PRA’s Sam Woods rebuts 'myths' about Solvency II
Directive has neither “crushed growth” nor driven up prices, Woods argues
The chief executive of the UK’s Prudential Regulation Authority has said there is “simply no evidence” to support claims that Solvency II has “crushed” the growth of UK insurance firms.
Speaking today (February 27), Sam Woods said that following the introduction of the regulation, assets in the UK sector grew by more than 10%.
“Returns on equity for larger UK insurers have remained steady at above 9%, close to the levels seen on average since 2010. And UK life insurers’ average credit default
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