General Insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the non-life market.

What might prudential regulation look like under Brexit?

By Barney Wanstall, Director, Insurance, PwC
Equivalence status will be helpful for UK based groups and UK reinsurers – European insurers will be able to rely on UK group supervision, they will also be able to purchase reinsurance from lower or unrated UK reinsurers and incur the same counterparty default risk capital charges as from equivalent EU reinsurers.
 
However, we should remember that equivalence only goes so far – it is a separate issue from passporting – the ability to trade freely around the EU from the UK. Passporting is a political issue – the central EU position is not to grant this without the free movement of people. So, whilst there are a number of scenarios when it comes to trading rights, UK insurers currently look unlikely to retain this right however good the regulatory regime is.
 
Experience to date has shown that the PRA has been both championing and to a certain extent hamstrung by Solvency 2 – the directive being both more prescriptive for firms but also more restrictive on the regulatory toolkit. So what might happen now that they have more freedom?
 
Firstly, we should remember that equivalence does not equate to compliance – the PRA...Read More

The clock is ticking: Time to move on Data Protection

By Ruaraidh Thomas, Managing Director at DST
 
This gives insurers almost two years to review and adapt their systems and processes. However, in considering this, businesses should think about not just the time they have, but the distance left to travel. For many this is considerable.
 
A survey by data governance specialist DataIQ for DST published in May supports this. It suggests many businesses poorly understand customers&rsqu...Read More

Cloudy with a chance of Robots

By Nick Corrie, Solvexia
 
Examples include Netflix v Blockbuster, Amazon v traditional bookstores, Uber v Taxis, AirBnB v Hotels. Is insurance immune from this wave of innovation? That would be wishful thinking.
 
To understand why let’s investigate the enablers of these disruptive forces: connectivity and cloud computing.
 
In 2015 there were 3.2 billion people worldwide connected to the internet, compared to less than 500 million in 2007. This is just a count of the internet of people but if you count the internet of things, Ga...Read More

"Generation Lost" speaks - Global Risks Report 2014

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