IAFI was established at a meeting of insurance associations in Washington on 9 October 2012, to increase industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It had been preceded by an informal network, the International Network of Insurance Associations (INIA), which had been active since 2008. Through its 40 member associations and 1 observer association, IAFI represents the interests of insurers and reinsurers in 67 countries. These companies account for around 89% of total insurance premiums worldwide. IAFI is incorporated in Switzerland and its secretariat is based in Brussels.