The Eurozone debt crisis has put a drag on the global economic growth and is exacting a slowing down effect on the insurance industry. But more critically, it has shaken people’s confidence in financial institutions, says Dr Michael Menhart, Munich Re’s Chief Economist, as he discusses the impact of the crisis on the industry.
By Manuelita Contreras
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What do you do when a seemingly never-ending climate of financial volatility dampens your profit margins and expansion plans? Asia Pacific might lure you with its booming economies and burgeoning middle class, but competitors are aggressively upping their ante in the region too. The answer, says Dr Axel Theis, Global CEO of Allianz Global Corporate and Specialty (AGCS), is to go local.
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Mr Bill Keogh, President of EQECAT Inc, says CAT models are not “black boxes”; they are actually becoming more like “crystal boxes”. As a firm believer that companies should understand the basis of their risks and the models they use, he recommends that they own the process of forming their own opinions on risks.
By Benjamin Ang
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