Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Today's Top SOA Links


Insurance industry faces challenges and constraints as it looks to the future, according to new study by BNY Mellon and the Economist Intelligence Unit
Report examines how insurers can drive positive economic behavior while protecting society from risk

LONDON, Feb. 12, 2013 /PRNewswire/ -- Ongoing macroeconomic uncertainty, proposed tough new regulatory regimes and risk of contagion are the biggest long-term challenges facing insurers around the world, according to a new Economist Intelligence Unit (EIU) study sponsored by BNY Mellon, the global leader in investment management and investment services.

As a result insurers are rethinking business processes and product ranges in order to remain competitive under new risk-based capital regimes, to meet the evolving needs of their customer base and to continue to play a beneficial role in the economy and broader society over the next two decades. 

The key findings of the study – Insurers & society: Challenges and opportunities in the period to 2030 – include:

Macroeconomic uncertainty, regulation and risk of contagion – Macroeconomic uncertainty is seen by survey respondents as the main challenge facing both life and non-life insurers (36% and 39% respectively) in the period to 2030. Regulation is the second-biggest challenge facing life insurers (34%), while risk of contagion from other parts of the financial system is a major concern for non-life insurers and reinsurers (33%).

Regulators and policymakers should consider socioeconomic goals – Almost four-fifths (79%) of respondents agree that regulators should balance concerns for policyholder protection with other socioeconomic objectives, such as promoting savings, while almost half (48%) believe that policymakers should incorporate socioeconomic goals into regulators' remits. Over half (54%) believe that regulators and legislators are focusing on near-term stability at the expense of longer-term economic growth.    

  • Insurers are not doing enough to meet societal responsibilities – A strong majority (80%) of respondents agree that insurers have a duty to contribute positively to society, with all regions in equal agreement, yet only 55% agree that insurers are fulfilling that role. Overall, intermediaries are slightly less convinced that insurers are contributing (53%, compared with 56% of insurers, with the biggest discrepancy between the two groups seen in North America, where those figures are 64% of insurers but just 36% of intermediaries.
  • Regulation is hampering insurers' ability to meet consumers' needs – 70% of respondents agree that individuals will have inadequate private savings and pensions as a long-term consequence of new regulation, while just over a half (51%) believe that current regulatory and accounting rules encourage insurers to move away from guaranteed products, leaving individuals with the burden of investment risk. In response to changes affecting the industry, life insurers are offering fewer products (49%), limiting guarantees (40%) and raising prices (35%).
  • Insurers are needed more than ever but are at risk of irrelevance – Over a half of respondents (54%) believe that regulation reduces insurers' ability to shift risk away from households and transform financial market risk into reliable streams of retirement income and other benefits – one of the industry's core functions. The same proportion believe that the burden will fall on governments to make up for individuals' private pension shortfalls, but almost half (45%) worry that they will not be able to afford to do so.
  • Insurers need help to support developing countries and emerging economies – Nearly a half (45%) of respondents said that supranational organisations should prioritise working with developing countries to better inform policymakers of the value of catastrophe and other forms of insurance. Over half worry that, without adequate data, reinsurers may withdraw from providing catastrophe reinsurance in emerging markets (55%); and that if reinsurers pull back from these markets, individuals and corporates will be forced to go underinsured (52%). Respondents (57%) also fear that the absence of reinsurance will slow investment into emerging economies, which in turn will slow these countries' economic growth – a major concern, given the importance of emerging economies to pulling the global economy out of stagnation.

Paul Traynor, Head of Insurance for Europe, Middle East & Africa at BNY Mellon, said: "If, as the study suggests, insurers believe their core competence of turning financial risk into reliable income streams is being undermined by regulation, then we are at risk of a vicious circle developing in which individuals underinvest for their future and are forced to rely on the government. In turn, governments who cannot afford to bear the burden attempt to meet the shortfall, pushing up their sovereign debt to unsustainable levels. This then undermines proposed solvency regulation, which encourages insurers to hold government bonds as these are considered 'risk free'."

Monica Woodley, Managing Editor at the Economist Intelligence Unit, said: "While market stability and consumer protection are important goals, regulators and policymakers should not lose sight of the vital role the insurance industry plays in helping households and companies to reduce risk and save for the future. Limiting the insurance industry's ability to transform risk will have serious ramifications for future generations, leaving consumers under-insured and without inadequate private savings and pensions."

The Economist Intelligence Unit surveyed 332 companies around the world including insurers, reinsurers, wealth managers and independent financial advisers to find out what immediate and long-term challenges the insurance industry faces and how insurers are responding, as well as to explore ways in which the industry will develop in the future.

A copy of the full report can be found at http://www.bnymellon.com/foresight/pdf/eiu-insurance-0213.pdf

Notes to editors:

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.7 trillion in assets under custody and administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

This press release is issued by The Bank of New York Mellon to members of the financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at December 31, 2012.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818
Branch office: One Canada Square, London E14 5AL
Authorised and regulated in the UK by the Financial Services Authority  

SOURCE BNY Mellon

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Web 2.0 Latest News
My favorite writer, Gil Press, sums it up with, “It’s Official: The Internet Of Things Takes Over Big Data As The Most Hyped Technology” where he talks about how Gartner released its latest Hype Cycle for Emerging Technologies, and how big data has moved down the “trough of disillusion...
Internet of @ThingsExpo Silicon Valley announced today its first 20 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in Silicon Valley. @ThingsExpo, the first and largest IoT event in the world, debute...
Last week I was both learning and speaking at the The Internet of @ThingsExpo in New York City. I taught a session on the subject of IoT, Code Halos and Digital Transformation Strategies. Then I had the privilege of interviewing Microsoft's mobile and IoT guru Nick Landry (Twitter @Act...
The Internet of Things (IoT) is getting personal. Wearables, ingestables, even implantables – devices that not only help us with our fitness, but can monitor and manage disease and its treatment – are right around the corner. And where the IoT goes, money follows. In this case, Big Pha...
Everything from jet engines to refrigerators is joining the Internet of Things, pushing networks to the brink. In a new Boeing 747, almost every part of the plane is connected to the Internet, recording and, in some cases, sending continuous streams of data about its status. General El...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE