A. Žigman in Vienna: Stronger regulatory approaches for a more stable insurance market
The President of the Board of the Croatian Financial Services Supervisory Agency (Hanfa), Ante Žigman, participated this week in FMA’s 2025 High Level Meeting of Insurance Supervisors of the SEET Region, organised in Vienna by the Austrian Financial Market Authority (FMA).
The meeting focused on supervisory priorities and challenges faced by regulators, regulatory development and its impact, the organisation of the supervisory process and international cooperation.
In his speech, Žigman talked about how regulators can contribute to financial stability in uncertain times. He referred to the macroeconomic environment in which the insurance sector operates and to market trends, raising the question whether today's supervisory tools rely on outdated models that have difficulties detecting complex, simultaneous and non-linear risks marked by technological, geopolitical, inflationary and climate changes. “Insurers today operate in an environment of persisting uncertainty, where traditional stress tests and scenarios based on occasional shocks are becoming insufficient. We need integrated, adaptable and dynamic approaches. Geopolitical factors are becoming key drivers of market and credit risks; it is therefore necessary to include them in stress tests, ORSA assessments and broader macro-supervisory frameworks in order to better understand the sector's exposure and prevent systemic vulnerabilities,” concluded Žigman.
