2016 update:
Nathalie Berger has replaced Wiedner as head of the insurance and pension unit, European Commission. Wiedner now heads the Commission's banking unit.
Klaus Wiedner, head of the insurance and pension unit, European Commission
Wiedner has led the Commission's implementation of Solvency II since March 2013. He is responsible for all aspects related to insurance and pensions, ranging from prudential regulation and consumer protection to international standards, and has been involved with negotiations on mutual recognition of third country insurance supervisory regimes.
Who do you most admire in the field of risk management?
In a constantly changing financial landscape, it is essential that there is a diversity of views, making it very difficult to pick just one personality or company. We have also clearly seen from the crisis that financial stability is not the sole responsibility of a single person or organisation or country; it is a shared objective, even where solutions that were put in place may differ. There are many people working toward this aim who deserve a great deal of thanks and admiration.
What have you learnt about communicating risk?
Good policy cannot be developed in a vacuum; so the first thing I'd say is that the importance of listening to a range of views can hardly be overstated. Secondly, I'd emphasise the importance of consistency and clarity of vision. Markets of course respond well to legal certainty and stability. That can't always be guaranteed, but it's important that law makers offer clarity on the direction they wish to take, whenever possible.
What are the major challenges ahead?
The biggest challenge facing the insurance industry over the coming years is likely to be the low interest rate environment, which may put pressure on existing investment guarantees and make it harder for insurers to attract new customers. Solvency II incentivises cash flow management through the interest rate stresses, which should help to avoid such issues recurring in future. It also includes transitionals to avoid disruption to the market in applying the new interest rates and the stresses applicable to them.
What are your other interests?
Spending time with my family. And winter sports, of course!
