Downward spiral
Sweden was in the vanguard of countries moving to risk-based solvency regulation, but as financial market conditions tighten, has this commitment to market consistency started to hurt the domestic life and pension providers? Aaron Woolner reports
In the face of the flood of bad financial news in the early part of 2008, the Swedish insurance sector exhibited a textbook defence and retreated to the high ground of government bonds. Unfortunately, with no Swedish government bonds with an outstanding duration longer than 12 years and solvency regulation that discounted liabilities using their term structures as the safe harbour, this tactic
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