The insurance industry is not immune from the ongoing global financial crisis. 2009 will be a difficult year ahead for many insurance companies, said Mr Kang Young Goo, Assistant Governor and Head of Insurance Service Division of Korea's Financial Supervisory Service (FSS), during the first Seoul Rendezvous held last week, organised by Asia Insurance Review.
In his keynote address to some 120 delegates, he noted that last year, the Korean Insurance Research Institute forecast that Korea's insurance industry would likely grow 5.8% in 2009. However, he understands that the forecast is already set to be revised downwards soon.
Korea's regulator has earmarked a number of bold measures to shore up confidence and ensure stability in the financial markets. For the insurance industry, he said, "we are working to keep pace with the rapidly changing financial markets both at home and abroad, and preempt risks to the insurance market."
Mr Kang concluded: "In the face of a deepening global economic crisis, we do have a unique opportunity to reassess the challenges before us and forge a new consensus on where we should be headed. The Seoul Rendezvous is to do just that by bringing together our collective wisdom and helping the insurance industry and supervisors set the right agenda for risk management strategy and supervision objectives."
In the second keynote address, Mr Ludger Arnoldussen, Member of the Board of Management at Munich Re, highlighted that "there is arguably no more pressing task for responsible insurance undertakings than to maintain full transparency and control over all the risks in their books in order to protect clients, investors and staff against unpleasant surprises."
In his keynote address to some 120 delegates, he noted that last year, the Korean Insurance Research Institute forecast that Korea's insurance industry would likely grow 5.8% in 2009. However, he understands that the forecast is already set to be revised downwards soon.
Korea's regulator has earmarked a number of bold measures to shore up confidence and ensure stability in the financial markets. For the insurance industry, he said, "we are working to keep pace with the rapidly changing financial markets both at home and abroad, and preempt risks to the insurance market."
Mr Kang concluded: "In the face of a deepening global economic crisis, we do have a unique opportunity to reassess the challenges before us and forge a new consensus on where we should be headed. The Seoul Rendezvous is to do just that by bringing together our collective wisdom and helping the insurance industry and supervisors set the right agenda for risk management strategy and supervision objectives."
In the second keynote address, Mr Ludger Arnoldussen, Member of the Board of Management at Munich Re, highlighted that "there is arguably no more pressing task for responsible insurance undertakings than to maintain full transparency and control over all the risks in their books in order to protect clients, investors and staff against unpleasant surprises."
No comments:
Post a Comment