Pending regulatory changes are creating a challenge for the insurance industry by creating “unknowns”, according to the ING head of marketing, retail products and reinsurance, Gerard Kerr.
There is uncertainty “to a certain extent” because the risk industry does not know what the future landscape will look like to any degree, he said.
There is a challenge in dealing with the various different inquiries and trying to develop an idea of how they were going to change the way the industry operates, and the dust still had to settle on the direction the inquiries were going to move in, he said.
It was even more important now than even a year ago to keep communicating with advisers, Kerr advised.
That communication will help the industry through this uncertainty and help develop an idea of what the landscape will look like, and make the changes less daunting, he added.
