Solvency II
Treasury on ‘mission’ to build ‘open and innovative regulatory environment’
The Treasury is looking to build an “open and innovative regulatory environment” in which UK insurers can thrive.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
A return of cash flow underwriting – is this common sense or a kamikaze approach?
As interest rates rise, talk is growing of a return to cash flow underwriting. Popular in the 1980s and 1990s, this is when insurers underwrote unprofitably, but were covered by strong returns. There is concern that insurance could be heading for the…
BoE warns of 20% hike in insurer failure risk from Solvency II reforms
The governor of the Bank of England, Andrew Bailey, has warned that proposed Solvency II reforms to loosen capital requirements will increase the risk of life insurer failure by 20%.
Customers, society and planet are at the heart of a three-year ABI strategy
The Association of British Insurers has rolled out a three-year strategy with a core focus of driving change to support customers, society and the planet.
News analysis: Solvency II - should brokers be worried about the impact the reforms will have?
The government’s Solvency II overhaul will likely start this year. Politicians want to relax capital requirements to unleash investment and make the UK a more competitive country. Others have concerns about insurer failures, reports Saxon East.
Fitch warns of ‘dire’ profitability for insurers in ‘bleak’ picture
The outlook for UK home and motor insurers’ profitability “remains pretty dire for 2023”, according to Federico Faccio, senior director of EMEA insurance at Fitch Ratings.
Aviva forecasts £25bn UK investment power boost from Solvency II reforms
The Association of British Insurers has backed the government’s Solvency II reform package which Chancellor Jeremy Hunt said will “unlock tens of billions of pounds of investment for our growth-enhancing industries”.
No major impact on insurers by inflation: report
Plenum Investments’ 2022 half year report has shown that inflation has not had a serious impact on the insurance sector, except for UK motor insurers, and higher interest rates gave led to an improvement in Solvency II positions.
Former Sky executive Andrew Griffith named as financial secretary to the Treasury
Andrew Griffith, ex-Sky chief operating officer, has been appointed as financial secretary to the Treasury and City minister, succeeding John Glen.
Chancellor hails planned repeal of EU financial laws
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
John Glen resigns as Economic Secretary to the Treasury
The Minister handed in his notice to Prime Minister, Boris Johnson, yesterday (6 July) stating that he “can no longer reconcile my commitment to the role and to the financial services sector with the complete lack of confidence I have in your continuing…
Rishi Sunak flags speedy reform for Solvency II rules
The Chancellor of the Exchequer Rishi Sunak told insurance executives at a meeting on Monday that Britain wants to reform its insurer solvency rules quickly.
ABI lays out five climate change demands of government to take “handbrake off”
The Association of British Insurers has called on to government to do more to enable the insurance and long-term savings sector to maximise the vital role it has to play in tackling the climate change challenge.
MCE: Edwards hits out at administrator over MTA u-turn
MCE Edwards says he is “ashamed of the profession” and warns that the decision could impact vulnerable customers.
Gibraltar regulator denies accusations from MCE
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
Gefion meets €5m liquidity deadline
The Danish provider has complied with the order from a regulator to have liquid assets of at least €5m by the end of 2019, after further investment from shareholders.
Gefion set end of year liquidity deadline by Danish regulator
The struggling unrated Danish provider must have €5m in liquid assets by end of this month as watchdog points to “serious” problems.
Gefion secures €6m recapitalisation deal
The unrated Danish provider has been looking to recapitalise since July when the Danish regulator ordered it not to increase its volumes of business due to its solvency situation.
Predictions for 2019: Park's Marc Loud
Broker predicts liability market hardening, greater onus on job training, and that vulnerable customers will be looked after better.
Treasury Committee calls for changes to Solvency II post-Brexit
Committee wants discussion between the PRA and the industry in response to "practical difficulties" of Solvency II.