As with the banks, the credit crisis has had a large impact on the insurance industry. There was not only financial damage, but also the image of the industry was significantly affected. Are reinsurance companies solvent enough to pay out when the need arises? The government has taken measures to prevent a next financial crisis by tightening the supervision of reinsurance companies with ‘in-control’ requirements such as Solvency II. Working alongside you, Loxodon will ensure that your organisation meets these requirements.
In the Netherlands, reinsurance companies are under the supervision of De Nederlandsche Bank. On a European level micro and macroprudential supervising bodies have been erected. The supervising bodies monitor whether reinsurance companies comply to the regulations in the EU-Reinsurance Directive 2005, among other matters. In recent years, reinsurance companies have increased their premiums, causing insurance companies to reinsure less, causing the reinsurance rate to fall. The competition for reinsurance companies is big, because there are relatively few players in the market.
Would you to determine competitive pricing and thus be competitive? Then, as a reinsurance company you need reliable information that you can access daily. This data is also important for meeting all the risk and capital management requirements. You would like to make use of high quality information to make the right decisions and be able to properly assess risks. In addition, you need to have correct data in order to rapidly report in a verifiable manner to the supervising bodies.
Loxodon supports you in optimising your information supply. Due to our knowledge, experience, and expertise we can ensure that you have a system that meets all your demands. Quality assured!