Anna Sweeney: Responsible openness in the insurance sector

Speech by Ms Anna Sweeney, Executive Director for Insurance Supervision of the Bank of England, at the Insurance Supervision Association of British Insurers Prudential Regulation Webinar, 25 May 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Thank you for the invitation to speak today, and to all of you for dialling in to this session. I believe technically at this point I could deliver this speech in person, but only to six of you at a time. I believe technically at this point I could deliver this speech in person, but only to six of you at a time – which would take all day and result in quite a long queue. However, I do look forward to attending events in person again and meeting many of you in future.

I would like to focus on three issues today that I consider to be of particular importance as we move beyond the UK's departure from the EU:

1. Our role as a host for international insurance business;
2. Actions we can take to facilitate effective competition in UK insurance sector domestically and internationally in conjunction with high prudential standards; and
3. Our ongoing focus on international standard setting and policymaking, including in relation to climate change.