United Kingdom: Financial Sector Assessment Program-Insurance Sector-Technical Note

International Monetary Fund

No 2016/158, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper provides an assessment of the insurance sector in the United Kingdom. The United Kingdom has one of the deepest, most developed insurance markets in the world. Insurance penetration is 50 percent higher than in the European Union or other advanced economies, and the expenditure per capita in insurance amounts to US$5,429 as compared with US$3,815 in the advanced economies. The supervisory approach of both the Prudential Regulation Authority and the Financial Conduct Authority (FCA) are forward-looking and risk-based. However, improved data availability and an enhanced risk appetite statement are required. Notwithstanding stronger enforcement on supervisory and enforcement actions, important challenges still need to be addressed by the FCA.

Keywords: ISCR; CR; Solvency II; life insurance; insurance premium; financial system; life insurer; U.K. insurance industry; recommendation panel; cash flow; house view; reinsurance firm; risk assessment; U.K. industry; U.K. insurance sector; insurance sector; Insurance companies; Insurance; Solvency; Stress testing; Global (search for similar items in EconPapers)
Pages: 49
Date: 2016-06-17
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