The UK has the largest insurance industry in Europe, providing a wide range of vital services to the real economy and wider society. For example, some of the oldest and most vulnerable have invested their life savings into long-term annuity contracts. By pooling and transferring many kinds of risk, from cyber to marine, general insurers provide essential cover for economic activity. And with £1.9 trillion invested in assets including infrastructure, insurers play an important role in promoting growth and employment.
Following the financial crisis, the PRA was established in 2013 with an objective specific to insurance – to contribute to the protection of policyholders – alongside its general objective to promote the safety and soundness of all PRA-regulated firms. In the meantime it has implemented Solvency II, a wide-ranging EU directive which is currently being examined by the Treasury Committee.
The speech will explore the PRA’s approach to supervising insurance companies and coincide with the publication of a report from the Bank’s Independent Evaluation Office on the PRA’s approach to its insurance objective, focusing on how it is interpreted, implemented and communicated.
The event is open to all. We welcome policyholders, insurers, regulators, industry bodies, companies, students and academics to the discussion.
Register your interest in attending the event by 5pm on Wednesday 15 March. Please note that limited spaces are available and an email confirmation of your place will follow.
We look forward to your participation.
London Business School