Regulatory developments Globalization affects the insurance industry as well as its customers. Although many of today’s risks are globally interconnected and the largest insurers operate globally, insurance regulation is still mainly focused on national markets. From a global perspective, the regulatory framework is fragmented. This threatens the efficient use of capital and makes it harder for global insurers to fulfil their potential as bearers of risk. As a global insurer, Zurich advocates a consolidated group-wide approach to regulation, such as the International Association of Insurance Supervisors’ Common Framework for the Supervision of Internationally Active Insurance Groups initiative.