- Newslink Global Insurance Trends-The Week
- Allianz to acquire automobile and other p&c operations from SulAmérica in Brazil
- FCA says Claims Management Companies must raise advertising standards
- GlobalData research highlights travel insurance purchase through a bank account is well established and is likely to grow
- GlobalData survey indicates high use of telematics by younger drivers but they still pay more than double the average premium
- MS Amlin commences trading risks on Whitespace
- ISMIE Mutual, a US specialized provider of medical professional liability insurance, selects Duck Creek Suite to replace core systems expired
- Sapiens ClaimsGo workers' comp solution selected by SI Medical expired
- Shift Technology joins Guidewire PartnerConnect as a Solution partner expired
- Geneva Association Ernst Meyer Prize granted to two participants expired
- HDI Global announces Betz appointment to Management Board to continue generation change policy expired
- China Life reports half year financials-improved return all round 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)