Insurance think tank publishes annual survey findings

Summarising the findings, chairman of The Geneva Association and chairman of the board of management at Munich Re, Dr Nikolaus von Bamhard, said: "Insurers support the need for the enhancement of the financial stability and agree that systematic risk must be addressed. The financial crisis has already imposed costs on the insurance industry in the form of low interest rates and depressed growth, which directly affect customers. There is now additionally a real risk that in an effort to deliver within the G20's tight deadline, in appropriate and unfit regulation will be imposed on our sector. Core insurance activities are not a source of systemic risk to the financial and economic system and no core insurance activity has ever triggered a systemic financial crisis. The insurance sector acts as a stabiliser in the world's economies with its long-term investment and risk horizons."

Secretary general and managing director of The Geneva Association, Patrick M Liedtke continued: "Given the geographical and business diversity of our membership, the degree of consensus evident among insurance leaders is a stark demonstration of the challenges in hand. The current course of international regulatory efforts to contain systemic risk has not yet taken account of the specificities of the insurance industry and there will be consequences, not only for our businesses, but also for policyholders as well as the wider economy."

The results of the survey are available from The Geneva Association website.