As we look back over the work of the last year and ahead to the challenges of the next, two words in particular spring to mind: “interlinking” and “overlap”. Each year the sections of our Annual Report become harder to compartmentalise, as the interlinking grows between all the EU and global initiatives on which we work.
Structuring our Annual Report is, of course, a minor problem, but it does reflect a far more serious concern — that individual policy initiatives and regulatory reforms can no longer be viewed in isolation in our increasingly interconnected global economy and society. Even seemingly targeted reforms can have consequences that spread far beyond their original focus.
Alongside this interplay, increasing overlap between regulatory initiatives is another trend that is creating concerns for the insurance industry, as policymakers, regulators and supervisors around the world can often seek to address issues independently and in different ways.