{"id":106649,"date":"2021-02-10T20:18:30","date_gmt":"2021-02-10T20:18:30","guid":{"rendered":"https:\/\/fin2me.com\/?p=106649"},"modified":"2021-02-10T20:18:30","modified_gmt":"2021-02-10T20:18:30","slug":"bank-of-england-rules-out-big-capital-reduction-for-insurers-after-brexit","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/bank-of-england-rules-out-big-capital-reduction-for-insurers-after-brexit\/","title":{"rendered":"Bank of England rules out big capital reduction for insurers after Brexit"},"content":{"rendered":"<figcaption>FILE PHOTO: An adjacent building throws a shadow accross the Bank of England in the City of London, Britain, December 12, 2017. REUTERS\/Clodagh Kilcoyne<\/figcaption><p>LONDON (Reuters) &#8211; The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be \u201cpart of the answer\u201d to meeting a 1.7 billion pound bill for COVID-19 claims.<\/p>\n<p>Britain is reviewing the \u201cSolvency II\u201d rules for firms like Aviva, RSA and Lloyd\u2019s of London insurance market that it inherited from the European Union amid calls from insurers and lawmakers for changes to keep the sector competitive.<\/p>\n<p>\u201cWe are committed to upholding the principles of Solvency II \u2013 they are our principles, and given the amount invested by firms in implementing the Solvency II regime, we see no appetite to tear them up and start again,\u201d said Anna Sweeney, the BoE\u2019s executive director for insurance, told a Westminster Business Forum conference.<\/p>\n<p>The Association of British Insurers told the conference that the sector faces a 1.7 billion pound ($2.35 billion) bill for claims relating to the COVID-19 pandemic, raising questions about whether insurers need to find fresh capital.<\/p>\n<p>\u201cWe are not leaping to conclusions that the industry needs tons more capital, but the issue has highlighted the range of contract uncertainty out there and there clearly needs to be a better understanding of what that looks like,\u201d Sweeney said.<\/p>\n<p>Capital may be a \u201cpart of that answer\u201d but not before the Bank of England has engaged with the industry in a \u201cmore thought through\u201d discussion, Sweeney said.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/britain-boe-insurance\/update-2-bank-of-england-rules-out-big-capital-reduction-for-insurers-after-brexit-idUSL1N2KG13R\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: An adjacent building throws a shadow accross the Bank of England in the City of London, Britain, December 12, 2017. REUTERS\/Clodagh KilcoyneLONDON (Reuters) [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":106648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of England rules out big capital reduction for insurers after Brexit - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/bank-of-england-rules-out-big-capital-reduction-for-insurers-after-brexit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of England rules out big capital reduction for insurers after Brexit - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: An adjacent building throws a shadow accross the Bank of England in the City of London, Britain, December 12, 2017. 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