November 30, 2009
Historic challenges to the worlds economic systems have engulfed the insurance sector, as well as the rest of the financial services industry, and, as a result, we are living through unprecedented times.
The changes that are underway will demand the best of us. Indeed, the time is ripe for the development of best practices and for a new thinking that can serve to push companies to become smarter, leaner, and more efficient. It is in this realm that capital management is becoming one of the prevailing top-of-mind topics for insurance executives. The change taking place in the capital management space is hitting life insurers much harder than the P&C sector, although both sectors are feeling the effects of the liquidity crunch. Recent signs of recovery and evidence suggesting a reopening of traditional capital channels notwithstanding, the current environment continues to put pressure on the capital positions of many insurers, as capital bases have been negatively impacted. A number of firms are still looking for ways to bolster statutory surplus only to find that traditional channels of raising capital have either been significantly reduced or are too expensive.
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