- Lloyd's Brussels office officially opens for business ready for Brexit
- World Economic Forum's Regional Risks for Doing Business report indicates significant differences in risk perceptions across the eight regions covered-cyber attacks heads most developed regions
- IAIS concludes 25th annual Conference-“We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges" says Secretary General.
- Pool Re publishes its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018
- Marsh-JLT Specialty formed
- Allen to chair LMA Finance Committee
- Oman joins IAIS Multilateral Memorandum of Understanding (MMoU) expired
- InsurTech Iotatech raises £1m in second round of funding expired
- Startupbootcamp InsurTech appoints Manjit Rana as managing director for Corporate Innovation in Insurance expired
- RSA to restructure its specialty and wholesale business on a more focussed basis expired
- Sedgwick acquires Irish loss adjuster expired
- AXIS Capital estimates Hurricane MIchael losses at $100-120m expired
7th November 2018
Insurance Europe says significant improvements are still required for the Insurance Capital Standard (ICS) version 2.0 to properly reflect insurers’ business models
Insurance Europe has published its response to an International Association of Insurance Supervisors(IAIS) consultation on the development of the Insurance Capital Standard(ICS) 2.0.
Significant improvements are still required for the ICS version 2.0 to properly reflect insurers’ business models, and for it to correctly identify and measure the risks that insurers face.
While Insurance Europe welcomed several improvements made to the ICS since the beginning of its development four years ago, it said further significant refinements are needed.
Given that the IAIS wishes to have the framework ready to begin the next stage—which is confidential reporting by insurers—by the end of 2019, those improvements are required even more urgently to ensure the results of the confidential reporting are meaningful.
In fact, the more progress that can be made now, the more likely it is that the adoption of an implementable version of the ICS will be achievable. Continuous dialogue and exchanges with the industry in the coming months will be key to allow these improvements to be discussed thoroughly, so that decisions are well-informed and flaws are minimised.
Insurance Europe Trends(158 articles)
IAIS Trends(135 articles)