PRA warns insurers over MGA optimism and oversight gaps
The Prudential Regulation Authority has warned insurers against overly optimistic MGA assumptions and raised concerns about oversight of delegated authority arrangements.
Shoib Khan, director of insurance supervision at the regulator, said the PRA has identified “some instances of optimism in future underwriting projects, which can overstate SCR [solvency capital
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on News
Aon warns tensions are redefining risks
Growing geopolitical volatility, in particular in the Middle East, is exposing insurers and buyers to new risks that should trigger a fresh round of stress-testing, the CEO of Risk Capital for Aon has said.
Industry reacts as Renters’ Rights Act becomes law
As the Renters’ Rights Act comes into force, insurers could be facing a more formal, dispute-driven rental market, with an added focus on legal expenses, rent protection and pet cover.
Aviva buys DisasterCare to speed up property claims handling
Aviva has bought DisasterCare Group for an undisclosed sum, expanding its disaster recovery and restoration capabilities.
McGill’s aviation solution; Aviva’s flood risk app; Zurich UK’s COO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Legacy insurers face long road to launching ChatGPT apps
Rory Yates, former chief strategy officer at EIS, has warned traditional insurers will struggle to launch ChatGPT-style applications at pace, with legacy systems and complex technology stacks likely to delay progress.
The industry is letting young drivers down on telematics
Insurers have “let consumers down” when it comes to some of the “lunacy” around telematics, but there is still an opportunity to cater for the UK’s young drivers, a panel of motor insurance experts has said.
Axa offers financial assistance to staff affected by domestic abuse
Axa UK has launched a domestic abuse internal financial fund to support employees with financial assistance to help them get out of an abusive situation.
Insurance consumers leaning towards humans over AI
Customers prefer dealing with a human when buying cover and feel that human interaction is essential when it comes to claims, according to data from KPMG.