General Insurance Article - EU solvency rules must not deter long term growth


 ABI says new EU solvency rules must not deter long term growth and investment in the economy

 In a speech today to the Economist Insurance Summit, Otto Thoresen, Director General, ABI, called for EU policy makers to ensure draft EU Solvency II rules do not prohibit insurers from driving growth in the UK and make long term investments which generate growth in the economy.
 Otto Thoresen said:
 “The draft rules pose a challenge to the UK pension annuity market and to insurers’ ability to make long term investments and generate growth in the economy.
 “There is still an urgent need to clarify and expand the wording on the Matching Premium. Achieving this would enable insurers to play a major role in infrastructure investing as outlined in the Chancellor’s autumn statement last year.”
 He said the insurance industry was an important contributor to the UK economy with a key part to play in a return to growth, and that it was therefore vital that insurers, whether from the UK or other European countries, were able to do business across the globe on a broadly level playing field.
 
 He explained that, if the EU insurance sector were to remain a global market leader, third country equivalence would need to be higher up the political agenda, and it would be imperative that EU companies were not placed at a competitive disadvantage against local players in international markets.
  

Back to Index


Similar News to this Story

Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti
7 California wildfire lessons learnt for European insurers
The devastating January 2025 wildfires in Los Angeles, which destroyed over 16 000 structures and caused insured losses of approximately USD 40 billio
Do not be left high and dry this summer
Aviva is urging caution as data reveals a correlation between warm weather and fire claims. Number of garden fire claims is already significantly high

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.