The IAIS is using its vantage point as an international standard-setter to assess the risks to the sector and develope material to support supervisors with regard to risks associated with IT third-party outsourcing, and insurance sector cyber-resilience more broadly. The PA will also participate in this work and will consider it in the development of its own supervisory and regulatory tools.
Conclusion It is clear that, as we emerge from the COVID-19 crisis, there remains uncertainty and challenges ahead. In order for you, as insurers, to provide the safety net required in our economy and to society at large, proactive management of the risks is required.