Insurance : Getting the balance right

Insurance : Getting the balance right

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While the global insurance industry has been less impacted by the financial crisis, it is still facing the need to reconsider the cornerstones of its business. Capital and risk management have been challenged by volatile asset values and increasing regulatory intervention. This has resulted in an unprecedented need for the industry to refocus upon and find a balance between these key elements.

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Publié le 07 juin 2011
Nombre de lectures 141
Langue English
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INSURANCE
Getting the balance right Long-term capital, risk and regulatory challenges for insurers
November 2009
FINANCIAL SERVICES
 
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Getting the balance right
oreord
oreord
str sere
Frank Ellenbürger artner and Global ector Leader, nsurance G in Germany
hile the global insurance industry has been less impacted by the financial crisis, it is still facing the need to reconsider the cornerstones of its business apital and risk management have been challenged by volatile asset values and increasing regulatory intervention his has resulted in an unprecedented need for the industry to refocus upon and find a balance beteen these key elements n conversations ith our member firms’ clients and colleagues around the orld, it is clear that many institutions are no considering their strategic options as they adapt to the ne landscape and increasingly regulated environment o hen undertaking this second of a to-part global survey ith the conomist ntelligence nit, e decided to delve deeper into the themes discussed in A glimmer of hope – the predecessor to this report he first report looked retrospectively at the key elements of capital and risk management and their impact on survival and groth post financial crisis n this survey, e asked respondents of this survey to look to the future o consider the challenges that the industry ill face in the net fe years - particularly capital management, the rising importance of the risk function, the increasing interdependency beteen these to disciplines, along ith groing regulatory changes in and impact upon the industry s the title of this report suggests, Getting the balance right beteen these elements has become even more challenging post financial crisis and ill remain a key focus for the industry  ould therefore urge you to read this timely report and, as alays, my insurance colleagues and  ould elcome the opportunity to discuss the key issues and conclusions as you adapt to today’s challenging environment
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PM eitorial boar an oentar ontributors  Paul Bishop G in the  Martin an enseen G in the Netherlands uub Arense G in the Netherlands ar Reaer G in the  ai hite G in the  ann Clark G in the  Frank Ellenbürger G in Germany
n une 2009, G nternational launched A glimmer of hope , the first of a to-part global insurance survey series hich it commissioned the conomist ntelligence nit  to undertake on its behalf his follo-up report analyes the findings of the second survey undertaken in ugust 2009, eamining ho the financial crisis is changing the attitude of the global insurance industry to risk and capital management – highlighting some of the key issues that these institutions should address in response ur foremost thanks go to the 92 global respondents from  different countries ho ansered the survey uestionnaire and the  eecutives ho gave their time for intervies e ould also like to thank members of the editorial board and our proect team ho have helped us carry out this research, as ell as the  analyst team
PM proet tea  Li hite G in the  Aber Steart G in the  Freie ospeales G in the  Arian Curtis G in the  Rob Mithell  nalyst, conomist ntelligence nit
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ontents
Getting the balance right
age 20 2  
espondents by geography  bout the survey ased in sia acific ntroduction 1 ecutive summary ased in urope 01  uestion of capital 2 02 trengthening risk and  capital management ased in North merica  onclusion ased in the iddle ast and frica G hough   t leadership    ontacts
ontents
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n ugust and eptember 2009, the conomist ntelligence nit surveyed, on behalf of G nternational, 92 senior eecutives from insurance companies around the orld he survey returned to the themes of risk and capital management reflected upon in A glimmer of hope , published in une 2009, hich as the first of a to-phased global insurance thought leadership series his second survey sought to gauge the industry’s outlook around these themes, as ell as their prospects around business performance, groth and regulation espondents ere spread globally, ith  percent from sia-acific, 1 percent from urope, 2 percent from North merica and  percent from the rest of the orld pproimately  percent of respondents represented businesses ith annual revenues in ecess of 00m ore than 0 percent of respondents ere -level or board-level eecutives, and the vast maority had responsibility for finance, risk or general management espondents ere split among life insurance  percent, non-life insurance  percent and reinsurance  percent companies or divisions
bout the survey
bout the survey
1 A glimmer of hope: Growth prospects in the global insurance industry and the escalation of risk and capital management , G nternational, une 2009
Getting the balance right
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olloing the collapse of Lehman rothers in eptember 200, the ripples from the global financial crisis continue to be felt lthough there is marked variation across financial services, the insurance industry has eathered the storm relatively ell – and certainly emerges from the crisis in a better shape than its close relatives, the banks here are numerous reasons hy the insurance industry has fared relatively ell it typically has a longer-term, more conservative vie of its business than banks it has a longstanding history of managing risks retains relatively strong balance sheets and, although there are notable eceptions, it has not strayed from its core business into more eotic, and risky, financial instruments hile the industry should deservedly breathe a small sigh of relief, this is no time for complacency he coming years ill bring a hole host of challenges and problems ore markets in developed countries are mature, if not saturated, hile emerging markets, here there has historically
ntroduction
espondents by sector  Life insurance  Non-life insurance  einsurance
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Getting the balance right
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