On 9 October 2012, the Association of Mutual Insurers and Insurance Cooperatives in Europe announced the establishment of the Global Federation of Insurance Associations (“GFIA”) by 31 insurance associations representing 87% of worldwide insurance business.

According to a press release, the GFIA will be active in commenting on a broad range of issues affecting the international insurance industry, including developments in the systemic risk debate, the work of the IAIS in developing its common framework for the supervision of international groups, market conduct and trade issues, and initiatives relating to financial inclusion and anti-money laundering. The newly formed GFIA aims to give its members the ability to respond on a timely basis to international issues affecting the insurance industry and to speak with one voice.

GFIA includes among its members insurance associations from Australia, Bermuda, Brazil, Canada, Chile, Dublin, Europe, France, Germany, Italy, Japan, Korea, Poland, Portugal, Russia, South Africa, Spain, Switzerland, the Netherlands, the UK and the USA.