10 Nov 2016
New book is unique collaboration with global industry leaders and regulators.
Date: Monday 20 March 2017
Time: 11.00 BST
This event was hosted by London Business School in collaboration with the Bank of England and supported by the AQR Asset Management Institute.
Richard Portes CBE FBA, Professor of Economics and Academic Director of the AQR Asset Management Institute, London Business School
The UK has the largest insurance industry in Europe, providing a wide range of vital services to the real economy and wider society. For example, some of the oldest and most vulnerable have invested their life savings into long-term annuity contracts. By pooling and transferring many kinds of risk, from cyber to marine, general insurers provide essential cover for economic activity. And with £1.9 trillion invested in assets including infrastructure, insurers play an important role in promoting growth and employment.
Following the financial crisis, the PRA was established in 2013 with an objective specific to insurance – to contribute to the protection of policyholders – alongside its general objective to promote the safety and soundness of all PRA-regulated firms. In the meantime it has implemented Solvency II, a wide-ranging EU directive, which is currently being examined by the Treasury Committee.
This event explored the PRA’s approach to supervising insurance companies and coincided with the publication of a report from the Bank’s Independent Evaluation Office on the PRA’s approach to its insurance objective, focusing on how it is interpreted, implemented and communicated.
The speech was followed by moderated Q&A with the audience.
The event was open to all.