June 2011/5

The bout of chaotic wrangling, bureaucratic arm-twisting and diplomatic posturing over Solvency II seen over the last seven days has been as unedifying as it has been predictable.

Suncorp will become the latest Australasian insurer to be penalised for claiming large recoveries on its 2010/11 catastrophe reinsurance programme, when its $5.6bn treaty renews later this week.