CP190 suggests non-life insurers may need to raise capital

Non-life insurers may have to consider raising new capital or reduce the underwriting risks they expose themselves to, says the Financial Services Authority, under new requirements to provide greater detail about their risk and solvency position. Changes to the capital requirement regime are being implemented, says John Tiner, managing director of the FSA, to "help head off future financial failures in the sector", particularly after the collapse of Independent Insurance last year when there appeared to be no indicators or warnings that the firm would go under. "For some non-life ...