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

June 17, 2016

Preview Citation

Format: Chicago

United Kingdom: Financial Sector Assessment Program-Insurance Sector-Technical Note, (USA: International Monetary Fund, 2016) accessed November 21, 2024

Summary

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.

Subject: Financial institutions, Financial sector policy and analysis, Financial services, Insurance, Insurance companies, Solvency, Stress testing

Keywords: Cash flow, CR, Financial system, Global, House view, Insurance, Insurance companies, Insurance premium, Insurance sector, ISCR, Life insurance, Life insurer, Recommendation panel, Reinsurance firm, Risk assessment, Solvency, Solvency II, Stress testing, U.K. industry, U.K. insurance industry, U.K. insurance sector

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/158
Stock No:

1GBREA2016006
ISBN:

9781484393789
ISSN:

1934-7685

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