Challenges of regulations: Risk-oriented regulation strengthening Asian insurance markets
Source: Asia Insurance Review | Oct 2014
Following the financial crisis, the topic of risk management has become a key issue in the financial world. Many insurance companies are moving towards a comprehensive and holistic risk management system incorporating classical risk management objectives and aiming to support crucial business decisions. The two reasons for this trend are: improvements in business management, and the move towards risk-based supervisory regimes worldwide. Australia's LAGIC, Europe's Solvency II, Singapore's RBC 2 and China's C-ROSS are cases in point. Dr Juergen Duemont of Munich Re and member of the Insurance Europe Solvency II Steering Group, highlights how projections and scenarios can vastly improve risk management.
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