For the non-life insurance sub-sector, increased competition is likely to weigh further on underwriting income, which could drive further consolidation within the sub-sector. For the life insurance sub-sector, ongoing  10  BIS Review 121/2006  challenges include the closing of balance sheet mismatches in an environment of persistently low long-term interest rates and the effective management of longevity risk. IV.
www.bportugal.pt 1  reforms. Fiscal-structural reforms encompass areas like taxation, social security and pension systems, healthcare, education, justice, the institutional framework and public finance management, among others. They should be distinguished from the standard use of discretionary fiscal policy to fulfil short- to medium-term objectives. The post-crisis period has witnessed a reduction in fiscal imbalances in Europe.