Thursday, November 30, 2017 - The London Market Group (LMG) is pleased to welcome the decision taken yesterday by Delegated Legislation Committee in Parliament to allow the ILS regulations to pass. The final formalities allowing it to pass into law are expected next Monday (4 December).
Nicolas Aubert, Chairman of the LMG said “This is a great example of the market working closely with the government to improve the business environment in which we operate. Looking back at where we started in April 2015, our original wish list has pretty much been delivered in full and we appreciate the support that we have received from HM Treasury, the PRA and the FCA.”
Malcolm Newman, Managing Director of SCOR’s EMEA Hub and Chairman of LMG's ILS Taskforce commented “Undoubtedly the regulations will evolve over time as the ILS market itself evolves, and we are encouraged by the PRA’s willingness to engage in pre-application dialogue with parties interested in using the new regulations. This dialogue should minimise any issues applicants may have with the regulations.
“The taskforce has consistently said that it seeks to grow the ILS pie. What the recent natural catastrophes across the US, Caribbean and Mexico have demonstrated very clearly is the extent of under insurance, even in developed countries. As an industry we need to be more vocal about the social good of insurance, demonstrating the resilience and critical support an insurance policy gives to its holder in the event of a disaster. Through doing this the pie will grow and there will be opportunities for London Market players to generate growth via both traditional cover and new ILS solutions.”
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