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On the Effect of Intensified Regulation on the Product Strategy of Nordic Life Insurance Companies

Utgåva: 1 / 2015 | Kategori: EU och internationell försäkring, Försäkringsrätt, Risk | Författare: Olli-Pekka Ruuskanen, Raimo Voutilainen

Seven big Nordic life insurance companies were interviewed to find out how intensified regulation and especially Solvency II has affected their product strategy. Almost all companies have given up writing new traditional business, and each company uses risk based steering which is a positive side effect of Solvency II. Variable annuities could be a compromise between traditional and unit liked businesses, but the companies do not write variable annuities very intensely. The companies’ activity in fixed annuities is gradually growing, but they do not transfer the longevity risk to a third party. This will prove necessary when the annuity market grows. The companies are growing their risk life business, but few of them have implemented new risk factors instead of gender which is no more allowed in life insurance. All companies use bancassurance as sales channel solution. Almost all of them are a part of a captive structure, and they do not foresee any changes in this. In this respect the companies differ from a current trend in Southern and Central Europe according to which banks are lightening their holdings in insurance companies.