Reinsurance News
Association of British Insurers
Huw Evans to leave ABI Director General role for KPMG
19th May 2021
The Association of British Insurers (ABI) has announced that its Director General, Huw Evans, will be leaving the organisation at the end of the year to join KPMG. Effective January 2022, Evans will join KPMG as a Partner within its insurance and long-term savings practice. He has served as Director General of ... Read the full article
ABI says post-brexit reforms to financial regulations could release £95bn
23rd February 2021
A new report commissioned by the Association of British Insurers published in response to the Government’s consultation on Solvency II shows how changes made to the Matching Adjustment and the Risk Margin mechanisms could free up £95 billion for re-investment. The ABI says these changes to the Solvency II regime would ... Read the full article
COVID claims among ABI members reach £2.5bn
22nd February 2021
Members of the Association of British Insurers (ABI) expect to pay up to £2.5 billion for COVID-19 insurance claims incurred in 2020, according to new data. The majority of this figure (£2 billion) stems from business interruption claims, while another £204 million is attributed to protection insurance claims, including life, critical ... Read the full article
ABI praises extension of trade credit reinsurance scheme
31st December 2020
Graham Walsh, a senior policy adviser at The Association of British Insurers, has praised the decision to extend the trade credit reinsurance scheme until 30 June 2021. It was reported towards the end of April that the UK government was considering the implementation of a trade credit reinsurance backstop to prevent ... Read the full article
ABI hires Clark as Director of Regulation to succeed Savill
4th August 2020
The Association of British Insurers (ABI) has announced Charlotte Clark CBE as Director of Regulation, succeeding Hugh Savill who is retiring at the end of the year. Clark, who is currently the Director of Capability and Learning at the Department for Work and Pensions, was previously Director of Private Pensions at ... Read the full article
ABI rejects pub industry appeal for pandemic BI cover
22nd May 2020
In response to an open letter penned by a coalition of beer and pub businesses, the Association of British Insurers (ABI) has insisted that the UK re/insurance industry has no responsibility to pay business interruption (BI) claims related to the COVID-19 pandemic. The coalition letter, addressed to ABI Chair Jon Dye, ... Read the full article
ABI approves UK Gov trade credit reinsurance backstop
13th May 2020
Industry body the Association of British Insurers (ABI) has voiced its support for the UK Government’s now confirmed scheme to provide a reinsurance backstop for trade credit insurers. Economic Secretary to the Treasury, John Glen, announced today that the Government would move ahead with the scheme following several weeks of ... Read the full article
ABI members to pay out £1.2bn+ for COVID-19 claims
27th April 2020
Initial estimates from the Association of British Insurers (ABI) indicate that its members expect to pay out over £1.2 billion in claims to support businesses and individuals affected by COVID-19. This estimate includes payments for business interruption, travel insurance, weddings policies and cancelled school trips, but does not include claims made ... Read the full article
Many UK firms lack adequate insurance regardless of Government orders: ABI
17th March 2020
The Association of British Insurers (ABI) has suggested that many businesses in the UK are unlikely to be able to call on their insurance cover for standard business interruption (BI) as a result of the COVID-19 outbreak, irrespective of the Government ordering closures. When addressing the nation yesterday, UK Prime Minister ... Read the full article
ABI endorses new Bank of England governor Bailey
20th December 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has released a statement endorsing the recent appointment of Andrew Bailey as the new governor of the Bank of England. Bailey, who currently serves as Chief Executive of the UK’s Financial Conduct Authority, will bring a “deep understanding” of regulatory ... Read the full article
ABI data shows increase in liability and application fraud
30th August 2019
New data released by the Association of British Insurers (ABI) shows that the number of detected fraudulent insurance applications has increased by 5%, with the average value of detected fraud now in excess of £12,000. In connection with this increase, ABI noted that the Insurance Fraud Bureau (IFB) has seen the ... Read the full article
Allianz’s Jon Dye takes over from Blanc as Chair of ABI
11th July 2019
Jon Dye, Chief Executive at Allianz Insurance, has been named as the new Chair of the Association of British Insurers’s (ABI). He replaces Amanda Blanc, whose surprise resignation as CEO EMEA at Zurich last week also resulted in her stepping down from her position as ABI Chair. The Association requires that ... Read the full article
Ogden rate change to be confirmed on or before August 5th
19th March 2019
The first review of the personal injury discount rate is set to be announced today by the Lord Chancellor, David Gauke, following outcry from auto insurers after the rate was cut from 2.5% to -0.75% in 2017. The UK' Ministry of Justice said today that the first review of the Ogden ... Read the full article
Re/insurers must “lean-in” to new political standards: ABI’s Huw Evans
28th January 2019
Insurers and reinsurers must respond to new ethical standards and increasing levels of public scrutiny by “leaning-in” to politics and engaging in solutions with policy-makers, according to Huw Evans, Director General of the Association of British Insurers (ABI). Speaking as part of a keynote address at Fitch Ratings’ Insurance Roadshow 2019 ... Read the full article
ABI Director slates European Commission’s no-deal Brexit plans
19th December 2018
Hugh Savill, Director of Regulation at the Association of British Insurers (ABI) has criticised the contingency plans released today by the European Commission, which outline the European Union’s (EU) response to a potential ‘no-deal’ Brexit scenario for re/insurers. Savill argued that the plans fail to provide adequate support for the millions ... Read the full article
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