James Schiro critical of ABI opposition to new capital rules

Zurich chief executive James Schiro has criticised European insurance bodies, such as the UK’s Association of British Insurers (ABI), for campaigning against the Solvency II rules, the FT reports.

“I don’t believe that the pushback?.?.?.?is good for the industry or the consumer. It does not send the right signal”, he said.

Insurers should not fight higher capital requirements when banks were being forced to raise theirs, he said.

The FT suggested Zurich had survived the financial crisis better than rivals due to its cautious investment strategy.