Levene says Solvency II to cost Lloyd’s £300m

first_img Tags: NULL whatsapp KCS-content whatsapp Share THE Lloyd’s of London insurance market expects to pay £300m to implement stringent new capital requirement rules for insurers, its chairman Lord Levene (pictured) said yesterday.Levene criticised the additional burden placed on insurers by the Solvency II rules, imposed by European lawmakers to require insurers to hold more capital to cover the risks they underwrite.Lloyd’s said earlier this month it was on course to spend £250m preparing for the Solvency II changes. “It’s a huge task,” said Levene, on the sidelines of meetings at Davos. “It’s costing Lloyds markets just to get ready for Solvency II £300m. It’s a lot of money and it’s a diversion of effort.”About 3,600 European insurers will have to comply with Solvency II by I January 2013. But firms are concerned that the requirements will tie up needed capital, divert earnings from investors to add to capital reserves, and make insurance more expensive.“The concept behind it is good but we need to get details right and it does take peoples’ eye off the ball,” Levene added. Show Comments ▼center_img Wednesday 26 January 2011 8:47 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Levene says Solvency II to cost Lloyd’s £300m last_img read more