New EU rules ‘will force up premiums’

Article reports the fears of the Association of British Insurers (ABI) concerning the implementation of the Solvency II Directive. Stephen Haddrill, ABI director-general, said the initial impact of the proposals would be to increase capital and reserves requirements of British insurers alone by £30bn (€34bn) to £70bn and added that similar effects would be seen across Europe.

ESO: Background information: Insurers sense pain may come from Solvency II http://www.europeansources.info/record/insurers-sense-pain-may-come-from-solvency-ii/

ESO: Background information: Solvency http://www.europeansources.info/record/risk-management-and-supervision-of-insurance-companies-solvency-2/

Association of British Insurers: Homepage http://www.abi.org.uk/

Committee of European Insurance and Occupational Pensions Supervisors: Homepage http://www.ceiops.org/

CEIOPS: Press Release, 2.7.09: CEIOPS releases its second set of Consultation Papers on Solvency II Level 2 Implementing Measures http://www.ceiops.eu/media/files/pressreleases/CEIOPS-press-release-SII-Level-II-consultation-papers-37-62-SII-L2-Advice.pdf

---