Goethe University: A Center for Insurance Studies - From the Fundamentals to Policy Advising
ICIR's Three Pillars
Prof. Dr. Helmut Gründl Managing Director ICIR
The International Center for Insurance Regulation (ICIR) is a sientific institution with focus on insurance and regulation research that took up its work at Goethe University in Frankfurt on 1 October 2010. Since then, we can look back at successful years. This success would not be possible without the commitment and contribution of the team, our board members, Goethe University, our partners and all institutions suporting in us in many ways.
After more than a decade of preparation, Solvency II finally seems to be hitting the home stretch. However, the present low interest phase is bringing about major problems for the life insurance industry.
A Unique Foundation
Prof. Wolfram Wrabetz Executive Board Member ICIR
After the euphoria of deregulation of the 1980s and the 1990s, the financial and economic crisis has shown that the financial services industry, of which the insurance industry is an important part, cannot be organised responsibly without clear regulatory rules. Public opinion and the politics acting on its behalf are increasingly aware of this issue. As a consequence, the European Union attempts to ensure optimal competition in the insurance industry, but also prevent – whenever possible – the collapse of individual companies or the whole industry by a system of solvency rules.
What Can the ICIR Do?
Prof. Karel Van Hulle Executive Board Member ICIR
Having dealt with regulation for about 38 years I have often wondered why it is so difficult for regulators to find a ready solution for their problems in academic research. I believe that the reasons are to be found both in the way regulation is being developed and in the manner in which academic research takes place today. Regulators do not necessarily want to find the right answer to their problem. They want a solution that is acceptable for the parties involved in the process. Academics attempt to find the right answer to the problems that they have identified.