The International Association of Insurance Supervisors has described aggregate solvency, liquidity and profitability as stable at the end of 2025, while reporting a slight increase in aggregate systemic-risk scores for the global insurance groups it monitors.
That combination is the central message of the IAIS’s 2026 mid-year Global Insurance Market Report. It is possible for conventional balance-sheet indicators to remain steady while the channels through which stress could spread become more prominent. The two findings measure different things and should not be collapsed into a single verdict about sector strength.
An aggregate view, not a company scorecard
The assessment draws on year-end 2025 quantitative information. Its conclusions describe the monitored population in aggregate; they do not establish the solvency, liquidity or risk position of any individual insurer. The IAIS’s monitoring also combines quantitative information from large international insurance groups with broader supervisory intelligence, so the report is best read as a global surveillance update rather than a ranking of firms or markets.
The IAIS said the aggregate systemic-risk scores of the global insurance groups in its monitoring exercise increased slightly compared with year-end 2024. The mid-year report does not treat that movement as evidence that aggregate solvency weakened. Instead, it places the result alongside evolving transmission risks, including geopolitical uncertainty, private assets, artificial intelligence and cyber resilience.
Why the distinction matters
Solvency and liquidity indicators address an insurer’s financial capacity under defined measures. Systemic-risk monitoring asks a different question: whether activities, exposures or interconnections could transmit stress more widely. A stable aggregate solvency position can therefore coexist with closer supervisory attention to how risk is concentrated or transmitted.
The interim findings remain subject to a fuller year-end assessment. The IAIS expects to publish the year-end Global Insurance Market Report in December 2026, when it plans to provide more detailed analysis of systemic-risk drivers.
Sources and methodology
This report uses the IAIS mid-year release and the accompanying report. Figures and conclusions are presented at the level stated by the IAIS, without extending aggregate observations to individual firms. The next scheduled review is the December 2026 year-end report.