Tag Archives: insurance

VUB: STEWARDSHIP OF FINANCE CHAIR, February 27 and 28, 2013

Wednesday, 27 February, 2013 – 19:30 to 21:30
VUB, Etterbeek
Building D
Promotion Hall

Monica Mächler & Hugues Pirotte

Monica Mächler served since January 2009 until the end of September 2012 as Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA, after having served as CEO of the Swiss Federal Office of Private Insurance from 2007 to 2008. In the International Association of Insurance Supervisors she was a member of the Executive Committee and Chair of the Technical Committee.

Hugues Pirotte is professor at the Solvay Brussels School of Economics and Management, ULB. He is cofounder of the Finance Club of Brussels and Finmetrics. He is also member of the BEL20 Committee.

Thursday, 28 February, 2013 – 16:30 to 18:00
VUB, Etterbeek
Aula QB

Following my lecture 15:00 to 16:30, Panel discussion with Antonio Cano (AGI), Jos Brumagne (Belfius Ins), Henk Janssen (Baloise Insurance), Monica Mächler (FINMA) & Hugues Pirotte (ULB) moderated by Steven Rombaut (VRT journalist)

 

THE INSURERS WILL NOT BE LEFT UNSCATHED, by François Leclerc

Guest post. Translated from the French by Tim Gupwell.

In the United States, bad news often arrives via the Congressional Budget office (CBO). Reputed for its analyses, this non-partisan Congressional body has just produced a forward-looking report on American debt. According to the CBO, if the tax cuts are renewed and public spending is maintained at the current rate, the debt will be around 200% of GDP by 2037. Measured in accordance with this same ratio (which is rightly contested) it currently stands at 70% of GDP. This kind of projection puts the European debt crisis – on which all the forecasters’ attention is currently fixed – back into perspective, as it is currently the weak link of the whole.

The global debt crisis dominates the horizon, but should not overshadow the other cracks in the financial system, which are just as serious, and which continue to worsen. The first of them, now known under the name of “currency wars”, has manifested itself in the form of persistent monetary instability and rising exchange rates for export countries like Japan and Brazil. As a consequence, the Yen and the Real continue to go through the roof, without the interventions from the Bank of Japan or regulation in Brazil seeming to have much effect. Jun Azumi, the Japanese finance minister, touched on the question during the G7 minister videoconference, in which the leaders of the central banks also participated: “I have told them frankly that current foreign exchange market conditions are very severe, and that it was having a very bad impact on the Japanese economy”.

Continue reading THE INSURERS WILL NOT BE LEFT UNSCATHED, by François Leclerc