On 22 May 2025, the Global Federation of Insurance Associations (GFIA), which represents the interests of insurers and reinsurers worldwide, called on the International Association of Insurance Supervisors (IAIS), the global standard-setting body for insurance regulation and supervision, to prioritise tackling the expanding global pension protection gap.
In a letter addressed to Julia Cillikova, Chair of the IAIS Retirement Income and Pension Forum, GFIA stressed the urgent need for international cooperation to address the widening shortfall in retirement savings and pension coverage.
Referring to its 2023 report, Global protection gaps and recommendations for bridging them, GFIA highlighted that the pension protection gap now exceeds $1 trillion annually and is expected to grow further as populations age.
The federation pointed out that this gap is significantly larger than the climate-related protection gap, making it a pressing concern.
GFIA warned that without decisive action from regulators, insurers, and other stakeholders, the pension protection gap threatens the long-term financial wellbeing of future generations.
Closing this gap is vital not only to enhance retirement outcomes but also to strengthen pension systems, improve access to long-term savings products, and ease financial burdens on governments and society.
Furthermore, improved pension protection would allow insurers and protection providers to better deploy long-term assets in infrastructure and economic development.
The letter calls on the IAIS to use its influential role to raise awareness of the pension protection gap at the global level.
While the IAIS Roadmap 2025-26 includes work on protection gaps related to climate risk, GFIA noted the current lack of focus on risks associated with ageing populations. By giving greater attention to pension protection, the IAIS can encourage supervisors and insurers to implement measures that improve retirement security worldwide.
GFIA proposed integrating pension protection into the IAIS Strategic Plan 2025-29 by monitoring emerging risks in the Global Insurance Market Report, supporting financial inclusion and emerging markets initiatives, promoting the societal role of insurance, and enhancing stakeholder engagement at key IAIS events.
It also suggested that the Retirement Income and Pension Forum organise a roundtable with stakeholders to explore solutions. Through this appeal, GFIA aims to promote a more coordinated and effective response to the global pension protection gap, helping to secure the retirement income of individuals and reinforce pension systems around the world
“Without active intervention by a range of stakeholders, it threatens the financial stability of future generations,” added Sarah Hobbs, Chair of GFIA’s Ageing Society Working Group.
“By prioritising the pension gap in its ongoing work, the IAIS can help ensure that both regulators and insurers take concrete steps towards enhancing retirement security for all.”
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