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What Does The New Era of Liability Mean for the Regulator?

Who would want to be a regulator!

The insurance regulator has a difficult job. Regulate too hard and they stand accused of stifling innovation and entrepreneurialism. Adopt too light touch an approach and they become a lightning rod for criticism when markets go bust. Who would want to be a regulator!

The regulator’s dilemma was encapsulated by two CEO panellists at a recent insurance conference where one of the speakers observed that the PRA has nothing in its brief about growing and developing the insurance market as a way of closing the insurance protection gap. He was quick to receive pushback from another panellist for holding this view, however, who explained that solid regulatory structures make the market feel safe and more secure.

The senior executive from one of the world’s largest brokers explained that regulation does not protect insurers from change but it does concentrate the mind on risk. For example, Solvency II has been one of the most productive calls to arms for the life insurance industry.

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