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The Norwegian insurance sector is well-capitalized. In recent years, the authorities have taken steps to recapitalize weak insurers and to boost capital for the overall industry. Risk-resilience has been strengthened by stronger retention of profits leading to accumulation of reserves, better risk management, and higher capital in the run-up to the implementation of the Solvency II regulatory regime.

Financial Stability Board. --- Risk management.

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Prior to the pandemic, Madagascar was on sustained recovery path and achieved progress in poverty reduction. The economic revival in the period leading up to the COVID-19 (coronavirus) crisis was supported by political and economic stability, renewed investor confidence, rising integration in key export markets, growing flows of concessional financing and structural reforms. Activity continued to gain strength up until 2019, as public and private sector investments accelerated, while moderate inflation helped support real income and consumer spending. At the same time, budget and current account deficits remained moderate and the currency stabilized in real effective terms. In this context, growth reached 4.4 percent in 2019, its fastest pace in over a decade, with export-oriented sectors such as textiles, mining, and tourism performing particularly well in the run-up to the crisis. Tourism revenues were bolstered by a 19 percent increase in visitor arrivals, reaching a decade high of 375.000. In the primary sector, favorable weather conditions have contributed to a bumper rice harvest and significant gains in agricultural production more generally. The COVID-19 pandemic triggered a sudden and deep recession, reversing nearly a decade of prior income per capita gains. The combined impact of global trade disruptions and domestic containment measures is estimated to have resulted in a GDP contraction of -4.2 percent in 2020, similar to that observed during the devastating 2009 constitutional crisis. Considering a pre-crisis projection of 5.2 percent in 2020, this means that income per capita would be 9.4 percent lower than expected at the start of the year, erasing all gains achieved since the return to constitutional order in 2013. On the demand side, a sharp drop in exports was the key driver of the decline in activity, while public consumption and investment played a buffeting role. The COVID-19 crisis was an external shock of unprecedented magnitude. The contraction in global activity in 2020, currently estimated at -4.4 percent, would be by far the most severe and broad-based on records, with output shrinking in more than 90 percent of countries around the world, against 83 percent during the great depression in 1930, and 60 percent during the great recession 2009. In the Euro Area-Madagascar's largest export destination-output is estimated to contract by 7.4 percent. As the global toll of the pandemic continues to increase, millions of people are suffering from diminished prospects and disrupted livelihoods. In the developing world, falling income per capita in the vast majority of countries will interrupt poverty reduction trends and could tip over more than 100 million people into extreme poverty.

Business Cycles and Stabilization Policies --- Coronavirus --- COVID-19 --- Disease Control and Prevention --- Economic Growth --- Economic Recovery --- Employment --- Financial Stability --- Fiscal and Monetary Policy --- Health, Nutrition and Population --- Inequality --- Macroeconomics and Economic Growth --- Poverty --- Poverty Reduction

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The Norwegian insurance sector is well-capitalized. In recent years, the authorities have taken steps to recapitalize weak insurers and to boost capital for the overall industry. Risk-resilience has been strengthened by stronger retention of profits leading to accumulation of reserves, better risk management, and higher capital in the run-up to the implementation of the Solvency II regulatory regime.

Financial Stability Board. --- Risk management. --- Actuarial Studies --- Bankruptcy --- Debt --- Finance --- Finance: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial institutions --- Financial Instruments --- Financial risk management --- Financial sector policy and analysis --- Financial services industry --- Financial stability assessment --- General Financial Markets: Government Policy and Regulation --- Industries: Financial Services --- Institutional Investors --- Insurance & actuarial studies --- Insurance Companies --- Insurance companies --- Insurance --- Liquidation --- Non-bank Financial Institutions --- Pension Funds --- Solvency --- Stress testing --- Norway

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The COVID-19 pandemic has unleashed a global health emergency and an unprecedented economic crisis of historic magnitude. Governments facing this threat are in uncharted territory, but three policy priorities addressed in this note are clear. Disease containment is a first-order concern to combat the pandemic, and measures such as testing and tracing, coupled with isolating and treating the infected can bring first-order gains. The economic crisis requires a parallel and simultaneous effort to save jobs, protect income, and ensure access to services for vulnerable populations. As governments act to slow the pandemic and protect lives and livelihoods now, they will need to maintain macro stability, continue to build trust, and communicate clearly to avoid deeper downturns and social unrest. Looking forward, this crisis can be an opportunity to rethink policy to build back with stronger systems for people and economies.

Coronavirus --- Covid-19 --- Disease Control and Prevention --- Economic Recovery --- Employment and Unemployment --- Financial Stability --- Food Security --- Foreign Direct Investment --- Health Service Management and Delivery --- Health, Nutrition and Population --- Human Capital --- Labor Markets --- Poverty --- Public Finance --- Public Health --- Public Health Promotion --- Social Protections and Labor

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Near-term global financial stability risks have been contained as an unprecedented policy response to the coronavirus (COVID-19) pandemic has helped avert a financial meltdown and maintain the flow of credit to the economy. For the first time, many emerging market central banks have launched asset purchase programs to support the smooth functioning of financial markets and the overall economy. But the outlook remains highly uncertain, and vulnerabilities are rising, representing potential headwinds to recovery. The report presents an assessment of the real-financial disconnect, as well as forward-looking analysis of nonfinancial firms, banks, and emerging market capital flows. After the outbreak, firms’ cash flows were adversely affected as economic activity declined sharply. More vulnerable firms—those with weaker solvency and liquidity positions and smaller size—experienced greater financial stress than their peers in the early stages of the crisis. As the crisis unfolds, corporate liquidity pressures may morph into insolvencies, especially if the recovery is delayed. Small and medium-sized enterprises (SMEs) are more vulnerable than large firms with access to capital markets. Although the global banking system is well capitalized, some banking systems may experience capital shortfalls in an adverse scenario, even with the currently deployed policy measures. The report also assesses the pandemic’s impact on firms’ environmental performance to gauge the extent to which the crisis may result in a reversal of the gains posted in recent years.

Banks and Banking --- Finance: General --- Investments: Bonds --- Macroeconomics --- Money and Monetary Policy --- Diseases: Contagious --- Environmental Economics --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Health Behavior --- Environmental Economics: General --- Finance --- Banking --- Monetary economics --- Financial services law & regulation --- Climate change --- Investment & securities --- Infectious & contagious diseases --- Environmental economics --- Global Financial Stability Reports --- Economic stability --- Global Financial Stability Risks --- Financial sector risk --- Macroeconomic risks --- Emerging and frontier financial markets --- Credit --- Securities markets --- Capital adequacy requirements --- Financial markets --- Bonds --- Financial institutions --- Financial regulation and supervision --- Money --- Loan loss provisions --- Financial services industry --- Banks and banking --- Asset requirements --- Capital market --- Climatic changes --- United States