Balanced regulatory response a must

Swiss Re says regulators must strike right balance between averting future crises and insuring industries affected can continue to conduct business effectively.

Swiss Re and Reactions, a prestigious trade magazine for the global insurance market, recently staged a roundtable discussion on systemic risk against the backdrop of the pending regulatory response to the financial crisis.

The expert panelists included Swiss Re Chief Economist, Thomas Hess, and the firm’s Global Head of Governmental Affairs, Philippe Brahin. Also in attendance was Axel Lehmann, Chief Risk Officer of Zürich Financial Services, and other leading insurance industry representatives.  This roundtable edition of Reactions also featured a by-line article by Swiss Re CEO Stefan Lippe.

During the discussion, Thomas Hess pointed out that even though the financial crisis was not of the insurance industry’s own making it was being obliged to bear the consequences in the form of lower interest rates on its investments. Philippe Brahin commented that there was a lack of clarity in the dialogue with regulators because of they remained extremely conservative and very much driven by a political agenda.

Image: Roundtable panelist including Swiss Re Chief Economist Thomas Hess (2nd from left), Zürich Financial Services Chief Risk Officer Axel Lehmann (3rd from left), and Swiss Re Head Governmental Affairs and Sustainability Phillip Brahin (4th from left)

Published 12 July 2011

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