Hugh Savill, ABI
Long-standing director of regulation at the Association of British Insurers, Hugh Savill helped to shape the approach of UK regulators to the implementation of Solvency II, in particular the technicalities of the matching adjustment, on behalf of the industry. In parallel, the British lobbyist chairs the capital task force of the Global Federation of Insurance Associations. In this role, he is responsible for finding common ground between insurers from across the world on the insurance capital standard in the making.
What do you enjoy most about your role?
Every now and then, we manage to persuade the Bank of England or Eiopa that the industry might have a case. This invariably requires a huge amount of detailed technical work in advance. These moments of breakthrough make all the hard work seem worthwhile.
Who do you most admire in the field of regulation?
Carlos Montalvo, CEO of Eiopa. He is always on top of his brief, communicates clearly, and also takes the time to fill you in on the latest exploits of Atletico Madrid. Sadly he is leaving Eiopa – but that does mean I can endorse him without ruining his career.
What are the major challenges ahead?
The ink is not dry on Solvency II, but already the IAIS in Basel is busy developing a hugely ambitious project for an international capital standard. Given the differences of approach between even major jurisdictions such as the EU, US and Japan, it is difficult to see how this can be achieved without major regulatory disruption.
What have you learnt about communicating insurance risk?
Insurance risk is uncertain and complex; the variable time factor makes it even more complicated. So the risk is summarised in equations, matrices and copulas. This works for some. My key learning is that a lobbyist has to bring the dry numbers to life, and highlight the policy consequences for decision-makers who usually are not insurance specialists.
What are your other interests?
I keep bees. This is very suitable for someone who works in insurance as, like insurers, bees are a hard-working species that do a lot of good for society.