Solvency II
PRA chief admits losing Solvency UK ‘row’ with MPs
Sam Woods, CEO of the Prudential Regulation Authority, has admitted the regulator lost the “spectacular row” it had with the Conservative government over the Solvency UK reforms.
Spotlight: Insurance’s regulatory burden – are we to blame?
The insurance industry is under immense pressure from an increasing regulatory burden, but to what extent are firms themselves to blame for failing to adopt modern technology and processes?
ABI outlines plan to help Labour achieve green energy goals
The Association of British Insurers has published a 10-point action plan for green investment, matching Labour's green energy plans.
Hannah Gurga, Association of British Insurers
Hannah Gurga, director general of the Association of British Insurers, maintains her 18th position on the Insurance Post’s Power List thanks to her efforts to prove the industry’s worth to whoever will occupy 10 Downing Street later this year.
Sam Woods, Prudential Regulation Authority
In the run-up to a general election Sam Woods, chief executive of the Prudential Regulation Authority, has been clear it will be for the government, not regulators, to ensure insurers invest the dividends of forthcoming solvency reforms in the UK.
How brokering in Ukraine is triumphing over adversity
Interview: Ukrainian insurance broker Alina Golubieva talks to David Worsfold about the current challenges of insuring businesses and homes in the country, plus how the market is preparing to align itself with European Union regulation.
How Solvency UK will impact insurers’ credit quality
Data analysis: Post-Brexit Solvency II reforms look unlikely to make UK insurers more appealing to investors, a Fitch Ratings survey has revealed.
Aviva cites ‘favourable’ PL rating as UK&I GI profits surge
Aviva has reported its UK and Ireland general insurance business grew gross written premiums by 16% while the provider’s operating profit surged 63% in 2023, and GI CEO Jason Storah said he is “confident” the business “will build on success” in 2024.
Labour promises to rip up red tape for insurers
Tulip Siddiq, shadow economic secretary to HM Treasury, has promised if the Labour party gets into power she will make sure regulation encourages growth and competitiveness in the insurance industry.
Treasury tells insurers to take advantage of Brexit bonfire
Insurers must make the most of the Conservative government ripping up the Solvency II rules and replacing it with Solvency UK requirements, according to Bim Afolami, economic secretary to HM Treasury.
KPMG names Huw Evans as head of insurance
KPMG has named former Association of British Insurers director general Huw Evans as its incoming head of insurance.
Tories announce captive insurance consultation
A consultation on whether to establish a regulatory framework for captive insurance companies will be launched next Spring, according to the Autumn Statement.
Insurers are financially steady but shaky at articulating risks
Analysis of Solvency II reporting of 100 of the largest non-life UK and Ireland insurers showed the financial strength of the market remains strong but providers need to up their game on articulating operational risks.
IFRS 17 disrupting business as usual for insurers
Insurers report substantial work is still needed to better understand and explain IFRS 17 results and improve business-as-usual reporting processes, according to a WTW survey.
Top 100 UK Insurers 2023: Personal lines insurers hardest hit by inflation
Valeria Ermakova, associate director for analytics at AM Best, reveals while reserving for claims inflation is shaking the nation's insurers, actions taken by the top 10 of this year's Insurance Post Top 100 UK Insurers List helped these providers hold…
PRA plans to supervise insurance branches post-Brexit
The Prudential Regulation Authority has set out how it will assess and supervise insurers based overseas with branches operating in the UK.
PRA won’t tell insurers how to spend £100bn Brexit dividend
Prudential Regulation Authority CEO Sam Woods has said it will be for the government, not regulators, to ensure insurers invest the dividends of forthcoming reforms in the UK.
Top 30 European Insurers 2023: Claims inflation bites
Europe’s 30 largest non-life insurers have demonstrated solid top-line growth over the past two years, following a drop in 2020.
Admiral welcomes slimming down of insurer reporting rules
The Prudential Regulatory Authority’s latest review of the regulatory reporting it requires from UK insurers has been welcomed by Admiral.
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?