Participants at the International Insurance Society’s (IIS) annual seminar in Toronto last week see competitive pricing and adequate profitability as the top global issue facing both the life and general insurance industries.

A survey of more than 355 seminar attendees revealed “price and profitability” as the top issue at 51%, followed by “regulatory requirements” at 24%. The greatest threat to the industry was perceived as regulation challenges at 34%.

General insurance participants listed as their top concerns inadequate premium rates (40%), risk management (21%) and regulatory and reporting requirements (15%).

The biggest concern of life insurers is investment opportunities to meet benefit demands (26%), profitability (18%), regulatory and s agency requirements (17%), and distribution efficiency (17%).

The major financial concerns of all participants were competitive price and adequate profitability (29%), asset and liability management (17%), regulatory requirements (17%), managing risk (15%) and capital management and allocation (15%).

US and Canadian industry members comprised 45% of those surveyed, while the Asia-Pacific accounted for 25%, Europe 15%, the Middle East 6%, Latin America 5% and Africa 2%.