The conference aimed at providing a platform for an exchange of opinion  and discussions between supervisors, insurance industry and academia.

 

The first day, 9 September

 

The impact of the low interest rate environment on insurance: The speakers indicated that the long lasting low interest rate environment resulted in the insurance business becoming unstable and conservative. It was indicated that if low rates continue for a long time (a so-called “Japanese scenario”), more insurance companies will be exposed to insolvency. 

 

Global trends in risk-based supervision: This issue was discussed from both a regulatory and industry prospective. It concluded that there is a world-wide trend to move towards risk-based approaches and international harmonisation. 

 

Global standards - upcoming challenges in implementation: The topic was discussed in 4 sessions dedicated to the impact on existing regulatory frameworks; challenges for the industry in bridging the gap in order to comply with global standards; the ways of how global standards can cope with emerging risks as well as the necessity to ensure consistent application of global standards in the long-run. 

 

The second day, 10 September

 

Consumer protection as a new supervisory focus: It was emphasised that consumer protection has become part of the international agenda for insurance regulation and different countries have similar priorities with regard to this issue. Panellists spoke about the need to achieve higher transparency of insurance industry and intermediaries; the supervisors’ duty to confront industry actions that are to the detriment of consumers and the importance of having in place the product oversight rules. 

 

Doing business in emerging markets: regulatory developments: Panellists discussed possible steps that regulators can make to improve the penetration of insurance companies on the emerging markets. It was noted that companies entering such markets need to properly identify risks they will or might be facing and provide the right coverage for them. At the same time supervisory authorities in such countries were advised to always orient towards already existing good practices, to engage in dialogue with new comers, to observe the proportionality principle and to bear in mind the costs of regulation.

 

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