world, concerns about the cost and availability of insurance are rising. Barriers stem from various sources, such as the burden of hidden taxes, complex regulation, growing and emerging risks. Without real progress, whole communities – particularly those in vulnerable areas – risk being left without protection when they need it most. To move forward, the focus must be on relieving the external pressures that make insurance harder to deliver affordably and at scale.
Having been part of the Global Federation of Insurance Associations (GFIA) for many years and recently appointed President, I have gained a deep understanding of the growing challenges insurers face in ensuring that coverage remains both accessible and affordable. The increasing frequency of natural catastrophes, the rise of new risks like cyber threats and the evolving needs of ageing populations have all driven up demand for insurance. At the same time, economic and regulatory pressures on insurers are making it increasingly difficult to offer affordable coverage, particularly in high-risk areas.
All is not lost, however. We know that these challenges can be overcome with smart partnerships between insurers and policymakers globally.