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The Impact of the Financial Crisis on the Insurance Sector and Policy Responses

image of The Impact of the Financial Crisis on the Insurance Sector and Policy Responses

This special report assesses the impact of the crisis on the insurance sector and reviews policy responses within OECD countries. It is based to a large extent on a quantitative and qualitative questionnaire that was circulated to OECD countries in 2009. The report shows that generallythe insurance sector demonstrated resilience to the crisis, though with some variation across the OECD, and concludes with a number of policy conclusions.

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Key Policy and Regulatory Issues in the Insurance Sector

The financial crisis and related governmental responses have served to identify a number of policy and regulatory issues. Some of these issues have been captured by the Financial Stability Board (FSB); however, additional issues require consideration. In identifying policy implications or issues for the insurance sector, consideration should be given to the fact that the business model for insurance companies is, despite convergence between the banking and insurance sectors, generally distinct from those of banks and that the insurance sector has, overall, fared the crisis relatively well considering the extreme systemic stress events that occurred in 2008. That said, the financial crisis has raised issues that are common across the financial sector. The key policy and regulatory issues of relevance to the insurance sector include...

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