The lack of certainty in regulation is one of the biggest challenges facing the global insurance and reinsurance industries, Lloyd's Chief Executive Richard Ward warned here.
Indeed, regulatory reform efforts in the wake of the recent financial crisis–both in Europe and the United States–could bring "changes in the [insurance] industry just when we don't need them," Mr. Ward said in his keynote speech at the PricewaterhouseCoopers LLP briefing during the annual Monte Carlo Reinsurance Rendezvous last month.
"We need regulatory certainty and stability," he added.
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