Fresh call for global harmonisation of reinsurance regulation

Regulators across the world need to develop a more harmonised approach to their supervision of the reinsurance industry that allows reinsurers to be regulated on a consolidated basis across jurisdictions, according to a report by The Group of Thirty, a member organisation that focuses on international economic and financial issues. Such changes to reinsurance regulation, coupled with developments in securitisation and risk-based disclosure, will create a stronger and bigger reinsurance industry, says the report.