The Boston Consulting Group (BCG) has written a report for the Dutch Association of Insurers about the role insurers play in the current financial crisis and lessons – already – learned. The Boston Consulting Group has made several recommendations to make the whole financial sector, and insurers more specifically, better resistant to future financial turmoil. Although the Boston Consulting Group focused on the Dutch insurance market, most of the recommendations naturally apply to the whole international financial market. You can find the report Building a Crisis-proof Insurance Sector in the Netherlands, lessons from the financial crisis
The Dutch Association of Insurers has welcomed the recommendations made by the Boston Consulting Group and added to it another six proposals to deal with supervisory issues, accounting rules IFRS, remuneration policy, rating agencies, transparency and last-but-not-least level playing field issues. You can find these recommendations in the position paper ‘Insurers Learn Lessons from Credit Crisis’
. The Dutch Association of Insurers herewith hopes to contribute to the political debate about the future architecture of the financial industry. An industry that focuses on issues such as sustainability, balance, solidity and transparency and has the consumer’s interests at heart.