- World Economic Forum(WEF) Global Risks Report 2019 highlights worsening international relations hindering action across a growing array of serious challenges
- Comments on Brexit vote impasse
- Allianz Risk Barometer highlights cyber and concerns around Brexit as as top risks in UK
- Willis Re's Summary of Natural Catastrophe Events 2018 report estimates insured losses from major natural catastrophes at around $71.5bn
- BIBA highlights opportunities for business in 2019 Manifesto
- UK Comprehensive car insurance prices fell by 6% in 2018 says Confused.com/ Willis Towers Watson analysis
- Insurance Europe concerned that the European Commission’s proposal for an ePrivacy Regulation could hamper insurers’ ability to offer innovative insurance policies to consumers expired
- ArgoGlobal collaborating with broker Axieme and digital platform Jobby in Italy to respond to a need for on-demand, pay-as-you-go insurance for temporary and short-term workers expired
- LV= General Insurance successfully deploys Guidewire Core and Data solutions in the largest transformation the business has ever undertaken expired
- Marsh announces that it had placed more than 10,000 risks in 2018 through Placing Platform Limited(PPL)-over 15,000 in total expired
- ZhongAn and Grab to establish joint venture company to enter the digital insurance distribution business in Southeast Asia expired
- Greenlight Capital Re becomes largest shareholder in Chicogo-based MGU AccuRisk 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)