United Kingdom: Financial Sector Assessment Program-Insurance Sector-Technical Note
IMF Staff Country Reports, June 17, 2016
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- United Kingdom: Financial Sector Assessment Program-Insurance Sector-Technical Note
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Bibliographic details
- Published: June 17, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484393789.002
Summary and market profile
- The paper provides an assessment of the insurance sector in the United Kingdom.
- The United Kingdom has one of the deepest, most developed insurance markets in the world.
- Insurance penetration is 50 percent higher than in the European Union or other advanced economies.
- Expenditure per capita in insurance amounts to US$5,429 as compared with US$3,815 in the advanced economies.
- The report length is 49 pages; Volume: 2016; Issue: 158; Series: Country Report No. 2016/158; DOI: https://doi.org/10.5089/9781484393789.002; Stock No: 1GBREA2016006; ISBN: 9781484393789; ISSN: 1934-7685.
Supervisory approach and capacity
- The supervisory approach of both the Prudential Regulation Authority and the Financial Conduct Authority (FCA) are described as forward-looking and risk-based.
- The report notes stronger enforcement on supervisory and enforcement actions.
Data, risk appetite, and identified shortcomings
- Improved data availability is required.
- An enhanced risk appetite statement is required.
- Notwithstanding stronger enforcement on supervisory and enforcement actions, important challenges still need to be addressed by the FCA.
Subject areas and keywords (as listed)
- Subject: Financial institutions, Financial sector policy and analysis, Financial services, Insurance, Insurance companies, Solvency, Stress testing
- Keywords: cash flow, CR, financial system, Global, house view, Insurance, Insurance companies, insurance premium, insurance sector, ISCR, life insurance, life insurer, recommendation panel, reinsurance firm, risk assessment, Solvency, Solvency II, Stress testing, U.K. industry, U.K. insurance industry, U.K. insurance sector
International Monetary Fund. "United Kingdom: Financial Sector Assessment Program-Insurance Sector-Technical Note", IMF Staff Country Reports 2016, 158 (2016), DOI: https://doi.org/10.5089/9781484393789.002.