Insurance Risk/News
Solvency II not a concern for corporate debt markets
ING Investment Management relaxed about Solvency II reducing appetite for corporate bonds
Geneva Association: "stabilising" insurers should be better repesented in systemic risk supervision
Insurance think tank bemoans underrepresentation of the "firefighting" insurance sector in Financial Stability Board and confusion over its role in the financial crisis
LLMA attempts to stimulate longevity market with pricing framework
Industry body seeks to create benchmark price level to expand market participation
People
People
EC to grant temporary equivalence to risk-based regimes but US picture is unclear
EC to grant temporary equivalence to risk-based regimes but US picture is unclear
Inverted swap spreads see ATP outshoot liabilities by Dkr16.5 billion
Inverted swap spreads see ATP outshoot liabilities by Dkr16.5 billion
Canadian defined benefit pension schemes’ solvency deteriorates
Canadian pension plans slip back from fully funded status
Funding needs drive banks to “borrow” liquidity from insurers and pension funds
Insurers and pension funds offer banks a lower-cost solution to their funding issues
Botched legal work in BT privatisation responsible for potential £23 billion pension liability for UK taxpayers
Flawed legal agreement behind landmark UK privatisation leaves UK taxpayers counting the cost
Current models limited says Joint Forum report
A report by the Joint Forum – a group looking at issues common to the banking, insurance and securities exchange sectors - says risk aggregation models used by all three industries contain significant weaknesses
FSA defends "risk sensitive" Solvency II data weightings
FSA says weighting of data in SCR calculation should be driven by economic environment - and is not pro-cyclical
If everyone says we got QIS 5 wrong, then we must have got it right: van Hulle
European Commission rejects industry criticism over the calibration of QIS 5
Focus on liquidity premium for annuity providers neglects policyholder interests
Ceiops governance committee chair says ABI’s focus on liquidity premium gives too much weight to industry opinion
Pension Protection Fund levy to incorporate investment risk
PPF consults over basing the majority of levy payments on the level of scheme’s risk
Solvency II standard formula not serving intended purpose - Swiss Re CRO
Raj Singh tells Life & Pension Risk's annual Solvency II conference in London that Europe should opt for a Swiss-style approach
US equivalence "impossible" in forseeable future - Allianz CRO
CRO says lack of market consistency will prevent regime being granted equivalent status under Solvency II - and this will lead to European companies being disadvantaged
Potential back-door route to Solvency II equivalence for US insurers
EC outlines potential route for US insurance regulatory regime being granted equivalent status to Solvency II
ATP hits out at resurgence of hybrids
Hybrid debt is in the firing line for offering equity risk but only bond yields
Solvency II to curb renascent with-profit sector
Higher capital charges for with profits products under Solvency II
UK’s TPR issues FSD on Lehman Brothers
The Pension Regulator takes a tough line with Lehman Brother creditors over UK pension fund deficit
Scor eyes UK pension funds’ longevity risk
Reinsurer Scor becomes the latest firm to enter the longevity arena
Capital levels for Sampension would have tripled under Solvency II without retreat from intentional guarantees
Longevity component of Solvency II drives Danish pension fund away from hard guarantees