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Reflections on Recent Problems in the Insurance Sector from a Belgian Supervisory Perspective

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  • Paul Windels

Abstract

This paper sheds light on the financial turmoil in the insurance sector from a Belgian supervisory perspective.3 An assessment is made of the main difficulties encountered by insurers and their supervisors during the development and acceleration of the financial crisis. Particular attention is paid to the shortcomings in the present regulatory framework and a number of recommendations are proposed in this regard. The paper concludes that increased macro- economic consideration, structured cross-border cooperation and efficient crisis management arrangements have become essential elements enabling financial supervisors to tackle the challenge of financial globalization.

Suggested Citation

  • Paul Windels, 2009. "Reflections on Recent Problems in the Insurance Sector from a Belgian Supervisory Perspective," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(4), pages 438-460.
    • Handle: RePEc:ete:revbec:20090402
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    File URL: https://feb.kuleuven.be/rebel/jaargangen/2001-2010/2009/2009-4/2009-4%20-%20Reflections%20on%20Recent%20Problems%20in%20the%20Insurance%20Sector.pdf
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    More about this item

    Keywords

    financial crisis; insurance regulation; supervisory challenges; risk management;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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