Bank of England fires warning at insurers
Thursday, 09 22 2016, Category: Insurance and Reinsurance, Country: United Kingdom
In a speech at the General Insurance Research Organisation conference in Dublin, David Rule, Bank of England executive director of insurance supervision since July, said that the Prudential Regulation Authority (PRA) is concerned that general insurance firms may not be adequately managing their exposures.
Rule said that the key challenge for insurers is how to preserve or even grow their activities while avoiding under-pricing in order to get the business. He questioned if insurers are adequately managing their exposures, if they can identify and quantify the risks being covered, manage and control overall exposures, and estimate likely claims costs under different loss scenarios.
Source: Intelligent Insurer