Reinsurance

The Treasury Select Committee has launched an inquiry into Solvency II, a harmonised EU-wide insurance regulatory scheme, following the UK’s decision to leave the EU.

Insured losses caused by an earthquake in Italy last month will be low, owing to very limited insurance penetration, according to Impact Forecasting, Aon Benfield’s catastrophe model development team.

The number of periodic payment orders (PPOs) granted by UK courts in 2015 remains low, according to Aon Benfield.

Market softening in reinsurance is continuing to slow down during the June/July renewal season due to a lack of catastrophe losses, with price reductions also slowing, according to Willis Re.

Insurance companies are prepared to help customers in dealing with thunderstorms and heavy rain that took place overnight into this morning, causing flooding in parts of South East England.

Firms are likely to experience an “ongoing, extremely challenging” environment because of low yields, the European Insurance and Occupational Pensions Authority (EIOPA) has said.

The British Insurance Brokers’ Association (BIBA) believes the sector would be better off remaining in the EU.

The number of insurance firms who have signed up to Flood Re has more than doubled since going out live on 4 April this year.

The only option to protect homes and businesses from the threat of flooding is to remove the government's political agenda from funding defences, according to the property policy adviser at the Association of British Insurers (ABI).

Floods caused by a series of storms last winter have generated more than 15,000 insurance claims for homes and businesses, the Association of British Insurers (ABI) has said.