Pensions

Autumn Statement: Insurance bosses back Solvency II overhaul

The final rules include cutting the so-called risk margin significantly, with a 65% cut for long-term life insurance businesses and a 30% cut for general insurance businesses

Chancellor Jeremy Hunt announced that final Solvency II reforms had been agreed after months of terse negotiations with regulators
Chancellor Jeremy Hunt announced that final Solvency II reforms had been agreed after months of terse negotiations with regulators Photo: AFP/Getty Images

Top insurance bosses have thrown their weight behind the government as it announces long-awaited reforms to the Solvency II regime which sets their capital requirements.

In his Autumn Statement on 17 November, chancellor Jeremy Hunt announced that final Solvency II reforms had been agreed after months of terse negotiations with regulators, and "will unlock tens of billions of pounds of investment across a range of sectors".

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