UK Insurance: PRA (26 September 2016)

OAC Digest
Non-Life, PRA / Bank of England

26 September 2016

Selected recent news from the UK's prudential regulator:

[General Insurance] On 21 September, the PRA's Executive Director of Insurance Supervision spoke of "the greater tension between on the one hand underwriting discipline and appropriate reserving and on the other hand business growth and current-year profits" in the current soft general insurance (GI) market. [Very broadly, a soft market is a buyers' market.] David Rule repeated the PRA's expectations that Boards should present challenges in respect of underwriting, reserving, reinsurance and capital.  He expressed concerns about insurers' optimistic risk views and the level of reserve releases including those for long tail lines.

[General Insurance] As also noted in David Rule's speech, the PRA published CP32/16 on the same day, setting out their expectations of GI firms in planning for extreme insurance loss events.

David Gray

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David Gray
Consultant Actuary

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