- Briggs steps down at Aviva-other senior management changes
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- Willis Reinsurance Index down 10% to $335.7bn at 2018 year-end
- Hiscox Cyber Readiness Report 2019 indicates sharp increase in the number and cost of cyber attacks is the key finding in a study of more than 5,400 organisations across seven countries
- Consumer Intelligence survey highlights UK customers overwhelmed by insurance information
- FCA publishes Feedback Statement summarising the responses received to its Discussion Paper - ‘A duty of care and potential alternative approaches’
- Majesco reports its annual customer conference crushed attendance records-announces partnership with DataRobot expired
- Majesco announces wide range of ready-to-use partner apps available in the Majesco Digital1st EcoExchange marketplace expired
- S&P Global Ratings and Guidewire Software announce increased collaboration to inform cyber security factors expired
- AmeriTrust chooses Xponent Underwriting Workstation from Intellect SEEC for underwriting transformation expired
- Travelers reports strong first quarter expired
- Trust Re holds AGM and welcomes new ceo 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)