Thus, our task is to strengthen the rules to allow for a more stable financial system. In this context, it is essential that the reforms are not just guided by the lessons learnt from the current crisis, since the next one might emerge from a completely different angle. At the same time, it is imperative that the reform is internationally harmonised.
Capital bases improved in both the non-life and reinsurance industries in 2004, whereas solvency ratios in the life insurance industry remained broadly unchanged. The chart on the left on slide 9 shows that there continue to be divergent developments among the various sectors of the industry. In the life insurance sector, the average ROE increased between 2003 and 2004.