Insurers will have to buy more reinsurance to meet targets
Munich Re’s chief risk officer Joachim Oechslin expects sales to grow from 2011 on the back of Solvency II rules that will force primary insurers to buy more cover, Reuters reports.
"On balance, we believe there will be a positive impact on our business," Oecshlin said.
Munich Re said sales to insurers seeking to bolster their capital position in the wake of last year's financial crisis have reached €2.9bn in 2009.
Oecshlin said there had been a "disproportionate increase in conservatism" in the latest Solvency II proposals from EU regulatory body CEIOPS, citing higher capital requirements even for business not directly exposed to financial markets.
"We are optimistic that regulators and policymakers will make a reasonable decision," he said.
