Reinsurance News
Prudential Regulation Authority
UK general & life insurers have “material dependency” on reinsurance: PRA
24th January 2023
The UK’s Prudential Regulation Authority (PRA) has released the results of its 2022 insurance industry stress tests, which conclude that general and life insurers have a "material dependency" on reinsurance, which is likely to remain high despite increased pricing. The tests, which looked at a total of 54 insurers, sought to ... Read the full article
Reinsurance risk part of UK’s PRA 2023 priorities
12th January 2023
Reinsurance risk is one of the Prudential Regulation Authority’s (PRA) priorities for the supervision of life and general insurers in 2023, the Bank of England revealed. Part of the UK's central bank, the PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major ... Read the full article
MS Amlin Underwriting fined over £9m by UK regulator
21st October 2022
MS Amlin Underwriting Limited (MS AUL) has been fined £9,695,000, imposed by the Prudential Regulation Authority (PRA), for failing to comply with its regulatory obligations relating to its governance and oversight of underwriting, underwriting controls, management information, data quality, and risk management strategies and systems. The PRA found that MSAUL breached ... Read the full article
PRA says more work on climate risks required from many re/insurers
13th January 2022
UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk. However, it added that progress has ... Read the full article
PRA sees potential for reforms to help re/insurers invest
29th November 2021
The Prudential Regulation Authority (PRA) believes there is an opportunity to consider reforms that would help insurers and reinsurers invest in the UK economy. Speaking at the Insurance Asset Management Conference, Charlotte Gerken, Executive Director for Insurance at the PRA, insisted that the regulator remains “open and ready to listen to ... Read the full article
PRA exploring need for climate-related capital charges
28th October 2021
A new report by the UK’s Prudential Regulation Authority (PRA) has explored how to appropriately respond to the risks posed by climate change going forward. Among the potential options looked at within the report is the possibility for additional climate-related capital charges, in order to incentivize firms to incorporate climate considerations ... Read the full article
EU reinsurers urge UK regulator to delay Solvency II changes
6th October 2021
Insurance Europe’s Reinsurance Advisory Board (RAB) has urged the UK’s Prudential Regulation Authority (PRA) to either extend its Temporary Permissions Regime (TPR) or wait until the Treasury's review of Solvency II is finalised before making changes to its regulatory requirements. A recent consultation conducted by the PRA outlined proposed changes to ... Read the full article
PRA review aims to tailor Solvency II for the UK market
11th February 2021
The Prudential Regulation Authority (PRA) has confirmed that a post-Brexit review of Solvency II guidelines will aim to tailor the rules specifically for the UK re/insurance market. The UK Government has committed to a review of the European Union's Solvency II regulatory requirements for re/insurance firms now that it is no ... Read the full article
PRA lays out UK re/insurance priorities for 2021
16th December 2020
The Prudential Regulation Authority (PRA) has set out its priorities for the UK re/insurance sector in 2021, which include a focus on financial resilience, credit risk, the impact of COVID-19, the Brexit transition period, and climate change. The UK regulator noted that re/insurers have thus far proved largely resilient to the ... Read the full article
PRA postpones insurance & climate stress tests due to Covid-19 pressures
7th May 2020
The UK's Prudential Regulation Authority (PRA), part of the Bank of England, has announced that the planned 2019 insurance stress test results will now not be published, as it pauses further work in this area due to the impacts of the Covid-19 pandemic. The PRA said that its focus is 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
PRA’s climate change plan may conflict with shareholder expectations: Moody’s
17th December 2018
A recent consultation paper on climate change published by the UK’s Prudential Regulation Authority (PRA) is likely to enhance the long-term risk management of re/insurers, but may conflict with the near-term expectations of shareholders, according to Moody’s. Moody’s said that, if implemented, it expects the PRA’s proposed standard to improve ... Read the full article
UK insurers need strategic approach to manage financial risks of climate change: PRA
23rd October 2018
The UK's Prudential Regulation Authority (PRA) has released a consultation paper calling on the country's financial services entities to take a more forward looking and strategic approach to the management of financial risks from climate change. The consultation paper is on a draft supervisory statement which sets out firms' expectations regarding ... Read the full article
PRA proposes Solvency II risk margin reforms to UK Treasury
8th June 2018
Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer (CEO) of the UK’s Prudential Regulation Authority (PRA), has proposed changes to the design of risk margin in Solvency II rules, which he has suggested are currently too sensitive to the level of interest rates. In a letter to Nicky ... Read the full article
Bank of England wants more longevity risk retained, less reinsured
27th April 2018
The Bank of England would like to see more longevity risk being retained and less being transferred offshore through reinsurance arrangements, leading it to explore amending Solvency II risk charges to encourage greater retention. The Bank of England's Prudential Regulation Authority (PRA) has before discussed its concerns over the use of ... Read the full article
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