Bank of England warns of soft reinsurance market
Wednesday, 04 06 2016, 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 of a disconnect between the supervisory discussions had with insurance and reinsurance firms and observed market behaviour.
Speaking to a gathering of directors from the insurance and reinsurance market, Moulder said that the soft insurance and reinsurance conditions seen in the London market are; “Absent of any significant market changing event, likely to continue in much the same vein in 2016.”
He warned that premium rates are continuing to decline across the general insurance and reinsurance market, adding that “at the same time, extended terms and conditions are being accepted.”