24 June 2014 Insurance

Regulatory demands are industry’s biggest concern

Regulatory development is the most significant issue facing the insurance industry according to a live survey held during the International Insurance Society (IIS) Seminar in London yesterday (Monday June 23).

The survey, which involved members of the audience voting using an electronic keypad, also focused on the main issues in the life and non-life sector, operational concerns and risk management issues.

Premium rates and customer facing technology were the top concerns found within the non-life sector, while 37 percent of participants said that the main concern within the life sector was meeting benefit requirements.

Gaining and retaining talent raised the most concern within an operational basis, while the biggest concern within risk management was applying risk analysis in business making decisions.

New market opportunities and meeting customer demands were the biggest issues within securing growth and competition from non-traditional insurers was the greatest overall threat to the industry.

Within the financial category, 34 percent of participants said that adequate return on capital was the top concern, while 33 percent said that environmental issues were important to them.

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