On 10 October 2014 the European Commission adopted a Delegated Act containing implementing rules for Solvency II. The European Parliament and Council now have until April 2015 to approve them.
In early 2014, the Central Bank of Ireland published new reserving requirements for non-life insurers and non-life reinsurers and life reinsurers. Our latest blog looks at the three documents relating to non-life (re)insurers' new reserving requirements.
It was the news that the UK motor insurance industry had long awaited; the achievement of its first underwriting profit in 20 years. In 2013, a combined operating ratio of 98.5% was recorded, after two decades of disappointment.
On 25 July 2014 the PRA released an update on Solvency II implementation. Firms have been making significant progress towards the implementation date of 1 January 2016, but there are still areas of regulatory uncertainty.
The risks faced by society today may require greater attention due to the interconnectedness of the world that we live in. Unlikely incidents, such as 1-in-200 year events are no longer that remote or unimaginable.
In the aftermath of the initial shock, confusion over what happened and who is responsible has extended to the insurance industry with experts disagreeing on which policy will pay out and who may be liable.
This blog summarises the considerations and expectations for relevant parties for different stages of the Skilled Persions Reviews process.
The governor of the Bank of England has highlighted the risks insurance companies could be exposing themselves to in the current macroeconomic environment.
In this blog, we present the activity of SPRs over 2013/14 and comment on what can be seen when looking into the crystal ball.