Bank of England (BoE)
Redefining diversity for growth and resilience in insurance
To survive and thrive in uncertainty, to shore up organisational resilience and remain innovative, insurance firms must embrace diversity and meaningfully embed it in their culture and operating model.
This week: A whole new world
I'd like to tell you in my spare time this week I've learnt a new language or picked up a new skill but in the true spirit of staying indoors we've mostly been bingeing on Disney Plus, with the Aladdin remake a firm favourite.
Christopher Woolard named interim FCA CEO
HM Treasury has appointed Christopher Woolard as interim CEO of the Financial Conduct Authority, effective mid-March when Andrew Bailey departs.
CII warns regulators that 'digital breadcrumbs' can’t replace human insight
The Chartered Insurance Institute has urged regulators to take caution as they adopt an increasingly data-driven approach to policing the financial services sector, warning “digital breadcrumbs” can’t replace human insight.
Compliance experts and trade bodies praise outgoing FCA boss Andrew Bailey
The market has hailed Andrew Bailey as having run a steady ship at the Financial Conduct Authority and congratulated him as he heads to the Bank of England to replace Mark Carney.
FCA CEO Andrew Bailey named next Bank of England governor
Andrew Bailey, CEO of the Financial Conduct Authority, will take over from Mark Carney as governor of the Bank of England in March.
Bank of England consults on climate change stress tests
The Bank of England is consulting on proposals for its 2021 Biennial Exploratory Scenario exercises, which will test the resilience of banks and insurers to various climate scenarios.
Regulators consult on operational resilience
Insurance is one of the sectors under the spotlight in a shared policy summary and joint consultation by the Financial Conduct Authority, Prudential Regulation Authority and the Bank of England on incoming requirements to strengthen operational…
Analysis: Review of the Year 2019
It feels as if 2019 was an uncomfortable year for the general insurance market as it never quite seemed to grasp control of its own destiny. Wherever you look, carefully laid plans were derailed by the unexpected – and often unwanted – intervention of…
Analysis: Climate change - Getting to grips with global warming
Insurers have been forced into the front line of the fight to stop global warming and climate change and they are beginning to feel uncomfortable and exposed. While several major insurers have issued bold commitments to join the fight to halt global…
BoE governor Carney warns insurers over climate change
The Governor of the Bank of England has described climate as a “big, big issue” for general insurers and reinsurers.
Analysis: Investing in a sustainable future
European governments and a wide range of international governmental and non-governmental organisations are looking to big institutional investors to back the development of a sustainable, greener infrastructure. Insurers and pensions funds are top of…
Blog: Diary of an insurtech start-up, episode 2: Silicon Valley
James Stuart Clarke, head of sales and partnerships at Digital Fineprint, compares the start-up scenes of San Francisco and London in the second instalment of his behind-the-scenes look at insurtech disruption.
Lloyd’s confirms Council and Franchise Board appointments
Lloyd’s has appointed Gregory Fleming and Patricia Jackson to the Council of Lloyd’s and the Franchise Board respectively.
Nelson: Regulatory burden hampers Solvency II
The regulatory burden imposed upon insurers by Solvency II hampers a fundamentally good regulatory framework, Lloyd’s chairman John Nelson has said.
Updated: Solvency II has 'not been worth it', ex-PRA director admits
Solvency II has "not been worth it", the former insurance director at the Prudential Regulatory Authority has admitted.
Where are all the full-stack insurance start-ups?
Capital requirements and regulations have been blamed for putting off new full-stack insurers from establishing in the UK but Brexit won't necessarily help start-ups.
Treasury Committee's Solvency II inquiry to focus on capital requirements for annuities
The Treasury Committee’s inquiry into Solvency II post-Brexit is likely to examine capital requirements for annuities and potential risks for reinsurers, according to Fitch Ratings.
15 insurers agree to link bonuses to gender diversity
Fifteen insurance firms have signed up to a new government charter designed to improve gender diversity in senior positions within the sector.
PRA appoints insurance director Sam Woods as CEO
The Prudential Regulation Authority's insurance executive director Sam Woods has been promoted to replace Andrew Bailey as PRA CEO.
Beale challenges Carney on SII investment weightings
Lloyd's CEO Inga Beale has hinted the Bank of England should consider different capital weightings under the Solvency II regime depending on what a company's investment policy is.
Quiz of the week - 4 December
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
Cyber and economy increasing concerns in financial system risk
Economic downturn, cyber attack and geopolitical risk pose the most concern for the UK’s financial system, according to the Bank of England’s biannual systemic risk survey.
Insurers set for Bank of England cyber security follow-up survey
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.