The Reserve Bank of New Zealand says it has been “pleased” with how the financial sector has handled the economic downturn so far, though warns that the next six to 12 months will be difficult - and some life insurers may still be more vulnerable than others.
RBNZ deputy governor Geoff Bascand says that general insurers have performed well, having entered the downturn in a strong position thanks to several years with relatively low claims numbers. However, he says the life insurance sector is less robust, and pressure on solvency margins and capital may become a concern.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.