Holistic thinking
Insurers have been focusing their attention to ERM as the deadline for Solvency II looms – but how well is the industry coping with the challenges this presents?
The mutual insurer Ethias is not a name that trips off the lips of many people outside the Belgian financial sector. Yet the €1.5 billion (£1.32 billion) capital injection made by the Belgian government in Brussels in 2008 to prop up this company made it the third-highest receiver of state aid in the European insurance sector, after Dutch heavyweights ING and Aegon (€10 billion and €3 billion respectively).
Liege-based Ethias’s problems were caused by an investment policy that left it heavily
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