The Impact of the Financial Crisis on the Insurance Sector and Policy Responses

This special report assesses the impact of the crisis on the insurance sector and reviews policy responses within OECD countries. It is based to a large extent on a quantitative and qualitative questionnaire that was circulated to OECD countries in 2009.



The report shows that generally the insurance sector demonstrated resilience to the crisis, though with some variation across the OECD, and concludes with a number of policy conclusions.

Table of Contents
Introduction
Notes
Impact of the Financial Turmoil
Key balance sheet and investment indicators
Premiums
Claims
Combined ratio
Profitability
Solvency
Impact of the crisis on credit insurance markets
Interpretation of statistical data
Notes
Governmental and Supervisory Responses to the Crisis in the Insurance Sector
Liquidity and short-term financing arrangements and the special case of AIG
Capital levels and arrangements
Corporate governance, risk management, investments, and reporting and disclosure
Insurance groups and financial conglomerates
Policy holder protection schemes, restructuring and insolvency regimes
Credit insurance markets
Notes
Key Policy and Regulatory Issues in the Insurance Sector
Notes
Key Policy Conclusions from the Crisis
Notes
Annex A. Policy and Regulatory Responses to the Financial Crisis