Downturn impact top risk for insurers

The impact of the financial crisis is the most significant risk facing most of the overseas insurance companies, according to a new report released by Ernst & Young (E&Y), which highlighted the top 10 business risks faced by insurers in 2009 as ranked by more than 100 leading sector analysts.

Model risk and regulatory intervention risks rank second and third in the list.

Chinese companies, however, should pay special attention to risks like channel distribution, climate change and catastrophic events, and also manage the non-life underwriting cycle, according to the accounting firm.