Nevertheless, it cannot be excluded that this positive baseline scenario could yet be challenged by some low-probability but potentially high impact negative events. Therefore, there is no room for complacency at the present juncture. The first priority remains the need to restore confidence among the various participants of the global credit market.
Today I will be reflecting on the major risks that the non-life insurance sector has had to face these past few years, how we have weathered the storm, the risks that we face in the current environment and how the Prudential Authority is considering these in its supervisory frameworks.