On 17 November, the Insurance Directorate of the Central Bank published slides from an update on the current issues in general insurance.
The slides deal with the increasing number of injury claims and the resulting increase in the price of premiums and addressed the relationship between investment income decline and increasing competition. Motor profitability challenges were also discussed with the aid of various graphs which showed that the change in price did not occur immediately but rather after a time lag.
Another topic which the presentation touched on was developing the role of the actuarial function with the focus on opinions to boards and protection of the consumer. The slides outline the Central Bank's regulatory focus in relation to settlement of injury claims, collaboration with other regulators, on-site inspections and the creation of an analytical platform.
A link to the presentation is here.