The prospect of UK clearing houses losing direct access to the EU moved ominously closer following a bullish statement by the Chancellor of the Exchequer, Rishi Sunak.
News & Commentary
Those charged with managing the assets of major insurers have seen levels of volatility over this year that have tested the resilience of their portfolios. Steering a course through the pandemic as its second wave sweeps across most of the developed world is going to test that resilience further.
Gabriel Bernardino, the out-going Chairman of the European Insurance and Occupational Pensions Authority, reassured MEPs on the European Parliament’s Economic and Monetary Affairs Committee that the insurance sector was coping well with the implications of the Covid-19 pandemic.
European insurers are keeping up the pressure on European Commission (EC) to use the review of Solvency II to ensure they can continue to offer long-term life and pension products with guarantees and also contribute towards financing of the economy, a key expectation emerging from governments as they set out their national Covid-19 recovery plans.