The full reality of a world where returns are going to be lower for longer is starting to cast its shadow across financial institutions, asset managers and regulators.

This week, Lloyd's announced an increase in pre-tax profit for the first half, but the combined ratio also rose from 89.5 to 98.

This week, the reinsurance market met together for the annual Monte Carlo Rendezvous.

Growth and inflation are going to remain subdued, so central banks will keep rates very low, which has serious implications, according to Neil Dwane, global strategist at Allianz Global Investors.

It looks increasingly as if Insurance Europe – the pan-European trade association – is fighting a losing battle to prevent any changes to the ultimate forward rate (UFR) ahead of the planned Solvency II review in 2018.

As the reinsurance market gathers at the annual Monte Carlo Rendezvous this week, participants have been going into overdrive with many announcements.