Solvency II News

Europe’s Insurers May Face New Capital Rules for Climate Risk

Europe’s insurance watchdog has called for a recalibration of capital requirements to reflect rising climate-driven disasters across the continent. The European Insurance and Occupational Pensions Authority is recommending the industry update the way it accounts for natural catastrophe risks in …

Large UK Insurers to Report Daily Cash Positions During Crises Under New Proposals

Large British life insurers would need to report their liquidity positions daily during market crises under new rules proposed on Wednesday by the Prudential Regulation Authority, after it identified information gaps during recent market turmoil. The global COVID-19 pandemic in …

UCLA and NOAA: Climate Change Baked Western US Despite the Rainfall

Even with all the storms the Western U.S. received in the last two years, climate change is baking the region. That’s because higher temperatures are increasing evaporation enough to cause drought, according to a study by UCLA scientists and National …

Fresh Appetite for Risk Can Help Arrest Britain’s Downward Spiral, Think Tank Says

Britain’s decade-long economic downward spiral could be reversed with a fresh appetite for risk that might help boost annual investment by a required 100 billion pounds ($131 billion) over the next decade, a leading think tank said on Friday. In …

UK Insurers Call for Rule Change to Establish Captive Insurance Regime

Senior figures in the insurance industry are calling on the UK to restart work on a potential new market worth billions of pounds as part of a drive to boost competitiveness. Executives have written to Chancellor Rachel Reeves calling for …

EU Should Revisit Bank and Insurer Capital Rules: French President Macron

French President Emmanuel Macron called on Thursday for a revision of how Europe applies minimum capital rules to banks and insurers so that they are not too risk-averse and Europe is put at an economic disadvantage. The Basel Committee of …

What Would UK Labour Party’s Finance Sector Plan Mean for City of London?

Britain’s opposition Labour Party, tipped in the polls to win an election expected this year, set out its blueprint on Tuesday to “unashamedly champion” a financial sector worried about its global competitiveness following Brexit as top rival New York lures …

Allianz Seeks to Buy Back Europe’s Biggest Old-School Bond

Insurance giant Allianz SE is looking to replace the biggest bond remaining under Europe’s old regulatory regime as it taps the market for new issues early on this year. The Munich-based insurer priced a new €1 billion junior note on …

Bank of England to Deepen System-Wide Stress Test for Banks, Insurers

The Bank of England said on Friday it would start the second leg to its first system-wide stress test of how banks, insurers, pension schemes and clearing houses collectively cope with shocks involving interest rates and risky asset prices over …

Insurers Are Still Backing Oil and Gas Industry Despite Rising Climate Threat: Report

Insurers are continuing to provide cover for increased oil and gas production even as they face large losses fueled by climate change, according to a new report. About 80% of the insurance market and 53% of the reinsurance market don’t …