Reinsurance News
Solvency II
FERMA calls upon Spanish Presidency to push key green & digital transition EU policy files
26th July 2023
The Federation of European Risk Management Associations (FERMA) is urging the Spanish Presidency of the Council of the European Union to make progress on the green and digital transitions a priority to help drive EU competitiveness and enhance strategic autonomy, while also ensuring the ongoing effectiveness and affordability of the ... Read the full article
Solvency II reforms have the potential to unlock investment in the UK: PwC
25th July 2023
The Government's proposed Solvency II reforms have the potential to unlock investment by the insurance industry into the UK economy, according to analysts at PwC UK. PwC suggests that the refresh of the Solvency II rules will make certain assets "more attractive" to insurers. This includes infrastructure assets in their construction ... Read the full article
PRA consults on major elements of the new Solvency UK framework
29th June 2023
The Prudential Regulation Authority (PRA) is consulting on a major set of reforms to Solvency II with the aim of creating a new UK regulatory regime for insurance firms, known as Solvency UK, which is better adapted to the UK insurance market. The proposals include further streamlining of reporting requirements for ... Read the full article
UK Gov releases draft regulations for Solvency II reform to obtain feedback
23rd June 2023
Draft regulations to reform Solvency II, the prudential regulatory framework for insurers and reinsurers, have been made available by the UK Government for the purpose of early engagement. The Financial Services and Markets Bill was first introduced to Parliament in July 2022 and creates new powers for the Treasury by regulations ... Read the full article
Accounting standards ‘unlikely’ to impact insurers’ strategic asset allocation: JP Morgan
17th April 2023
Accounting standards, IFRS9 or IFRS17, unlikely to impact insurers’ strategic asset allocation "too significantly," says JP Morgan in a new note. In its latest Love Actuary report, JP Morgan analysts examine IFRS9, a new accounting standard for assets that insurers are applying in parallel with IFRS17. It looks at how IFRS9 ... Read the full article
Solvency UK reforms to ensure competition & growth: PRA CEO Woods
21st February 2023
Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, has assured that proposed reforms to Solvency II insurance regulations in the UK will ensure “competitiveness and growth” for re/insurers in the country. Speaking at a recent event for the Association of British Insurers, Woods ... Read the full article
European re/insurer solvency ratios continue post-pandemic recovery: JP Morgan
26th January 2023
Analysts at JP Morgan have reported that European re/insurer solvency ratios have remained resilient in the face of macro uncertainties over the last 2 years, highlighting a steady improvement over the period. The analysts write, "We believe that European insurers have weathered the macro challenges since the start of 2020 well, ... Read the full article
Insurance Europe backs integration of sustainability risks in Solvency II
22nd December 2022
Insurance Europe has published a report supporting the integration of further sustainability risks in Solvency II. Insurance Europe notes that although requirements for insurers to integrate sustainability risks into their investment, underwriting and reserving are already a part of Solvency II, the industry acknowledges the benefit of adding some further clarifications. It ... Read the full article
UK Gov promises “substantial progress” on Solvency II next year
9th December 2022
The UK Government has committed to making "substantial legislative progress" over the course of 2023 on repealing and replacing EU-era Solvency II, in an effort to unlock over £100 billion of private investment for productive assets such as UK infrastructure. Speaking at an industry roundtable in Edinburgh this week, Chancellor of ... Read the full article
Changes to the market following Solvency II reforms will be a gradual process: Aon
28th November 2022
Following the UK Government's response to consultations over changes to Solvency II, re/insurance broker Aon has released a report highlighting the potential impact on the market, noting it will be a gradual process rather than an observable one as insurers change behaviours and optimise strategies. According to Aon, the primary legislative ... Read the full article
UK Solvency II reform raises potential of investment portfolio restructuring: AM Best
24th November 2022
According to AM Best analysts, plans to reform the Solvency II framework for UK insurers will allow the country’s life insurers to invest in a wider array of assets, and likely lead to a higher proportion of UK-based assets underpinning the UK annuity portfolio. On 17 November 2022, the UK Treasury ... Read the full article
Reform of Solvency II to support UK insurers’ business positions: S&P
21st November 2022
S&P Global Ratings suggest that the government's announcement of its proposed change to Solvency II is likely to be neutral for the creditworthiness of rated insurers in the UK as it expects them to broadly maintain their capital positions. This report comes following the UK Government receiving widespread approval from ... Read the full article
PRT business continues to perform in a growing global market: L&G
21st November 2022
In its latest market update, Legal & General Group (L&G) has reported that its global Pension Risk Transfer (PRT) business continues to perform strongly, as the firm secured new business wins in each the UK, US and Canada in the last few weeks. Year-to-date, Legal & General Retirement Institutional (LGRI) states ... Read the full article
Industry supports UK Gov’s updated position on Solvency II
17th November 2022
The UK Government has received widespread approval from the insurance and reinsurance industry today after Chancellor Jeremy Hunt promised that scrapping of certain EU rules in Solvency II reforms will “unlock tens of billions of pounds of investment across a range of sectors.” The government’s long-awaited Autumn statement, following a tumultuous ... Read the full article
SCR ratio reduction unlikely to have significant impact: GlobalData
9th November 2022
Solvency capital requirements for UK insurers may be relaxed in the near future following the September 2022 mini budget, but according to GlobalData, findings have shown that leading UK insurers are not coming close to the existing limits. GlobalData stated that as part of the mini-budget, the current Solvency Capital Requirement ... Read the full article
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