The UK media was generally optimistic after the agreement with the EU over a Brexit transition timescale. The Association of British Insurers (ABI) said they were pleased to see the Bank of England take a pragmatic approach to regulation during the implementation period regarding passporting rights in the UK.
This week, Lloyd’s announced an aggregated market loss of £2bn for 2017-the first loss for six years.
This week, Prudential headlined with its intention to demerge the UK & Europe business (M&G Prudential) from Prudential plc (Asia and US), and to sell a £12bn annuity portfolio to Rothesay Life.
This week, Fitch Ratings said that the Financial Conduct Authority’s (FCA) review of the London Market could result in lower pricing and it becoming more competitive with smaller hubs across the world.
This week, the Financial Conduct Authority (FCA) launched a market study to assess how competition is working in the wholesale insurance broker sector, and also released ‘FCA Mission–Our Future Approach to Consumers’.
This week, the International Association of Insurance Supervisors (IAIS) held its annual conference in Kuala Lumpur. It announced a unified path to convergence of group capital standards in furtherance of its ultimate goal of a single Insurance Capital Standard, and also agreed a five-year agreement to enhance the actuarial skills of supervisory authorities.
The investment landscape for 2018 is already looking intriguingly different to almost any year since the great financial crisis (GFC) nailed interest rates to the floor and introduced us to quantitative easing. Indeed, it could come to be seen as the real start of a post-GFC era.
This week, the Prudential Regulatory Authority (PRA) published the first in a short series of consultation papers on reform to the implementation of Solvency II, starting with the Matching Adjustment.
Two surveys by Wiraya revealed that the relationships between brands and consumers in the UK insurance market have deteriorated to the point of estrangement, with providers assuming claims are twice as inflated as customers actually admit.
This week, it was announced that the insurance industry is joining forces with technology companies and governments in a World Economic Forum-led initiative to avoid catastrophic levels of uninsured risk in the innovation economy.
Douglas Shillito It was a significant week for InsurTech. Aviva is to acquire a majority stake in low cost “robo” investment service Wealthify, and Slice Labs announced a further $11.6m investment for its US on-demand insurance platform – investors include Munich Re, Sompo, and XL Group – the latter is also working with UK-based start-up […]
This week, Lloyd’s posted reduced pre-tax profits for the first half (£1.22bn compared with £1.46bn) which does not include estimates for Hurricanes Harvey and Irma (present Lloyd’s loss estimate of £3.4bn).