Reinsurance News
Solvency II
Final UK Solvency II rules ensure a more distinct regime with greater flexibility: KPMG
6th June 2024
Following the PRA's publication of PS10/24, the final set of rules for the UK version of Solvency II, Huw Evans, Head of Insurance at KPMG UK, has underlined several improvements that will reportedly work better for the UK than the original regime. According to Evans, the final set of rules are ... Read the full article
Insurance Europe outlines key priorities for Capital Market Union
3rd June 2024
Insurance Europe, the association representing insurance and reinsurance companies, emphasises that the Capital Market Union (CMU) should aim to increase retail investment, diversify funding sources for EU businesses, and foster an environment conducive to innovation, competition, and growth within EU companies. The CMU, initiated a decade ago, seeks to create a ... Read the full article
Solvency reforms UK: S&P global notes no revolutionary changes for insurers
17th May 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insurance industry generally welcomes these reforms due to their potential to reduce costs and increase ... Read the full article
Large Dutch insurers maintain sound credit profiles in 2023: Fitch
15th May 2024
2023 results have shown that large Dutch insurers maintained a very strong level of regulatory capitalisation, according to Fitch Ratings analysts. Large insurers in the European country demonstrated very strong solvency in the period, with the health sector having the weakest overall solvency levels. This, according to Fitch, reflects health insurers’ practice ... Read the full article
Insurance Europe urges EC to deliver on Solvency II deal
14th May 2024
Insurance Europe has written a letter to the European Commission (EC) calling for the technical negotiations of the EU’s Solvency II review to stay aligned with the political agreement and EU goals on climate change, financing the green and digital transitions, the Capital Markets Union and increasing competitiveness. The letter was ... Read the full article
Technology is key amid a volatile market, regulatory and accounting changes: Clearwater’s Wenzhe Sheng
30th April 2024
As Clearwater Analytics works towards revolutionising the world of investing, we spoke with Senior Product Manager for EMEA Prudential Regulations, Wenzhe Sheng, about regulatory and technology trends in the insurance industry amid a volatile investment market environment. Founded in 2004, Clearwater Analytics is a SaaS, full lifecycle investment management solution which ... Read the full article
2024 a milestone year for European re/insurers as tech and regulation advances: Clearwater’s Wenzhe Sheng
9th April 2024
In a recent interview with Reinsurance News, Wenzhe Sheng, Senior Product Manager for EMEA Prudential Regulations at Clearwater Analytics, discussed the latest developments on technical regulation and how that is impacting insurers in the European Union (EU) and the UK, as well as an outlook for the year and a ... Read the full article
Solvency II review to enhance ratios and free capital, says Moody’s
20th March 2024
Analysts at Moody’s Investors Service provide insights into the Solvency II review, highlighting amendments intended to enhance solvency ratios and free up some capital. These modifications to Solvency II were enacted by EU authorities in December 2023 and are anticipated to be implemented by 2026. Alongside a proposal of a framework ... Read the full article
OAC and KPMG UK respond to the PRA’s Policy Statement on Solvency II
29th February 2024
Leadership members of actuarial consultancy OAC have addressed the Prudential Regulation Authority's (PRA) recently published Policy Statement on Solvency II, the prudential regulatory framework for insurers and reinsurers. If you recall, in June 2023, draft regulations to reform Solvency II were made available by the UK Government for the purpose of ... Read the full article
New Solvency rules not expected to change EU and UK insurer’s risk appetites: DBRS
20th February 2024
In a new report from DBRS Morningstar discussing the Solvency II prudential regime, the rating agency has noted that the new rules are not expected to materially change EU and UK insurer's risk appetites. DBRS's analysts explained in the report that both in the EU and the UK, one of the ... Read the full article
Investors have mixed views on how UK S2 reforms may impact insurer credit quality: Fitch
12th February 2024
Investors appear to have mixed views on the impact of post-Brexit Solvency II (S2) reforms on UK insurers’ credit quality, according to Fitch Ratings. At a recent Insurance Insights event in London, that was attended by investors, issuers, as well as other market participants, an audience poll showed that 30% thought ... Read the full article
EU Council & Parliament reach provisional agreement on new Solvency II rules
19th December 2023
The Council of the European Union (EU) and the Parliament have come to a provisional agreement on amendments to the Solvency II directive, which they say will "boost the role" of the re/insurance sector and make it a more resilient and prepared industry for the benefit of policyholders. After a review ... Read the full article
Secondary legislation to be introduced to give effect to Solvency II reforms
23rd November 2023
The UK government has announced it will be introducing secondary legislation to give effect to the planned Solvency II reforms, the prudential regulatory regime for insurers, at this year’s Autumn Statement. According to the announcement, this will deliver a more tailored, clearer, and simpler regulatory regime for the insurance sector, and ... Read the full article
EU and UK Solvency II reviews to proceed amid shifting economic landscape: Fitch
22nd September 2023
In a rapidly changing economic environment, Fitch Ratings predicts that the multi-year reviews of the Solvency II (S2) regimes in the European Union and the United Kingdom will continue as planned, with both reviews expected to conclude in 2024. These reviews, initiated in 2020 and 2021, aim to adapt insurance regulations ... Read the full article
Solvency II reforms to boost UK insurers, especially in PRT and annuities: J.P. Morgan
29th August 2023
In a recent update on Solvency II reform proposals in the UK, analysts at J.P. Morgan highlight the positive impact these changes could have on UK life insurers, particularly those involved in Pension Risk Transfer (PRT) and annuity writing. The proposed reforms are expected to alleviate capital strain and enhance Solvency ... Read the full article
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