Versicherungswirtschaft-heute

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Lehren aus der japanischen Versicherungskrise?

08.10.2014 – Japan_bildpixel_pixelioDie Geneva Association untersucht in einem aktuellen Bericht, ob aus der japanischen Versicherungskrise der Neunziger Jahre Lehren für weltweite Annahmen gezogen werden können. Neun Versicherer waren in der Niedrigzinsphase auch aufgrund hoher Garantiezinsen vom Markt verschwunden.

This article investigates developments regarding resolution regimes for insurers in Japan and analyses the implications of these developments in the global context. Japan experienced the failure of several insurers from the late 1990s to the early 2000s when the Japanese economy was on a downward trend and has strengthened resolution regimes for insurers, taking lessons learned from the failures into consideration.

Two of the keyachievements are (i) the creation of a resolution mechanism that utilises policyholder protection funds and (ii) the introduction of a mechanism for liability restructuring. These developments make it possible for failed insurers to be resolved in an orderly and flexible manner, although there is room for further improvement in the mechanism of liability restructuring.

While there are in the banking sector a number of developments for an orderly resolution of banks, especially global systemically important banks (G-SIBs), at a world level, in the insurance sector there is still room for developing global standards for the resolution of insurers operating on a cross-border basis.

Lessons learned from the Insurance Crisis and Japan’s achievements can be of help in developing global resolution regimes in the insurance sector. (vwh)

Bildquelle: Bildpixel/ pixelio

Link: How Should Resolution Regimes for Insurers Be Established? Experiences in Japan and Implications for Global Standard Setting (PDF)

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