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The Impact of the Financial Crisis on the Insurance Sector and Policy Responses
OECD Publishing, Jan 2011, Pages: 100
Insurance markets play a key role in the pooling, management, and transfer of risks in the economy and, in some countries, increasingly play a role in the long-term savings and retirement incomes of individuals. The financial crisis highlighted the linkages of the insurance sector with the financial system and the broader economy.
This publication contains a report that sheds further light on the impact of the crisis on the insurance sector, building on an earlier OECD report examining the impact of the crisis on insurance companies.1 The distinctive feature of this more recent report is that it is based on the results of a special questionnaire circulated within the OECD’s Insurance and Private Pensions Committee in spring 2009. This questionnaire sought new data on the insurance sector – never before collected within the OECD – and information on policy and regulatory responses to the crisis.
The report shows that the insurance sector, overall, demonstrated resilience to the crisis, though with some variation across the OECD. In line with discussions within the Committee and as a means to promote reform, the report calls on OECD countries to enhance surveillance capacities and intervention tools, promote convergence to a common core regulatory framework for global insurers, ensure more comprehensive and consistent regulation across financial sectors, and promote financial education.
The Committee has, as a result of this report, decided to augment the OECD’s statistical framework for insurance in order to enhance the surveillance capacities of the OECD and its member countries. Efforts will be made, in the coming years, to transform this statistical exercise into a global project extending beyond the OECD and make any necessary further improvements to the framework.
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