A.M. BestTV: Solvency II Adds Burdens and Limitations, Say Mutual Insurers at AMICE - InsuranceNewsNet

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June 6, 2018 newswires No comments Views: 0

A.M. BestTV: Solvency II Adds Burdens and Limitations, Say Mutual Insurers at AMICE

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this A.M.BestTV episode, at the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) Congress 2018 in Stockholm, insurers said Solvency II regulations have required them to add resources and personnel, while limiting their ability to diversify. Click on http://www.ambest.com/v.asp?v=amice618 to view the entire program.

“Solvency II has had an extremely significant impact on mutuals,” said Grzegorz Buczkowski, president, Association of Mutual Insurers and Insurance Cooperatives in Europe. “It was a major shift in the entire regulatory environment for mutuals, since a lot of mutuals are small companies. As a result, the additional burden of Solvency II weighted more heavily on mutuals due to their size.”

While acknowledging the goal of the new regime, he said he believes that, “more can be done to alleviate the burden on small insurers.”

Christophe Ollivier, deputy head of the corporate service department, Fédération National de la Mutualité Française, highlights how Solvency II has affected business diversification efforts.

“Solvency II was looked upon as a threat in the beginning, since we did not know what would happen. However, it became not a solvency issue, but a technical one to set-up the model to make sure that everything was working correctly,” he said. “Now, the problem is, if you want to diversify, because the house risk is lower, every risk you try will need additional capital; and thus, Solvency II becomes an issue.”

Also appearing in this episode:

  • Gabriel Bernardino, chairman, European Insurance and Occupational Pensions Authority; and
  • Monika Kostlin, managing director, Kiel Reinsurance.

For full video coverage of the AMICE Congress 2018, including exclusive executive interviews, visit http://www.ambest.tv/amice18.

Recent episodes of A.M.BestTV include:

  • Insurers Boost Holdings in Collateralized Loan Obligations, Say A.M. Best Analysts: Ken Johnson, senior director, and Jason Hopper, associate director, A.M. Best, examine insurers' growing interest in collateralized loan obligations (CLO), including the role CLOs play in diversifying risk and responding to interest rate fluctuations: http://www.ambest.com/v.asp?v=clo518.
  • Lloyd's Set to Showcase, Fast-Track New Technology, Says Lloyd’s Chief Commercial Officer: Vincent Vandendael, chief commercial officer, Lloyd's, said that his company is fast-tracking its new technology and helping to grow the new sharing economy: http://www.ambest.com/v.asp?v=vandendael618.
  • Known for Their Endurance, European Mutuals Aim to Promote Sustainability: Sarah Goddard, secretary general, Association of Mutual Insurers and Insurance Cooperatives in Europe, previews key issues as members prepare to gather for the organization's bi-annual conference: http://www.ambest.com/v.asp?v=amicewalkup618.
  • Asia Insurance CFOs Role Expands to Meet Regulatory, Technology and Cost Pressures: At the 12th Asian Insurance Chief Financial Officers (CFO) Summit, CFOs said that a sharper focus by company leaders on compliance, profitability and technology competition has them handling an expanding array of responsibilities: http://www.ambest.com/v.asp?v=hkcfosummit1518.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180606006260/en/

A.M. Best

Lee McDonald, +1 908-439-2200, ext. 5561

Group Vice President, Publication and News Services

[email protected]

Source: A.M. Best

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