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The Insurance Industry in the 1990s

In: Financial Strategies and Public Policies

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  • John Greig

Abstract

This chapter seeks to address the insurance industry’s worldwide response to the changing needs of industry and the financial markets. This response is set against a series of clearly defined trends in worldwide business. These are: Deregulation and harmonisation of legislation as instanced by freedom of services in the EC by 1992 — although for non-life insurance this happened in 1990 — and the proposals in the Uruguay round of GATT talks. Globalisation of industry with cross-border linkages and electronic transmission of information and contracts. An increased awareness of pollution and the answer — as yet unfound — as to how or who pays to repair the damage. Increased exposure to catastrophic losses through international aggregation of claims and possible increased frequency of catastrophes themselves. Changing insurance needs of the financial services industry. Increasing demand for stability of capacity and price in the insurance industry, coupled to flexibility and innovation, to avoid insureds opting for alternative risk management solutions.

Suggested Citation

  • John Greig, 1993. "The Insurance Industry in the 1990s," Palgrave Macmillan Books, in: Zuhayr Mikdashi (ed.), Financial Strategies and Public Policies, chapter 5, pages 30-33, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12177-9_5
    DOI: 10.1007/978-1-349-12177-9_5
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