Bailey says policyholders could be squeezed for billions

The Prudential Regulation Authority’s (PRA’s) incoming chief executive Andrew Bailey has criticised the soaring cost of implementing Solvency II.

Speaking to the Treasury Select Committee this week, Bailey said that the cost of the project could be “twice as much” as London’s £14.8bn crossrail infrastructure project, according to The Telegraph.

The escalating costs of implementing the new capital rules could increase premium costs by several billion pounds, he added.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

Topics