Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 20th of February 2018
June 6, 2008

Insurance heads lose sleep over economic slowdown

by Gill Montia

Story link: Insurance heads lose sleep over economic slowdown

The International Association for the Study of Insurance Economics (also known as The Geneva Association) has published the results of a survey of the heads of the world’s leading insurance companies, including AIG, Aviva, Prudential and Swiss Re.

The organisation polled 40 chief executive officers on the affects of the credit crisis and found that predictions of an economic slowdown were creating major concerns for global insurers and reinsurers, as is continued market volatility.

The survey also covered expected developments in regulation and financial reporting and revealed that 87% of respondents expected the crisis to increase regulation in their specific sectors.

However, the reputation of the insurance sector should survive in tact, with only 52% of CEOs expecting minor damage to the industry’s reputation and 48% expecting no damage at all.

Other findings to emerge included an overall satisfaction with Solvency II, although 57% of those questioned would like to see a speedier pace of change; 55% of chief executives also thought that the introduction of International Financial Reporting Standards was taking too long.

 

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