Solvency II
Financial Services and Markets Act: A victory against the regulator?
The Financial Services and Markets Bill was given Royal Assent on 29 June 2023, but is it a victory for the insurance industry – or a missed opportunity?
Big Interview: Biba’s Graeme Trudgill
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, sprints across the Square Mile to share his plans on what more the body can do for members.
Big Interview: Sicsic Advisory’s Michael Sicsic
With the Consumer Duty deadline looming, Michael Sicsic, former head of supervision for the UK general insurance retail sector at the Financial Conduct Authority, considers whether the industry is ready for the new regulation.
Has Solvency UK done enough to win your vote?
Editor's View: Emma Ann Hughes asks if the Prudential Regulation Authority’s Solvency UK plans are basically Prime Minister Rishi Sunak’s bid to garner favour with the insurance industry ahead of a general election.
Three things you need to know about the PRA’s Solvency plans
Analysis: Emma Ann Hughes unpicks the devilish details in the Prudential Regulation Authority's 182-pages of proposals to throw the European Union's capital requirements for general insurers on the Brexit bonfire.
Zurich CEO Bailey named ABI president
Tim Bailey, UK CEO of Zurich, has been named as the new president of the Association of British Insurers, with Clare Bousfield, chief executive for retail and savings at M&G, becoming deputy president.
Insurers pledge Brexit dividend won’t go to shareholders
At a Treasury Select Committee hearing this week, spokespeople from the Association of British Insurers, Aviva and Admiral said none of the extra available capital from the end of Solvency II will be given to shareholders as dividends.
Sam Woods, Prudential Regulation Authority
Sam Woods, chief executive of the Prudential Regulation Authority, is shaping the industry’s capital requirements and is willing to clash heads with the government if he doesn’t agree with their desire to rip up the European Union’s rulebook.
Podcast: What regulators have in store for insurers and brokers
Insurers hoping to see European Union rules ripped up this year are likely to be disappointed, Michael Sicsic, managing director of Sicsic Advisory, has warned in the latest Insurance Post Podcast.
Big Interview: Wakam’s Olivier Jaillon
Jonathan Swift catches up with Wakam chief executive, and self-proclaimed rock’n’roll blockchain fan, Olivier Jaillon, to discuss the evolution of the go-to market for many insurtechs and brands seeking to sell embedded insurance.
Insurance CFOs reveal what keeps them up at night
Data analysis: The insurance industry sees high inflation, a downbeat economic outlook and market volatility as the three biggest threats to profitability this year, according to Moody’s annual survey of chief financial officers from 22 leading European…
A smooth exit strategy is essential should things go south, says PRA
Shoib Khan, director of insurance supervision at the Prudential Regulatory Authority, warned that businesses and senior management must be ready to pull the plug on writing new business before things get too messy should market conditions become too…
Aviva UK&I GI sees growth as it returns more than £5bn in capital since 2021
Aviva Group CEO Amanda Blanc has announced strong results for the UK and Ireland general insurance business, while launching a £300m share buyback scheme, having taken capital return to over £5bn in two years.
Editor’s Picks: Musk’s move, navigating losses and regulatory improvements
As we approach the end of February, the headlines that caught your attention on Insurance Post this month show the challenges and opportunities facing the industry one year on after Russia invaded the Ukraine.
ABI launches three-year strategy and reaffirms summer launch date for leaseholder support scheme
The Association of British Insurers has launched a three-year strategy focused on improving customer trust, sustainable investments and lobbying for further legislative, regulatory and tax reforms.
PRA reveals its plans for the Solvency II reform
The Prudential Regulation Authority has promised that fewer insurers will be subject to the new Solvency II rules, and it won’t overturn the government’s plan to ditch the European Union’s capital requirements.
Farewell Gibraltar, hello PRA - is the tide about to turn for new UK-regulated insurers?
Content Director's View: With non-standard motor insurer Lumun looking for Prudential Regulation Authority authorisation, Jonathan Swift asks whether we might be entering a new dawn for home grown insurance companies.
Will ditching Solvency II deliver a Brexit dividend or disaster for insurers?
Analysis: Rachel Gordon explores whether ditching Solvency II will free up billions of capital for insurers or ramp up risk and weaken consumer protection.
PRA stress tests raise concerns about reliance on reinsurers
The Prudential Regulation Authority intends to assess reinsurance risks that could threaten the financial stability of some general insurers later this year.
Why ditching Solvency II could be bad for insurers
Editor's opinion: With Prime Minister Rishi Sunak looking to revise the Solvency II rules, are insurers about to find out they have to be careful what they wish for?
How will the new IFRS 17 reporting rules impact insurers?
Laura Miller examines the new financial reporting rules insurers must contend with in 2023, and how the IFRS 17 requirements could result in providers posting reduced profit margins.
Regulator rings alarm bells about ditching Solvency II
The Prudential Regulation Authority has warned MPs that ditching Solvency II requirements will increase the risk of an insurer going bust and the taxpayer being forced to pick-up the bill.
PRA warns insurers to brace for further inflation woes
The Prudential Regulation Authority has told insurers to factor inflation into their business planning, kick the tires of their approach to risk management and prove they can withstand cyber-attacks in 2023.
Insurance's tax contribution; QBE launches W&I product; Theme for Biba 2023 revealed
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.