Policy Issues in Insurance 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 generally the insurance sector demonstrated resilience to the crisis, though with some variation across the OECD, and concludes with a number of policy conclusions.Table of Content :Introduction Impact of the Financial Turmoil-Key balance sheet and investment indicators-Premiums-ClaimsCombined ratio -Profitability-Solvency-Impact of the crisis on credit insurance markets-Interpretation of statistical dataGovernmental and Supervisory Responses to the Crisis in the Insurance Sector-Liquidity and short-term financing arrangements and the special case of AIG-Capital levels and arrangements-Corporate governance, risk management, investments, and reporting and disclosure groups and financial conglomerates-Policy holder protection schemes, restructuring and insolvency regimes -Credit insurance marketsKey Policy and Regulatory Issues in the Insurance SectorKey Policy Conclusions from the CrisisAnnex A. Policy and Regulatory Responses to the Financial Crisis Foreword......Page 5 Table of Contents......Page 7 Introduction......Page 9 Notes......Page 11 Key balance sheet and investment indicators......Page 13 Premiums......Page 24 Claims......Page 26 Combined ratio......Page 27 Profitability......Page 29 Solvency......Page 31 Impact of the crisis on credit insurance markets......Page 32 Interpretation of statistical data......Page 34 Notes......Page 35 Governmental and Supervisory Responses to the Crisis in the Insurance Sector......Page 37 Liquidity and short-term financing arrangements and the special case of AIG......Page 38 Capital levels and arrangements......Page 40 Corporate governance, risk management, investments, and reporting and disclosure......Page 42 Insurance groups and financial conglomerates......Page 43 Credit insurance markets......Page 45 Notes......Page 48 Key Policy and Regulatory Issues in the Insurance Sector......Page 51 Notes......Page 56 Key Policy Conclusions from the Crisis......Page 57 Notes......Page 59 Annex A Policy and Regulatory Responses to the Financial Crisis......Page 61 "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 generally the insurance sector demonstrated resilience to the crisis, though with some variation across the OECD, and concludes with a number of policy conclusions."--Page 4 of cover Annotation 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 generally the insurance sector demonstrated resilience To The crisis, though with some variation across the OECD, and concludes with a number of policy conclusions