The Centre for the Study of Financial Innovation, in association with PwC, has recently published a report titled "Insurance Banana Skins 2013". This report is based on surveys carried out during March and April 2013 (which update earlier surveys effected in 2008, 2009 and 2011), and examines the risks facing the global insurance industry. The burdens which derive from regulation (particularly in light of increasing regulatory reform) are identified in the report as the foremost risk facing the insurance industry. Notably, survey respondents expressed concern that initiatives such as Solvency II increase costs and distract from the management of the business. Other key risks identified include poor investment performance, the uncertain macro-economic environment, a slip in business practices/standards and natural catastrophes.