Chart highlights the result of a survey taken of 107 insurance and reinsurance professionals conducted by Guy Carpenter at the 2016 annual meeting of the Property Casualty Insurers Association of America when asked what they see as the biggest threat to their plans for growth.
Posts Tagged ‘Regulatory’
Technology Innovation Identified as Top Growth Opportunity for (Re)insurance Industry in 2017, According to Guy Carpenter Annual Market Pulse Survey
Technology innovation will provide the biggest growth opportunities for (re)insurers in the year ahead, according to a survey released today by Guy Carpenter & Company. Now in its fifth year, the annual survey polled executives from insurance and reinsurance companies during the 2016 Property Casualty Insurers Association of America (PCIAA) Annual Meeting held in Dallas, Texas. The goal of this year’s survey was to identify the top opportunities and threats to profitable growth in the year ahead, as well as examine the most significant disruptive forces impacting the industry.
The concept of equivalence under Solvency II determines to what extent (re)insurance entities outside Europe can operate within the European Union (EU) while relying solely on their local solvency standards. The ability to operate in the EU is a significant issue that impacts multinational (re)insurance companies and groups.
Here we review GC Capital Ideas posts on the benefits of enterprise risk management practices in supporting (re)insurance capital and regulatory decision making.
Here we review recent GC Capital Ideas posts examining the benefits to (re)insurers adopting Own Risk and Solvency Assessment (ORSA) standards.
Here we review recent GC Capital Ideas posts on developments in China’s insurance regulatory system.
In realizing the goal of profitable growth, (re)insurers require a trusted partner to help them manage a rapidly evolving regulatory and rating agency environment.
The regulatory issues facing insurers and reinsurers today often require highly specialized expertise that may not be readily accessible to clients - from taking credit for reinsurance on financial statements to complying with regulatory requirements in contract wordings to shepherding new products through the approval process. Guy Carpenter Strategic Advisory℠ has a team of professionals whose deep expertise and knowledge can help companies navigate the regulatory realm.
Current capital requirements in the United States are set at a legal-entity level. Yet there are currently no global requirements for companies that operate in more than one country, and calculation formulas for capital requirements typically vary in each jurisdiction. Solvency II is the closest to mandating a group standard. Solvency II uses the concept of “equivalence” to deal with differing capital regimes between the European Union and the rest of the world including the United States, instead of forcing Solvency II standards on a third country.