The Global Federation of Insurance Associations (GFIA) has written to the Australian G20 presidency to emphasise the industry’s importance in achieving growth ambitions.

G20 leaders, who will meet in Brisbane next month, are aiming for 2% growth among member nations over five years.

“Long-term sustainable growth needs long-term investment,” GFIA Chairman Frank Swedlove says in the letter. “The insurance industry, with $US28.6 trillion ($32.69 trillion) of assets under management in 2012 and annual new investments of $US4.6 trillion ($5.26 trillion), is well placed to play a major role.”

He says insurers should not be constrained by unnecessary regulation.

Market barriers must also be removed, and the GFIA is disappointed some G20 members have introduced restrictive measures.

“The GFIA urges the G20 to remain committed to open markets and should certainly oppose any new trade-restrictive measures,” Mr Swedlove says.