Insurers Suffering ‘Confidence Crisis,’ Zurich CFO Wemmer Says

Zurich Financial Services AG said insurers are experiencing a “confidence crisis” that could be solved by the introduction of a new regulatory regime and accounting standards.

“We are seeing a substantial confidence crisis of investors in the reliability of insurers and the figures they report,” Dieter Wemmer, chief financial officer of Switzerland’s largest insurer, said at a conference in Cologne today. “Solvency II and IFRS 4 could be tools to help us regain that confidence.”