Helping you navigate the current hot topics in the UK insurance market
Current issues in insurance: Spring 2017
18 May 2017
Spring is finally in full swing and thankfully the warmer weather has started to make an appearance. With each new season comes a fresh edition of Current issues in insurance – our regular series of publications in which our dedicated team of insurance specialists share their insights into some of the hot topics in the insurance market.
It’s been a busy start to the year for the Life Insurance team here at Hymans Robertson. We kicked off 2017 with our seminar in Edinburgh, looking at the challenges and opportunities for firms as a result of the low yield environment and volatility in financial markets. It was also great to see and chat with so many of you at our annual drinks reception in March at the Guildhall in London.
Today heralds yet another significant milestone for the insurance industry, being the day that the long-awaited accounting standard for insurance contracts – “IFRS 17” – is published. IFRS 17 will fundamentally change financial reporting for insurers, replacing the current interim IFRS 4 standard which dates back to March 2004. Please see our blog below for further details.
As 2017 unfolds we look forward to continuing to work with all of you, providing our expertise and helping guide you through the ever changing insurance landscape.
Solvency II reporting season - What we've learned so far
As firms prepare to publish their first set of annual regulatory returns under the new Solvency II regime, we take a look at the voluntary information that firms have recently disclosed as part of their 2016 reports and accounts.
Longevity trends for annuitants, and the differences between socio-economic groups
More affluent annuitants represent a concentration of longevity risk within insurer and BPA portfolios. How well do we understand these annuitants? Are they experiencing trends different to the population as a whole? And if so is this good or bad news for insurers?
(and to see how the debate is shaping up amongst pension schemes, please read our thoughts here).
Investing in drawdown: an innovation gap?
Since April 2016 all defined contribution retirees have been able to spend or invest their pension funds as they see fit, with or without financial advice. Initial expectations of a flurry of new innovative products to service this market have, so far, mainly failed to materialise. Why is this?
Insights into solvency II (UK Edition) post Brexit
This year we’ve heard a reasonable amount from Sam Woods, the CEO of the Prudential Regulation Authority (PRA), regarding his thoughts on the Solvency II regime. Does the PRA have a shopping list of radical reforms that it’s planning to unilaterally implement in the UK post Brexit?
ISAs and ever-changing options for long-term savings
Developments over the past few years mean that customers in the UK have never had so much flexibility and choice in how they save for the long term. Following the recent launch of the Lifetime ISA (LISA), we take a look at the role that ISAs can play in retirement savings.
More hot topics:
- BREAKING NEWS: The IASB has today published International Financial Reporting Standard 17: Insurance Contracts (IFRS 17). Read our blog here.
- The latest episode of the soap opera that is the Prudential Regulation Authority’s (PRA’s) evolving policy relating to the Transitional Measure on Technical Provisions (TMTP) was, in places, both predictable and surprising. Read our article on the guidance here.