Fitch Ratings said today that it does not expect to change the ratings of many insurance...
Fitch Ratings said today that it does not expect to change the ratings of many insurance companies as a direct result of the new European Solvency II accounting rules.
Solvency II was developed to determine how much capital each insurer should hold, in order for policyholders to be adequately protected.
Simone Peakin, associate director of Fitch's European Insurance Group, said: "For many insurers Solvency II may not have an impact on how much capital is actually held, as the insurer may already be holding additional capital by choice.
"In some instances, it may even result in a reduction in the amount of capital held, as the modelling process may make insurers think more explicitly about their risk profile and so may lead them to identify excess capital."
The EU rules, due for implementation in January 2009, also require greater disclosure from insurers. This will improve transparency, Fitch said.
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.
