Volker Kudszus, managing director and sector lead for insurance ratings EMEA at S&P Global Ratings, says insurers have demonstrated resilience in their modelling, but motor claims inflation is still an issue
What was the most positive ERM development of the year?
What was the biggest ERM disappointment of the year?
[It was] not necessarily a disappointment, but we see many insurers are still not ahead of claims inflation in motor. Some seem to be lagging behind.
What emerging risks will you be focusing on in 2025?
In 2025, we will monitor capital market risk, cyber risk, and climate change, which were at the top of our list of risks last year and will continue to be so next year.
Which regulation(s) will you be focusing on in 2025?
We will clearly look into what's happening around the Financial Data Access and the Digital Operational Resilience Act regulations, which are quite an effort for the insurance industry.
We will also look into the ongoing implementation of the Insurance Capital Standard.
Tell us about your favourite Christmas, or Christmas present, when you were a child?
As a child I was really into Matchbox cars. I can remember, one Christmas I really wanted to have a big Matchbox crane to help all of the crashed cars. When I got it on Christmas, I didn't stop playing around with it for a long time.