On 21 – 24 June 2013, PwC Singapore hosted a visit by former Head of the European Commission’s Insurance and Pensions Unit, Professor Karel van Hulle. The professor recently retired from his post in February 2013 after 29 years in the Commission, where he was a key architect in the development of Solvency II and an active voice in many important regulatory debates occurring post-financial crisis. During his four-day stay in Singapore, Professor van Hulle attended various PwC client meetings and chaired external and internal insurance roundtables. In discussions with PwC Singapore’s Insurance Leader Roy Clark and Associate Director of financial services Radish Singh, he reflects on Solvency II and the future outlook of the insurance industry.
Professor van Hulle explains the reasons behind the delays of Solvency II as well as some of the challenges and impending developments in the industry that insurers need to be mindful of in this time of high regulatory change. He also stresses that cross-border cooperation is imperative to ensure the stability of the market as a whole.
The professor highlights that sustaining long-term guarantees may be seen as a pressing concern by the industry, but he believes that this presents a variety of new opportunities for insurers as well.
Prior to his role in the Insurance and Pensions Unit, Professor van Hulle served in the Commission as Head of Unit in three other departments – Accounting Standards, Financial Reporting & Company Law, and Accounting & Auditing. Having a wealth of experience in banking as well as insurance, the professor shares his insights on how both sectors are correlated and the impacts of the financial crisis on the insurance industry.