November 25, 2014
 
 

 

EY Global Regulatory Series: Solvency II with ABI’s Otto Thoresen.

 

 

Bob Stein sat down with Otto Thoresen, Director General of the Association of British Insurers, for an in-depth discussion on Solvency II. 

 

Solvency II has been under development for many years and now may finally be moving toward adoption.   Initiated before the recent financial crisis, its original objective was to bring consistency to the way financial regulation works across all of Europe, and to create a system of standards that each country would use.    

 

According to Mr. Thoresen, because of the financial crisis, there is now pressure from the G-20 for a more standardized approach to monitoring the financial market.   Regulators appear to be uncomfortable with the lack of control they have over internal models and assumptions, which firms have control over.   Because of this, Mr. Thoresen says we are apt to see more intervention from regulators. 

 

He also notes that there is now a stronger focus on Risk Management by the financial services industry than in the past, all the way up to the boardroom.  Solvency II will be implemented at some point, but according to Mr. Thoresen, a bigger threat to the industry will be the new regulatory environment where everyone is financially constrained. The industry is going to have to ensure that it remains relevant.

 

For more on global insurance regulation, visit the EY website or the WRIN.tv the On Demand Library.

Otto Thorensen

 

 

 

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Monday Morning Headlines: November 10, 2014.

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Monday Morning Headlines: November 3, 2014.

Monday Morning Headlines: November 3, 2014.

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WRIN.tv Week in Review: October 27-31, 2014.

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Technology and analytics can help new players disrupt small-business insurance market, says Hamilton Insurance CEO.

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Comments(0) 29 Oct 2014

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FERMA 2014: What Risk Managers need to know about Climate Change, according to Danish meteorologist/climate expert.

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Comments(0) 28 Oct 2014

Legislative and regulatory uncertainty impacting the insurance industry and M&A activity, according to Deloitte’s Howard Mills.

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Monday Morning Headlines: October 27, 2014.

Monday Morning Headlines: October 27, 2014.

Monday Morning Headlines: Bermuda recovering from back-to-back storms; IAIS develops basic capital requirements for G-SIIs; Willis Group Holdings releases 2015 insurance market forecast; Insurers pressured to back House TRIA bill; ACE CEO Greenberg: Failure to renew TRIA 'shameful,' 'bad for business'; ACE limiting Ebola exposure on 'case-by-case' basis. And more.     Watch more

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WRIN.tv Week in Review: October 20-24, 2014.

WRIN.tv Week in Review: October 20-24, 2014.

Monday Morning Headlines; Eye on the Storm, SNL’s Annual Insurance M&A Symposiumin: Mike Goldman, COO at NFP,Ed Bonash, CEO of CNO Financial, Alessandro Santoni Director of Risk & Financial Services at Towers Watson, Matthew Hutton a partner at Deloitte, Mike Goldman, COO at NFP; A.M. Best First Monday   Watch more

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A.M. Best describes the Surplus Lines market as

A.M. Best describes the Surplus Lines market as "Very Stable.” See why.

Senior Financial Analyst, David Blades, from A. M. Best takes a close look at what is driving the positive results in surplus lines, and how they compare to the rest of the property-casualty market.     Watch more

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Eye on the Storm: AIR estimates Bermuda losses from Hurricane Gonzalo at $200-400 million.

Eye on the Storm: AIR estimates Bermuda losses from Hurricane Gonzalo at $200-400 million.

Bermuda passed through the eye of the storm on Friday, October 17, when Hurricane Gonzalo made landfall on the south-central coast of Bermuda as a category two storm.  In this edition of  “Eye on the Storm”, Scott Stransky, Manager and Senior Scientist at AIR Worldwide, reviews the Hurricane Gonzalo and its impact on Bermuda.    Watch more

Comments(0) 23 Oct 2014

M&As are riskier than organic growth, but can be an effective way to augment capabilities - CEO at CNO Financial Group.

M&As are riskier than organic growth, but can be an effective way to augment capabilities - CEO at CNO Financial Group.

For some companies, engaging in a merger or acquisition is an important part of a growth strategy. WRIN.tv spoke with Ed Bonach, CEO of the CNO Financial Group, about market and business conditions surrounding today’s M&A strategies.  Watch more

Comments(0) 22 Oct 2014

With economic prospects improving, regulation and excess capital will drive insurance M&As - Director at Towers Watson.

With economic prospects improving, regulation and excess capital will drive insurance M&As - Director at Towers Watson.

Towers Watson recently released a report looking at the drivers of M&A activity in the U.S. P&C market. WRIN.tv spoke with Alessandro Santoni, Director of the Risk & Financial Services at Towers Watson, about the report during the SNL Insurance M&A Symposium in New York.  Watch more

Comments(0) 21 Oct 2014

NFP COO sees shift to consumerism in life insurance and benefits supported by technology and transparency.

NFP COO sees shift to consumerism in life insurance and benefits supported by technology and transparency.

Mike Goldman, COO at NFP, joins WRIN.tv to discuss some of the challenges facing the life and benefits sector, from the economy, pricing, technology, transparency and more.   Watch more

Comments(0) 21 Oct 2014

Deloitte partner explains the four stages in an M&A life cycle.

Deloitte partner explains the four stages in an M&A life cycle.

WRIN.tv spoke with Matthew Hutton from Deloitte about the life cycle of mergers and acquisitions, and the importance of due diligence. He says there are four stages in the life cycle of an M&A: M&A strategy; Target Screening; Due Diligence and Transaction execution; and Integration.   Watch more

Comments(0) 20 Oct 2014

Monday Morning Headlines: October 20, 2014.

Monday Morning Headlines: October 20, 2014.

Monday Morning Headlines: Hurricane Gonzalo; RMS: Next big earthquake in San Francisco Bay Area could cause $200B in losses; Report: More than 10,000 California consumers could lose health coverage under ACA; Moody's reports stable outlook for US P&C personal Ins. Ind.; Accenture: Ins. claim satisfaction not enough to keep customers loyal; Reinsurers' use of multiyear deals should be limited, S&P says; and more.    Watch more

Comments(0) 19 Oct 2014

WRIN.tv Week in Review: October 13-17, 2014

WRIN.tv Week in Review: October 13-17, 2014

Monday Morning Headlines; Sandy Bigglestone VT Dir Captive Ins., Rod Nofzigerthe OOIDA, Joe Petrelli President of Demotech,Joe Sheerer Stonybrook Capital,  Dan Labrie the new Chairman of NRRA; Reinsurance Today with Frank Nutter and Tad Montross Gen Re; SNL M&A Symposium – Scott Littlejohn, BMO Capital  Watch more

Comments(0) 18 Oct 2014

Environment not conducive to M&A, though “underperformers” could be selling – Managing Director at BMO Capital Markets.

Environment not conducive to M&A, though “underperformers” could be selling – Managing Director at BMO Capital Markets.

WRIN.tv was onsite at the 5th Annual SNL Insurance M&A Symposium in New York, where senior executives from the industry came together with top deal-makers to look at expectations and prospects for mergers and acquisitions in the sector.   Watch more

Comments(0) 16 Oct 2014

RRGs not showing signs of soft market, according to Demotech President.

RRGs not showing signs of soft market, according to Demotech President.

Demotech has carved out a niche as a rating agency analyzing regional and specialty P&C companies, title insurers, and risk retention groups (RRGs).  Here, Demotech President Joe Petrelli discusses the Demontech approach to ratings and the firm’s most recent report on RRGs.  Watch more

Comments(0) 15 Oct 2014

RRGs respond best when traditional market falls short, according to new NRRA Chair.

RRGs respond best when traditional market falls short, according to new NRRA Chair.

With Sandy Elsass stepping down as Chairman of the National Risk Retention Association (NRRA), Dan Labrie stepped into the role at the Annual NRRA Conference in Chicago. He is also President and CEO of the HAI Group.    Watch more

Comments(0) 15 Oct 2014

New regulations could have devastating impact on the trucking and insurance industry, according to OOIDA COO.

New regulations could have devastating impact on the trucking and insurance industry, according to OOIDA COO.

Rod Nofziger, the COO of the Owner Operated Independent Drivers Association (OOIDA), spoke with WRIN.tv during the NRRA Conference in Chicago about the meeting and his concerns about new regulations that could have a negative impact on more than just the truckers he represents.  Watch more

Comments(0) 14 Oct 2014

Why Vermont continues to thrive as a captive/RRG domicile, despite competition.

Why Vermont continues to thrive as a captive/RRG domicile, despite competition.

WRIN.tv spoke with Sandy Bigglestone, the Director of Captive Insurance in Vermont’s Department of Financial Regulation, about the current state of the captive and RRG market, and why Vermont continues to be an attractive domicile.   Watch more

Comments(0) 14 Oct 2014

As RRGs are more accepted as alternative risk vehicle, premium could grow to $5 billion - Stonybrook Capital Founder.

As RRGs are more accepted as alternative risk vehicle, premium could grow to $5 billion - Stonybrook Capital Founder.

There are several creative strategies emerging that are affecting capital raising, M&As, and risk management.  WRIN.tv spoke with Joe Sheerer, founder of Stonybrook Capital, an investment banking and strategic advisory firm, about the different capital management strategies.    Watch more

Comments(0) 13 Oct 2014

Reinsurance Today:  RAA President welcomes Gen Re Chairman/CEO to discuss the prospects for reinsurance and capital markets.

Reinsurance Today: RAA President welcomes Gen Re Chairman/CEO to discuss the prospects for reinsurance and capital markets.

WRIN.tv’s Reinsurance Today is a new series hosted by Frank Nutter, President of the Reinsurance Association of America (RAA), and focused on news and analysis of the reinsurance marketplace.In this edition of Reinsurance Today, Frank Nutter welcomes Tad Montross, Chairman and CEO of General Re.  Watch more

Comments(0) 13 Oct 2014

Monday Morning Headlines: October 13, 2014.

Monday Morning Headlines: October 13, 2014.

Monday Morning Headlines: Greenberg’s lawsuit vs. AIG moves ahead.;FSOC OKs MetLife request for hearing over possible SIFI designation;Big data: A big deal in a soft insurance market? AIR Worldwide introduces inland flood model for U; SWal-Mart makes health care enrollment play, rattles eHealth shares; and more.  Watch more

Comments(0) 12 Oct 2014

WRIN.tv Week in Review: October 6-10, 2014

WRIN.tv Week in Review: October 6-10, 2014

Monday Morning Headlines; Continued Coverage of NRRA Annual Meeting with Sandy Elsass, Joe Deems, Skip Myers, Michael Schroeder and Michael Bemi; Cyber Risk Series on Board and C-Suite responsibilities for data breach preparedness; ACORD Tech Talk on Internet of Things; A.M. Best Outlook for Vision Insurers.      Watch more

Comments(0) 11 Oct 2014

Acclaimed risk management program developed by National Catholic RRG helps prevent sexual misconduct.

Acclaimed risk management program developed by National Catholic RRG helps prevent sexual misconduct.

The Catholic church must manage difficult liability risks, some unique to a global organization with many local outlets.  WRIN.tv spoke with Michael Bemi from The National Catholic Risk Retention Group about the distinct challenges he faces.   Watch more

Comments(0) 09 Oct 2014

ACORD Tech Talk: The Internet of Things (Part 2) – The impact on the insurance industry.

ACORD Tech Talk: The Internet of Things (Part 2) – The impact on the insurance industry.

In this edition of ACORD Tech Talk, host Johnell Johnson welcomes Pete Teresi, VP of Standards and Technology from ACORD, for a follow-up discussion on “The Internet of Things."  Here, he talks about the future of a connected world, how it will affect our lives, and its impact on the insurance industry.   Watch more

Comments(0) 09 Oct 2014

RRGs awaiting Congressional vote on addition of property risks, according to NRRA General Counsel.

RRGs awaiting Congressional vote on addition of property risks, according to NRRA General Counsel.

Risk Retention Groups (RRGs) are subject to several laws unique within the insurance industry.  WRIN.tv spoke with NRRA’s General Counsel Skip Myers, who is also a Senior Partner at Morris, Manning & Martin, about the impact of legislation and regulation on RRGs during NRRA’s Annual Conference in Chicago.  Watch more

Comments(0) 08 Oct 2014

Big court cases bode well for RRGs in upholding LRRA, but some regulators still harbor

Big court cases bode well for RRGs in upholding LRRA, but some regulators still harbor "animosity."

A major topic of discussion at the Annual Conference of the National Risk Retention Association (NRRA) was the court battles some risk retention groups (RRGs) have waged to enforce the Liability Risk Retention Act (LRRA).  Watch more

Comments(0) 08 Oct 2014

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Monday Morning Headlines: August 25, 2014.

Monday Morning Headlines: August 25, 2014.

Monday Morning Headlines: First look at Q2'14 P&C underwriting results; NAIC, industry groups blast IAIS over lack of transparency; NAIC adopts new monitoring framework for life insurers' captive transactions; Number of homeowners with earthquake coverage declining even as risk grows; Did Ironshore just effectively set its IPO price; Allied World to acquire Hong Kong, Singapore operations of RSA for $215M.    Watch more

24 Aug 2014

Monday Morning Headlines: August 18, 2014.

Monday Morning Headlines: August 18, 2014.

 Monday Morning Headlines are compiled by SNL Insurance and produced by WRIN.tvas a weekly video digest of the news making headlines in the U.S. Insurance industry.  Watch more

18 Aug 2014

Mexico ahead of EU on implementation of Solvency II-like regulation - A.M. Best

Mexico ahead of EU on implementation of Solvency II-like regulation - A.M. Best

A.M. Best recently released its review of the Mexican Insurance market. In highlights from A.M. Best's First Monday series, Alfonso Novelo, Director of Analysis for A.M. Best discusses Mexico’s plans to implement a Solvency II-like risk-based solvency regime in 2015.   Watch more

20 Aug 2014

“Business Intelligence” is transforming the risk management process.

“Business Intelligence” is transforming the risk management process.

The pace of change in the insurance industry is hastened by the effective use of data and technology.  Here, WRIN.tv speaks with Yodil CEO and Founder Fred Waite, about how “Business Intelligence” is transforming the risk management process, from front-end to back-end.   Watch more

21 Aug 2014

Doctor’s health care insurance fraud practice uncovered after his death.

Doctor’s health care insurance fraud practice uncovered after his death.

In this edition of "Who Got Caught", noted attorney, claims expert and author Barry Zalma discusses a multi-million dollar health care fraud scheme that was uncovered when a doctor’s estate went into probate after his death. Watch more

19 Aug 2014

Monday Morning Headlines: September 2, 2014.

Monday Morning Headlines: September 2, 2014.

Monday Morning Headlines: Top writers of California earthquake risk; US P&C industry posts best Q2 statutory underwriting results in several years; Fitch sees consolidation among reinsurers;  Citizens Property Ins. Co. targets 'stunning' rate decreases for 2015; Berkshire Hathaway boosted E&S premiums 65% YOY in Q2.   Watch more

01 Sep 2014

BIBA CEO on ‘price-comparison’ websites, whiplash fraud, Flood Re exclusions and UK intermediary standards.

BIBA CEO on ‘price-comparison’ websites, whiplash fraud, Flood Re exclusions and UK intermediary standards.

Steve White, the vocal CEO of the British Insurance Brokers' Association (BIBA), joins WRIN.tv for a broad discussion on topical issues affecting the UK insurance market, including ‘price-comparison’ Watch more

19 Aug 2014

Monday Morning Headlines: September 8, 2014.

Monday Morning Headlines: September 8, 2014.

Monday Morning Headlines: FSOC preliminarily designates MetLife a nonbank SIFI: IAIS' meeting closures prompt warnings; CT. insurance commissioner on NAIC president ;FEMA denies post-Iselle assistance to Hawaii; Fewer than 5% of Californians in quake-hit area owned earthquake insurance. And more   Watch more

07 Sep 2014

Scams associated with referral kickbacks plague the U.S. health care system.

Scams associated with referral kickbacks plague the U.S. health care system.

 In this edition of "Who Got Caught", noted attorney, claims expert and author Barry Zalma discusses a $205 million Medicare fraud scheme involving kickbacks for mental health services that were never administered.   Watch more

12 Aug 2014

U.S. Captives continue to outperform commercial market - A.M. Best.

U.S. Captives continue to outperform commercial market - A.M. Best.

A.M. Best recently released its review of the U.S. captive market, which continued to show positive results.  In highlights from A.M. Best's First Monday series, AVP Steve Chirico reviews the paper including issues affecting the U.S. captive market, as well as risk retention groups.  Watch more

13 Aug 2014

WRIN.tv Week in Review: August 11 - 15, 2014

WRIN.tv Week in Review: August 11 - 15, 2014

 PCI’s VP of policy and government relations with insights into TRIA’s chances for reauthorization; Hurricane Iselle was a "myth buster"; Insurance fraud scheme involving kickbacks for mental health services; .M. Best’s First Monday series reviewed U.S. Captive market.  Watch more

15 Aug 2014

WRIN.tv Week in Review: August 18 - 22, 2014.

WRIN.tv Week in Review: August 18 - 22, 2014.

 Hawaii relatively unscathed by Hurricane Iselle, and avoiding Hurricane Julio; Allianz looking to raise airline insurance prices; poor underwriting practices hurting results of commercial auto insurers; WellPoint is changing its name to Anthem; BIBA’s CEO; Mexico plans to implement a Solvency II-like risk-based solvency regime; Who Got Caught – healthcare fraud.  Watch more

22 Aug 2014

Mid-season Hurricane Report: El Nino less a factor than predicted…so far.

Mid-season Hurricane Report: El Nino less a factor than predicted…so far.

 Prior to the 2014 Atlantic Hurricane Season, forecasters predicted that it would be a rather mild year for tropical storms.  Here with a mid-season review is Dr. Tim Doggett, Assistant Vice President and Senior Principal Scientist at AIR Worldwide   Watch more

25 Aug 2014

Monday Morning Headlines: September 15, 2014.

Monday Morning Headlines: September 15, 2014.

Monday Morning Headlines: US hit with more than $4B of economic losses from August natural disasters; TRIA reauthorization; S&P says reinsurers need 2 'shock scenarios' to turn pricing; Reinsurers must innovate to see off threat from Google; Driverless cars, safety features to help reduce claim frequency;  And more    Watch more

14 Sep 2014

ACORD Tech Talk: The Internet of Things – Part 1.

ACORD Tech Talk: The Internet of Things – Part 1.

In this edition of ACORD Tech Talk, Pete Teresi, VP of Standards and Technology from Acord, discusses “The Internet of Things”.  Watch more

26 Aug 2014

There are ways to predict injured worker outcomes according to WCRI

There are ways to predict injured worker outcomes according to WCRI

Returning injured workers to the job as quickly as possible is often better for the worker’s recovery, and for the organization providing workers comp coverage. But the speed of return-to-work can vary based on the individual.    Watch more

04 Sep 2014

Reinsurance Today: RAA President welcomes Gen Re Chairman/CEO to discuss the prospects for reinsurance and capital markets.

Reinsurance Today:  RAA President welcomes Gen Re Chairman/CEO to discuss the prospects for reinsurance and capital markets.

WRIN.tv’s Reinsurance Today is a new series hosted by Frank Nutter, President of the Reinsurance Association of America (RAA), and focused on news and analysis of the reinsurance marketplace.In this edition of Reinsurance Today, Frank Nutter welcomes Tad Montross, Chairman and CEO of General Re.  Watch more

13 Oct 2014

Momentum continues to build for Insurance M&A, according to Deloitte.

Momentum continues to build for Insurance M&A, according to Deloitte.

The number of mergers and acquisitions in the insurance industry fell in 2013 compared to 2012. Here, WRIN.tv speaks with Boris Lukan. Principal in Deloitte’s U.S. Property & Casualty Insurance Consulting practice, about deal activity and the future of M&A in insurance.  Watch more

02 Sep 2014

Without a meaningful increase in interest rates, insurers are expected to increase investments in BA securities.

Without a meaningful increase in interest rates, insurers are expected to increase investments in BA securities.

In a recent report on investment allocations, A.M. Best looked at increased investment by U.S. insurers in non-traditional asset classes. In this edition of First Monday, analysts say low interest rates make schedule BA securities more attractive, even though they can be more volatile.    Watch more

27 Aug 2014

WRIN.tv Week in Review: August 25-29, 2014.

WRIN.tv Week in Review: August 25-29, 2014.

 Q2'14 P&C underwriting results; NAIC adopts new monitoring framework for life insurers' captive transactions;  Earthquake coverage; Ironshore; ACORD Tech Talk: The Internet of Things.  Mid-season Hurricane Report; Insurers are expected to increase investments in BA securities; and more.   Watch more

29 Aug 2014

Monday Morning Headlines: September 22, 2014.

Monday Morning Headlines: September 22, 2014.

Monday Morning Headlines: Pacific turmoil drops disaster losses on US West Coast; Hawaii to receive some federal aid for post-Iselle cleanup; Brokers highlight reinsurance growth opportunity in public/private partnerships; Insurers should look out for driverless cars; Insurers bought $1.50B in bonds issued by Dodgers regional sports network;  and more.  Watch more

21 Sep 2014

CoreLogic EQECAT President discusses the impact of alternative capital and regulation on the role of risk modelers.

CoreLogic EQECAT President discusses the impact of alternative capital and regulation on the role of risk modelers.

WRIN.tv spoke with Corelogic EQECAT President Paul Little about the changes in the CAT risk arena over the past few years, including the influx of new capital, evolving regulation, the growing reliance on modeling and the acquisition of EQECAT by CoreLogic.   Watch more

23 Sep 2014

WRIN.tv Week in Review: September 1 - 5, 2014.

WRIN.tv Week in Review: September 1 - 5, 2014.

 Top EQ writers in California; US P&C industry Q2 statutory underwriting results; Fitch report on consolidation among reinsurers; Berkshire Hathaway boosted its E&S premiums; new series on Cyber Risk; WCRI on ways to predict injured worker outcomes; M&A activity in the insurance sector.   Watch more

05 Sep 2014

Monday Morning Headlines: September 29, 2014.

Monday Morning Headlines: September 29, 2014.

Monday Morning Headlines: FIO annual report highlights importance of non-US reinsurance market, Death Master File issues; SCOR's head of ILS strategies on the future of the market ;Towers Watson poll: Nearly a quarter of employers see private health exchanges as possible alternative; ACA insurers up 25% in 2015, HHS says; Calif. med-mal insurers pour millions into fighting negligence reform initiative;  and more.    Watch more

28 Sep 2014

Concerns that regulators are competing over regulation of the insurance industry…Head of London Office at Drinker Biddle & Reath

Concerns that regulators are competing over regulation of the insurance industry…Head of London Office at Drinker Biddle & Reath

According to Andrea Best, head of the London Office of Drinker Biddle & Reath and part of the insurance practice team, there is a major concern among insurance professionals about the increased proliferation of regulation. It seems that “regulators (are) cooperating and competing with each other in a race to see who can do the most regulation for the industry.    Watch more

23 Sep 2014