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Meeting Schedules

2nd IMF-IAIS Panel Discussion: Structural Shifts in Life Insurance and Implications for Financial Stability

Monday, Oct 13, 2025 | 02:00 PM - 03:30 PM

Location: HQ1 Atrium HQ1-1-700

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OVERVIEW

Life insurers have long relied on high-quality bonds and equities to meet long-term liabilities. But search for yield during the prolonged period of low interest rates led insurers to expand investments into alternative asset classes such as private credit, real estate, infrastructure, hedge funds, and private equity (PE). This trend is most noticeable when PE firms own or otherwise influence insurers to take greater advantage of synergies between their asset management and insurance underwriting businesses.

The resulting shifts in asset allocation are continuing despite higher interest rates and are part of a larger trend away from publicly traded assets and into privately managed assets. Intertwined with this shift in investment portfolios is the increasing use of asset-intensive reinsurance of life insurance liabilities, often offshore. The panel will explore the rationale for this shift, the benefits and risks associated with it, and the financial stability and regulatory implications.
 

SPEAKERS

Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF

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Secretary General, IAIS

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Member of Executive Committee, IAIS Insurance Commissioner for Virginia and President Elect of the National Association of Insurance Commissioners

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Chair, Executive Committee of IAIS Special Advisor to the Minister of State for Financial Services, Financial Services Agency of Japan

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Vice Chair, Executive Committee (EIOPA), IAIS Chair, European Insurance and Occupational Pensions Authority

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Managing Director for Supervision, Bermuda Monetary Authority

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Executive Vice President and Chief Risk Officer, Athene Holding Ltd

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Managing Director – Financial Institutions Group, Fitch Ratings

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