Insurance Europe has responded to the International Association of Insurance Supervisors (IAIS)’ consultation on its draft application paper on supervising diversity, equity and inclusion (DEI).

Insurance Europe welcomes the IAIS’ commitment to support DEI. It also welcomes the IAIS’ recognition that specific local conditions, such as the legal, cultural and historical context, will inevitably influence and shape DEI activities. In addition, Insurance Europe stresses that the size and type of a company will influence DEI policy impacting, for example, the ability to collect data or the speed in delivering initiatives.

Among other points, it further stresses the importance of sharing best practices, giving the example of its DEI Hub it launched in 2022. Insurance Europe also reiterates the importance of finding a common agreement with all relevant stakeholders on key principles — as in its joint declaration it signed with the European Insurance Social partners which presents recommendations on how to deliver equal opportunities, training and inclusive recruitment policy.

It further calls on the IAIS and national supervisors to provide an educational role that offers industry support and information to deliver DEI. In its response, Insurance Europe also condemns DEI-washing, suggesting that companies’ own strategies and targets should be complemented by internal policies to hold them accountable.