The Financial Services Authority (FSA) has warned insurers of the need to boost their capital base to ensure the long-term health of the industry.
FSA chairman Howard Davies told the Association of Insurance and Risk Managers annual lecture that the growing trend for "insurance-based investment banking", credit risk transfers between banking, insurers and reinsurers, was a cause for concern.
Davies said: "One investment banker recently described these instruments to me as `the most toxic element of the financial markets today'.
"It's not surprising we have been taking a heightened interest in this area."
The full version of Davies' speech spoke to the Association of Insurance and Risk Managers is available at www.airmic.co.uk.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
