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Solvency II could be next 9/11: Ferma president
14 October 2009
Things will get worse before they get better, the president of the European risk management association Ferma says in this op-ed piece for Reactions' View From The Top Series.
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[peter den dekker]
[ferma]
[solvency ii]
Things will get worse before they get better, Peter den Dekker, the president of the European risk management association Ferma and corporate insurance risk manger of Dutch multinational Stork, says in this an op-ed piece for Reactions' View From The Top Series.
I have seen different market conditions from different perspectives but I don't believe anyone in the market has seen anything like today's situation where we've had a financial crisis and a recession happening at the same time.
I don't think the insurance industry has seen the worst of the crisis yet, however. They are in a new situation. For a long time insurers have relied heavily on their investment income and underwriting has been a cash machine. Combined ratios didn't used to matter so much. But that has changed now.
Solvency II could be the insurance industry's next 9/11. My fear is that Solvency II could...
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