Analysis
Turning the GDPR threat into an opportunity
Insurers have one year to prepare for the EU's General Data Protection Regulation and implementation will not be straightforward. But there is much to be gained from taking a customer-centric approach, as REaD Group's Andrew Bridges explains
IAIS's Kawai: "a financial crisis is triggered and spread because of entities"
The International Association of Insurance Supervisors is developing a cross-sectoral, activities-based approach to systemic risk identification. Although some insurers are hoping this will eventually replace entities-based designation, Yoshihiro Kawai stresses that this will not be the case. He spoke to Callum Tanner at the NAIC conference in Washington, DC on 15 May
IFRS 17 compliance: a task comparable with Solvency II?
IFRS 17 has been described as a "landmark shift" in insurer accounting and some are saying that implementation could require more work than was needed for Solvency II. InsuranceERM gets the lowdown from the industry on what it means for the sector
How are P&C actuarial functions coping with Solvency II?
With more than a year's experience of Solvency II, actuaries in property and casualty firms are implementing some of the requirements well – and others not so well – as Sanjiv Chandaria explains to Christopher Cundy
Insights into an evolving ERM process
Janice Englesbe explains how Gen Re has changed its approach to enterprise risk management following the completion of its first ORSA in 2015
A death knell for the Sifi designation?
The US inquiry into the designation of non-bank systemically important financial institutions looks likely to see insurers AIG and Prudential Financial shed the label, while ensuring the court appeal against MetLife becomes obsolete. What will replace Obama's post-crisis regulation and will it affect the international process? Callum Tanner reports
Solvency II equivalence on the Isle of Man - a bear necessity?
Allan Christian explains how updates to the Isle of Man's insurance regulatory regime have become intertwined with efforts to gain Solvency II equivalency
Sourcing data for cyber risk management
Insurers crave data to better write cyber risk policies and understand their risk accumulation, but getting hold of it is a tough assignment. Cintia Cheong reports
European insurers hold out hope on UK market access
With article 50 triggered, insurers in the UK and EEA wait with bated breath for news on what will replace passporting. Although the EU looks set to take a tough line on access to the single market for the UK, pressure is mounting on the UK government to avoid retaliation. Callum Tanner reports
The ongoing ordeal of Ogden
The change to UK's damages discount rate came as a huge surprise to many insurers. But this is far from being a one-off shock. Christopher Cundy reports
European insurers prepare for UFR change pain
Cutting the ultimate forward rate to about 3.65% over the next five years will drag down European insurers' solvency ratios as the pain of low rates feeds into long-term discounting. The big question now is whether MEPs, the Commission and German industry will work together to block Eiopa's methodology. Callum Tanner reports
View from the Top: The CRO and risk team of the future
The skills of an effective risk function have evolved over the past decades due to regulatory change and financial innovation. Looking forward, the role of risk once again sits on the brink of uncertain development driven not only by regulatory change but also the threat of digital disruption, as Tom Wilson explains
Telling the solvency story
The Solvency II solvency and financial condition report (SFCR) is causing consternation among insurers. How do participants balance the requirements of disclosure with confidentiality, or interpret this most loose fitting of regulatory diktats? With the first set of reports already published, the answer seems to be, not very happily. Sarfraz Thind reports
Turning liability into opportunity
There is growing evidence that exposure to phthalates has serious health impacts. Excluding phthalates from insurance contracts might be the natural response, but modelling the exposure could allow firms to see the risk as a business opportunity rather than a threat, as Praedicat chief executive Robert Reville tells Callum Tanner
Yes, no, maybe: the PRA responds to industry's Solvency II reform agenda
The UK regulator has made a point-by-point reply to the Association of British Insurers' agenda for Solvency II reforms and confirmed its priority to review the reporting requirements. Christopher Cundy reports
Insurers split on recovery and resolution planning
As the IAIS looks to develop a market-wide approach to systemic risk, Eiopa is developing rules that will require recovery and resolution plans from all insurers regardless of their size. This broader approach to systemic risk has split industry opinion and pitted large firms against small. Callum Tanner reports
Deferred tax continues to complicate SII ratios
Changing requirements from regulators over the loss absorbing-capacity of deferred tax means insurers' Solvency II capital will remain at the mercy of this complex, opaque and inconsistent factor
Insurers still struggling with cyber risk management
Last year's attack on DNS provider Dyn and a warning from the UK regulator on the aggregation of cyber risks have had a big influence on the way insurers are thinking about cyber risk modelling and management. Callum Tanner reports from the Advisen cyber risk conference in London
The surprising inconsistency of risk appetite and risk tolerance statements
Dave Ingram explains how Willis Re's study of insurers' risk appetite and risk tolerance statements revealed wide differences in the concepts they express
PRA fights back with Solvency II defence
Aviva and L&G chief executives have exaggerated the problems with Solvency II, according to PRA chief Sam Woods. Given more freedom outside the EU, the UK regulator is unlikely to make sweeping changes. Callum Tanner reports