Corporate Governance and Risk Management in the Insurance and Reinsurance Industries

Abstract

The insurance and reinsurance industries (collectively referred to as the industry unless otherwise appropriate) share many of the same corporate governance and risk management challenges that all global public companies face, but the industry also confronts challenges that are more specific to its businesses. Among these challenges are: the industry is subject to multiple regulations globally (generally, wherever it conducts business); exposures to regulatory inconsistencies and protectionist government actions in developing and emerging markets; different consumer product preferences and distribution conduits in developed and emerging markets; lack of robust experience data for certain liability exposures in developing and emerging markets; new and emerging risks in developed markets; constraints to growth in developed markets; and competition from other financial institutions.