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Insurers are striving to sustain profitability in the face of capital constraints, volatile asset values, the softening of non-life premium rates and the slowdown in the economy. The move to EU solvency II and a finalised IFRS for insurance contracts (IFRS Phase II) also presents the greatest shake-up in reporting and regulation for a generation.

Effective risk management will be critical in creating a more sustainable platform for business development and regulatory compliance. However, our research suggests that many insurers may be failing to sufficiently integrate risk considerations into their decision-making  and strategic execution.

This difficult business climate is likely to accelerate consolidation as insurers pursue scale, synergies and new sources of revenue. Current conditions will also spure further developments in distribution and customer relationship management as insurers look to enhance their understanding of their clients and offer more integrated and responsive multi-channel services.


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