Insurance Age

Report reveals greatest insurer threat is the recession

The impact of the financial crisis is the most significant risk facing the insurance industry, according to a new report by Ernst & Young.

In its second Annual Business Risk Report - Insurance 2009, model risk and regulatory intervention rank second and third among the top 10 risks.

"As a result of the current economic conditions, there have been significant changes in the risks since the release of our 2008 report," said Peter Porrino, global director of insurance in Ernst & Young's Global

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