Tracy Blackwell, CEO, Pension Insurance Corporation plc: “We welcome the Chancellor’s announcement on Solvency II, which gives us the stability to support the Government’s objective of investing in productive assets whilst ensuring that policyholder pensions are secured to the highest standards. We now have the certainty we need to bring more pension risk off corporate balance sheets and invest in assets that generate economic growth and benefit communities across the country.”
Trevor Jones, Head of Insurance at KPMG UK, comments: The Government’s reforms on Solvency II are a strong step in the right direction for the insurance sector. The changes strike a sensible balance to enable additional investment and improve internal competitiveness, while ensuring the regulator has sufficient powers to scrutinise decision-making and the protection of policyholders.
“KPMG analysis has suggested that UK insurers could unlock up to £35 billion of surplus capital from the reform of the Solvency II Risk Margin, and we are pleased to see major changes to this element of the rules today.
“Improvements to the Solvency II Matching Adjustment can help deliver greater investment for the future, as long as they go hand-in-hand with the right processes and oversight.”
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