Reinsurance News
Bank of England
Bank of England survey warns of cyber threat to UK financial system
13th October 2022
The risk most cited as a threat to the UK’s financial system is a cyberattack, according to the Bank of England’s Systemic Risk Survey. According to the bank, nearly three-quarters (74%) cited a cyberattack when asked to list the five risks most likely to have the greatest impact. The survey also found ... Read the full article
David Roberts to stand down as Chair of Beazley
21st July 2022
Specialist insurer Beazley has announced that its chair, David Roberts, will be standing down from the board in autumn 2022. Roberts will take up the role as Chair of the Court of the Bank of England and will succeed Sir Bradley Fried, who served as Chair from June 2018 to June ... Read the full article
BoE study shows improvements in re/insurer climate risk management
10th June 2022
The Climate Biennial Exploratory Scenario exercise (CBES) recently conducted by the Bank of England (BoE) shows that the UK’s largest insurers and reinsurers are getting better at managing financial risks caused by climate change, but analysts say there is still more to do. Speaking at the Association of British Insurers (ABI) ... Read the full article
Bank of England signals new approach for wholesale business in London
22nd April 2022
The Bank of England has signalled its intent to speed up and improve the application process for traditional reinsurance capital vehicles and ILS in a speech given in London. Alan Sheppard, head of insurance policy at the Prudential Regulation Authority (PRA) for the bank, was speaking at the Westminster Business Forum. ... Read the full article
BoE says Russia sanctions “manageable” for UK re/insurers
8th March 2022
Bank of England (BoE) Deputy Governor Sam Woods has said that sanctions against Russia following its invasion of Ukraine are considered “manageable” for the UK insurance and reinsurance industry so far, as well as for the wider financial sector. Woods’ comments, first reported by Reuters, follow the UK Government’s decision to ... Read the full article
BoE launches climate stress test for insurers
8th June 2021
The Bank of England (BoE) has officially launched its Climate Biennial Exploratory Scenario (CBES), which is designed to explore the financial risks posed by climate change for the largest UK banks and insurers. While the BoE runs regular stress tests to help assess the resilience of the UK financial ... Read the full article
PRA sees no appetite to tear up the basic principles of Solvency II
16th March 2021
Sam Woods, Chief Executive Officer of the Prudential Regulation Authority, sees no appetite to tear up the basic principles of Solvency II given the huge investment made in their adoption. The PRA had previously suggested that the Solvency II review could result in changes to the design of risk margin ... Read the full article
BoE reaches out to insurers over possibility of negative interest rates
13th October 2020
The Bank of England has reached out to all Prudential Regulation Authority-regulated insurers in an effort to understand firms’ operational readiness for the possibility of zero to negative interest rates. In August, the BoE’s Monetary Policy Committee (MPC) noted that it would continue to assess the appropriateness of a negative official ... Read the full article
Insurers have a responsibility to take action on climate change: Sweeney, BoE
16th September 2020
While the insurance industry has made progress on the issue of climate change and related risks, it's vital that the sector, alongside regulators, further advance their thinking and take action, according to Anna Sweeney, Executive Director, Insurance Supervision Division, Bank of England (BoE). Although somewhat overshadowed in recent months by the ... Read the full article
Bank of England voices concern over virus BI claims
8th July 2020
Anna Sweeney, the Bank of England’s (BoE) executive director for insurance, has said that business interruption (BI) related to the COVID-19 pandemic claims remain a serious concern for the UK insurance and reinsurance industries. Her comments come as the Financial Conduct Authority (FCA) prepares to seek legal clarity on whether ... 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
Bank of England publishes climate stress test proposals for financial services
18th December 2019
The Bank of England (BoE) has outlined proposals for the 2021 Biennial Exploratory Scenario (BES) exercise, designed to test the resilience of banks, insurers and the financial system to both the physical and transition risks from climate change. The BES looks to expand on the current efforts being made by banks ... Read the full article
Climate resilience requires action on both sides of the balance sheet: BoE Governor
25th September 2019
Building global climate resilience will require insurers and reinsurers to take more action on both sides of their balance sheet, according to Mark Carney, Governor of the Bank of England (BoE). Speaking at the UN General’s Climate Action Summit 2019, Carney said that, on the liability side, re/insurers must focus on ... Read the full article
PRA has done all it can to de-risk a no-deal Brexit, says CEO Sam Woods
17th June 2019
The Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal cliff edge”, according to Mr Sam Woods, Deputy Dovernor for Prudential Regulation and Chief Executive Officer (CEO) of the PRA, Bank of England. Speaking at the MMC Rising Professionals’ Global Forum, Woods told ... Read the full article
Bank of England to implement new climate risk standards
25th March 2019
The Bank of England is preparing to release a new set of rules on how it expects re/insurers and banks to manage the financial risks from climate change, according to Governor Mark Carney. In a statement on Thursday, Carney acknowledged that “insurers and reinsurers are on the front line of managing ... Read the full article
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