•  Impact on tourism and remittances: While there are mixed views on visitor arrivals, there is a mild possibility of a slower growth next year in line with the economic slowdown envisaged in our major tourist markets. This in turn will lower tourism earnings without any compensatory increases in per diem expenditure.
The European Union urgently needs a new regulatory standard which differentiates solvency charges based on the inherent risk of different lines of business and which provides incentives for enhanced risk management. It urgently needs a framework that takes account of asset risks in an insurance company. It urgently needs a framework that encourages better governance and management of risk.