Exclusive insight and analysis from Insurance Times, Strategic Risk and Global Reinsurance
One of the insurance industry’s greatest concerns is increased regulation of the sector as a result of the banking crisis. Many in the industry are fearful that the general insurance sector will be hit by a wave of excessive regulation emanating from Canary Wharf as the authorities seek to prevent another financial meltdown.
The creation last month of the European Systemic Risk Council, a pan-European supervisory body, has added to the insurance industry’s concerns. As David Banks argues (page 2), the Council’s composition means that bankers will be making decisions that affect the insurance sector.
In the UK, Aviva is re-examining its relationships with the big brokers. After months of public criticism over the consolidators’ commission levels and its pulling out of a number of deals, Aviva is now busy trying to reignite these relationships and stem the tide of business that it is losing. Ellen Bennett looks at what is behind this apparent U-turn (page 3).
Meanwhile, Bermuda has been the stage for an epic drama as reinsurers Max Capital and Validus fight to take over IPC. Validus is in a strong position, but the outcome is far from certain. David Sandham looks at the broader picture in terms of consolidation among the Bermudan (re)insurers (page 4).
Finally, with risk buyers under pressure from their bosses to justify their choice of insurance carrier, Nathan Skinner examines the opportunities for brokers and insurers to capitalise on this situation (page 5).
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