If the insurance industry has managed to maintain solvency levels "sufficient" although decreasing in 2008, the crisis is not over and the industry must remain vigilant, says the Authority control and mutual insurance (CAMA). "We must remain vigilant. The behavior of insurers are not always careful and the crisis is not over," warned Monday Philippe Jurgensen, President of the CMAA, at a conference organized by body sector control. "There is no question of being worried. But we have every reason to be cautious," he added. The solvency margin of insurance has certainly suffered from the decline in assets in 2008 but has remained under Acam at levels "sufficient". "Finally, the results in 2008 (which fell by 18.5% on average) were not so bad, thanks to smoothing techniques allowed by the use of previously established margins," said Antoine Mantel, Secretary General CAMA.
CAMA, which has strengthened throughout the crisis testing his strength on the players insurance, also established a weekly survey on monitoring flows into life insurance, intended to eventually be able to anticipate a wave of Massive redemptions contracts. "In October 2008, the redemption rate was nearly double what it is on average (4% -5%), which was not really a wave of takeovers per se. And the movement has fallen very quickly, "said Marie-Laure Dreyfuss, Director of Cabinet of Secretary General of the CMAA. In early 2009, this rate had returned to average levels and it is now below the 2007 level, she said. The gross weekly collection, meanwhile, now well above that of 2008. The regulatory body also said to have estimated at 1.0 billion euros in total exposure to direct and indirect business to Lehman Brothers (only 0.1% of assets), to 1.5 billion exposure to AIG (0.3% of assets) and 550 million exposure to UCITS impacted by case Madoff.
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