Bank of England warns on soft market discipline
Saturday, 12 05 2015, Category: Insurance and Reinsurance, Country: United Kingdom
The Bank of England’s Chris Moulder, director of general insurance at the Prudential Regulation Authority (PRA), has warned the market to maintain its discipline in the face of continued soft reinsurance market conditions.
Speaking to the Westminster Business Forum in London, UK yesterday, Moulder explained some of the difficulties being faced by insurance and reinsurance companies, as competition continues to ramp up, while prices or rates soften.
His speech covered, among other topics, some of the “risks and consequences of soft markets for insurers and reinsurers and areas of supervisory interest for the PRA.”