Atlas Magazine November 2012

Crisis exit

For many leaders of insurance and reinsurance companies, it is always the same story, with the same problem faced at the end of each year: how to reconcile the market realities with shareholders and authorities' requirements?

In other terms, how to remunerate shareholders without infringing the prudential rules imposed by the regulators in an economic environment where little is left for growth.

Actually, it is in difficult times that everything seems to start moving. Despite a difficult situation, some actors did not remain inactive. They quickly managed to cope and benefit from the crisis to speed up their modernization process. It is because it managed to take prompt and courageous decisions that Scor got over the 2001-2002 crisis to stand now among the very first global reinsurers. A few years later, it is Swiss Re which was nearly crashed following the sub-prime crisis. Once more, a quick reaction was made. A radical action plan quickly restored the accounting balance. Closer to us, after a long period of hardships, some Moroccan companies managed to get reinforced and went to the conquest of the African market. Likewise in the Middle East where, despite the difficulties in Lebanon, Medgulf leaders managed to establish, over the years, one of the most powerful groups of the region.

More than ever before, the survival and development of insurance companies rests upon the analytical and response capacity of the leaders because it times of crisis, remedies are known: return to fundamentals, structural modernization, performance improvement and cost reduction.


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