UK insurance association slams ESRB report

'Very poorly timed' paper misses the point on pro-cyclicality, says ABI’s head of regulation

Hugh Savill, director of regulation, Association of British Insurers

The Association of British Insurers’ regulatory chief has reacted angrily to a report from the European Systemic Risk Board (ESRB) criticising elements of Solvency II and calling for insurance regulators to focus more on insurers’ liquidity and pro-cyclical investment habits.

With the ESRB’s report published in December just two weeks before Solvency II came into force on January 1 2016, some have questioned its timing as well as its analysis.

“It’s absolutely infuriating that as an industry w

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