The global insurance industry is again concentrating on ways of capitalising on new market opportunities, according to a survey of participants at the 43rd annual seminar of the International Insurance Society (IIS) in Berlin last week.

The audience of industry leaders from around the world used keypads to respond to questions.

“The insurance industry is once again focusing on growth,” IIS President and CEO Patrick Kenny said. “But competitive and regulatory pressures continue to be concerns.”
 
Just under a quarter of respondents selected “new market opportunities” as the main issue, with “competitive price/adequate profitability” – the top issue of last year – coming in second at 21%. In 2005 the “the role of regulation” took the top spot, and in 2004 it was “taking advantage of new market opportunities”.

As in 2006, the leading threats to the industry were seen as unmeasurable risks at 41% (53% in 2006); inadequate human capital at 27% (23% in 2006) and regulation challenges (20%).

The issue of greatest concern to non-life companies was risk management/enterprise risk management (33%), followed by profitability (25%) and meeting customer demand/products/distribution (21%).

Last year’s seminar ranked catastrophic loss first at 32%, followed by profitability (23%), and rate adequacy and regulatory requirements (11% each).