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Global reinsurance market remain strong despite challenges, says IAIS report
December 22, 2010:
The global reinsurance market has continued to show robustness in the face of persistent
adverse conditions in the real economy in general, and in financial markets in particular.
This is the main conclusion reached by the International Association of Insurance
Supervisors (IAIS) Global Reinsurance Market Report 2010, released today.
Reinsurers are key contributors to the soundness of insurance markets, especially via the
coverage they provide against losses from natural and human made catastrophes. The
Global Reinsurance Market Report, now in its 7th Edition, builds on the unique data provided
by 45 global reinsurers worldwide who, in collaboration with the IAIS, contribute to increasing
our knowledge about reinsurance in order to better understand, regulate and supervise this
key financial industry.
Reinsurers proved profitable in 2009, benefiting from both sound management of asset
portfolios and diversification of insurance risks, as well as from a moderate catastrophe year.
Far from creating systemic concerns to financial markets, reinsurers have contributed
positively to financial stability. In particular, the reinsurance sector has continued to focus on
diversified risk taking, drawing on the fundamentals of the reinsurance business in order to
navigate a particularly turbulent time for the economy in general, and the financial sector in
particular.
Jeremy Cox, Chair of the Reinsurance Transparency Subgroup, the working party in charge
of the study, noted that “despite persistent adverse conditions, reinsurers have demonstrated
they are able to understand and manage risks appropriately; this is not just good news to the
reinsurance sector, but above all, it is good news to the policy holders”.
It has also been emphasised that in a period of rapid reform affecting the regulation of
financial markets, the reinsurance sector has yet again provided encouraging examples of
sound risk management practices applied at a global level. There is plenty to learn from this
experience, and this is a reason why the IAIS is highly committed to continuing with its
comprehensive surveillance of reinsurance and its linkages across borders and across
financial sectors.
Insurance Supervisors confirm commitment to regulatory reforms
Need to further develop insurance specific macroprudential surveillance
International insurance supervisory cooperation strengthens
Framework for Supervision of Active Insurance Groups
Global reinsurers remain strong despite challenges
Global Insurance & reinsurance to continue recoveries in 2010
Initial analysis of systemic risk and the insurance sector
Global programme to improve access to insurance
Future of insurance markets and supervision
Joint Forum releases final Report on SPEs
IAIS call for rapid progress on financial instruments standards
IAIS supports the G20 Declaration on strengthening the financial system
IAIS takes action on G20 and FSF recommendations
Global reinsurers remain resilient amid financial crisis
IAIS steps up supervisory coordination efforts
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