Kathmandu. The International Association of Insurance Regulators (ICRE) has unveiled its new strategic roadmap for 2026-2027. This roadmap gives a clear indication of where global insurance regulation and supervision will move in the next two years. <\/p>\n
Analysts say that since Nepal is also one of the member countries of the organization, its impact can be seen directly or indirectly in Nepal’s insurance sector. <\/p>\n
The organization’TAG_OPEN_p_15 s roadmap focuses on emerging risks, technological changes, and climate challenges in the global insurance sector. The aim is to strengthen the role of regulators, especially on issues such as the increasing natural disasters due to climate change, the increasing cyber risk with the rapid use of digital technology, and the capital adequacy of large insurance companies. <\/p>\n<\/p>\n
The strategy focuses on making insurance supervision risk-based, building the capacity of regulatory institutions, and implementing internationally uniform regulatory standards.TAG_OPEN_p_14 In this context, the organization has indicated that it will continue to implement global standards such as ‘Insurance Capital Standard’ and ‘Low Frame’. <\/p>\n<\/p>\n
In the context of Nepal, this roadmap can be expected to create some positive opportunities.TAG_OPEN_p_13 The organization has prioritized capacity building, training, and technical support targeting regulators in developing and emerging markets. This could help the Insurance Authority of Nepal (IBA) improve its supervision system in line with international practices. Nepal has the potential to make gradual improvements, especially in the use of risk assessment, data-driven decision-making, and digital supervision systems. <\/p>\n<\/p>\n
This is even more relevant for Nepal in the context of the Roadmap giving special importance to climate risk and natural disaster insurance.TAG_OPEN_p_12 Insurance coverage is still limited in Nepal, where earthquake, flood, landslide and climate-related risk is high. The study, data, and policy guidance from the organization’s strategy can lay the groundwork for strengthening the agricultural insurance, disaster insurance, and reinsurance infrastructure in the long run. <\/p>\n<\/p>\n
There are some challenges associated with this roadmap. Small and medium-sized insurers may find it difficult to implement reporting, capital adequacy and risk management systems to meet international standards. Another challenge is the increase in technical manpower, information systems and compliance costs. Therefore, it is necessary to implement these standards in a gradual and flexible manner according to local market conditions. <\/p>\n<\/p>\n
In terms of policy, the organization roadmap has indicated to the Insurance Authority of Nepal to review and revise its regulatory strategy.TAG_OPEN_p_10 In the coming days, new guidance or corrective steps are likely to be seen focusing on climate risk disclosure, cyber risk management, digital insurance transactions, and risk-based supervision. <\/p>\n<\/p>\n
The organization’s roadmap aims to make the global insurance sector more secure, transparent and sustainable.TAG_OPEN_p_9 The strategy could be beneficial for Nepal in the long run, but it will require coordination, capacity building, and practical implementation among regulators, insurance companies and stakeholders. <\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The International Association of Insurance Regulators (ICRE) has unveiled its new strategic roadmap for 2026-2027. This roadmap gives a clear indication of where global insurance regulation and supervision will move in the next two years. Analysts say that since Nepal is also one of the member countries of the organization, its impact can be […]<\/p>\n","protected":false},"author":5,"featured_media":267517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159,45099],"tags":[],"class_list":["post-286287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en","category-regulatory-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/286287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=286287"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/286287\/revisions"}],"predecessor-version":[{"id":286288,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/286287\/revisions\/286288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/267517"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=286287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=286287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=286287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}