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Friday, 22 January 2010

my comments re Lloyd’s Chair: Insurers Can Self Reform, Greenberg ‘Vindicated’ - Regulation/Legislation - Property and Casualty Insurance News

Lloyd’s Chair: Insurers Can Self Reform, Greenberg ‘Vindicated’ - Regulation/Legislation - Property and Casualty Insurance News

I would tend to agree with that.

The insurance sector and financial sector both were and still are at the heart of the financial melt down, it would be foolish to second guess and try to 'avoid' and monitor them to health.. is that at all possible?

If we were really to do something about it, then we would need a blank sheet of paper and re-draw the players, value chain, roles and responsibilities.. sadly given the legacy of the worldwide system and the amount of money at stake, it is just NOT possible.. as EVERYONE including the regulators, politicians and the power to be are all biased towards their own need/favours owed etc.

Therefore, it does not really help by creating so much more sometimes populist regulations/taxations..

ultimately, who might be hurt most would not only be the specific industry or individual businesses but also the economies, both nationally, regionally and internally..

In short, if we are really looking for solutions, and unless we can do another Singapore.. lets not try to SIM city it.. as the rules, value chain, players and even the chairs (as in music chairs analogy) are all changing..

Lets however work together, be honest to oneself (rather than for politics, or positioning of ones career over greater good) and work towards a recovery.

@GarethWong

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