Insurance: New regulations seen as greatest risk over next few years

2011-06-29 00:00

THE greatest risk facing the insurance industry is the raft of new regulations being introduced simultaneously at international and local levels, according to a 2011 global survey that ranks insurance sector risks.

According to Victor Muguto, PwC Southern Africa insurance leader, the combined effect of the Solvency Assessment and Management, Twin Peak Prudential and market conduct proposals are significant examples from the South African landscape.

The 2011 global Insurance Banana Skins survey conducted by the Centre for the Study of Financial Innovation (CSFI), in association with PwC, stated that new rules governing issues such as solvency and market conduct could swamp the industry with costs and compliance problems.

The survey polled 490 insurance practitioners and industry observers in 40 countries — including four South African respondents — to find out where they saw the greatest risks over the next two to three years. Regulatory risk emerged a clear leader in all major markets.

— Witness Reporter.

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