FSA warns on reserving; reassures that industry is ‘different’ from banking
The UK regulator Financial Services Authority (FSA) has called on the insurance industry to go back to basics and focus on turning an underwriting profit.
The FSA's insurance sector director, Ken Hogg, warned a City audience that a series of risks lie on the industry's horizon- the most significant of which are "hangover effects" from the recession.
After years in which bottom lines have been swollen by bumper reserve releases and healthy investment returns, Hogg told the FSA insurance sector...
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