Reinsurance News
Solvency II
European bodies urge revision of “unnecessary” Solvency II costs
16th June 2021
Insurance Europe and Invest Europe have published a joint position paper that calls on the European Commission to make improvements to Solvency II to remove unnecessary barriers that they say undermine insurers’ ability to invest in long-term equities. While the bodies agreed that Solvency II in general works well, they posed ... Read the full article
LMG publishes 5-point plan to seize new global trade opportunities
8th June 2021
The London Market Group (LMG) has published a 5-point plan involving regulatory and legislative changes aimed at fostering London's growth and taking full advantage of new opportunities. The first involves a more proportionate approach to regulation in recognising both the nature of the large complex risks and the sophisticated corporate buyers ... Read the full article
Regulatory divergence could weaken UK’s case for Solvency II equivalence: Sidley
7th April 2021
Post-Brexit, it's vital for the UK to obtain reinsurance equivalence under the Solvency II regime to avoid losing significant business in the European Union (EU), reports law firm Sidley Austin LLP. Essentially, reinsurance equivalence establishes a level playing field for carriers; ensuring that the EU is unable to impose further requirements ... 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
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
WTW proposes Solvency II reforms amid HM Treasury call for evidence
19th February 2021
In support of HM Treasury's review of the Solvency II regime following the expiration of the Brexit transition period, re/insurance broker Willis Towers Watson (WTW) has recommended a number of key changes to ensure relevance for the UK insurance sector. HM Treasury is considering areas of Solvency II that could better ... Read the full article
Solvency II proposals will create “winners and losers,” says AM Best
15th February 2021
Analysts at AM Best believe that new Solvency II proposals put forward by the European Insurance and Occupational Pensions Authority (EIOPA) will give rise to both “winners and losers” in the European re/insurance market. The proposals are EIOPA’s response to the European Commission’s request for advice arising from its mandatory review ... 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
Solvency II review could create challenges for UK re/insurers: S&P
18th December 2020
Analysts at S&P Global Ratings have warned that the UK Treasury’s Review of Solvency II ahead of Brexit could result in some operational and expense challenges for re/insurers with operations spanning the UK and European Union (EU). The rating agency acknowledged that the review is unlikely to cause a significant impact ... Read the full article
UK Gov to reform Solvency II risk margins after Brexit
20th October 2020
As part of its review into Solvency II, the UK Government is planning to reform risk margin rules once the transition period with the EU has ended. Back in June, the government said it would review Solvency II ahead of the December 31st transition deadline to make sure all rules ... Read the full article
EIOPA outlines Solvency II rules for COVID-19 reinsurance schemes
21st July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined how Solvency II rules will recognise reinsurance schemes for COVID-19 and credit insurance. The European regulator has identified significant differences in that way that national schemes are implemented through its temporary framework for state aid measures to support the economy in ... Read the full article
UK Gov to review Solvency II ahead of Brexit transition deadline
25th June 2020
The United Kingdom’s HM Treasury has announced that it plans to review Solvency II rules for insurers and reinsurers ahead of the Brexit transition end on 31 December 2020. The government said that the review would ensure that Solvency II is “properly tailored” to take account of the structural features of ... Read the full article
German P&C carrier solvency rates dented by Covid-19
16th June 2020
After falling by five percentage points last year, the average solvency capital requirement (SCR) coverage in the German property and casualty (P&C) insurance market is set to decrease further this year due to the COVID-19 pandemic. This is according to analysts at actuarial consultancy Meyerthole Siems Kohlruss (MSK), which found that ... Read the full article
EIOPA revises timetable for advice on Solvency II Review
1st May 2020
The European Insurance and Occupational Pensions Authority (EIOPA), in close coordination with the European Commission, has revised its timetable for advice on the 2020 Solvency II Review to December 2020. The review had already been pushed back by two months from March in an effort to offer operational relief in reaction ... Read the full article
EIOPA info request points to Solvency II changes: AM Best
25th March 2020
A recent information request issued by the European Insurance and Occupational Pensions Authority (EIOPA) suggests a set of potential changes that could be made to enhance Solvency II standards for insurers, according to AM Best. EIOPA began the latest phase of its Solvency II review on March 4th with a request ... Read the full article
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