Insuring the Right StrategyBy World Finance, PRNE
Thursday, August 25, 2011
LONDON, August 26, 2011 -
It has been a year of highs and lows for the insurance industry. Japan’s earthquake and tsunami have played heavy on the sector. With recovery still underway in Japan, the final bill is expected to be anywhere between $12bn and $30bn and will prove a bitter pill for many in the industry to swallow.
In addition to this there has been a strong movement towards regulatory changes, with the implementation of Solvency II now fast approaching for the European market. This will require the industry to seriously consider the capital it holds in reserve as well as the type of risk that companies are prepared to engage in. For some this will require a seismic change in business model, for others it may mean leaving the European market altogether.
There have been some high moments too. An ECJ ruling over gender discrimination has banned differentiation between men and women in insurance pricing. This has allowed insurance companies to raise prices on products such as motor and life insurance. While this has seen some policies rise by around a quarter in price, notably for women drivers, insurers have tried to be fair to their customers through discounts across other products and policies.
Over the year World Finance has kept a close eye on the global insurance industry, observing which companies have best served their customers and those that performed to a standard worthy of recognition. Based on our observations we are proud to announce the winners of the World Finance Insurance Awards 2011. A list of winners can be found at: www.worldfinance.com/winners_articles.php?article_id=2128.
Read more about the World Finance Insurance awards in the September -October edition of the magazine. Alternatively visit www.worldfinance.com for more information.
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