Following recent earthquakes in Japan and New Zealand, insurers have become increasingly concerned about the threat natural catastrophes pose to their business, according to this year’s Insurance Banana Skins survey. In the survey, which polled nearly 500 people in 40 countries, natural catastrophes was ranked as the fifth-biggest risk facing insurers globally, up from 22nd last year.
Insurance practitioners said the biggest risk of all facing their industry, however, was the volume of new regulations at international and local levels. The EU’s solvency II directive, due for implementation by the end of this year, was the focus of strongest concern, while in Ireland, there are worries about the new code of governance for financial institutions and the fit and proper standards under consideration from the Central Bank.
Last year’s top banana skin, investment performance, slipped back to fourth this year.
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