LATEST ISSUE OF "INSURANCE TRENDS" GIVES FIRST ESTIMATE OF COST
TO UK INSURERS OF JOINING EMU
The first industry-wide estimates of the cost to UK insurers of Economic and
Monetary
Union (EMU) are published today in the latest issue of "Insurance Trends", the
Association
of British Insurers' quarterly statistics and research review.
ABI estimates suggest that the cost to the industry are likely to be in the region
of £1
billion. This estimate, the best available at present, is based on a small sample
of
companies; and is likely to be revised as more information becomes available. If
the UK
remains out of an EMU, costs are lower but vary between companies, depending on the
type of company and on strategic decisions.
The article also summarises the key features of the transition period, examines the
work
done to date by the financial sector, including the insurance industry, to
accommodate the
euro, and outlines two examples of the work of foreign insurance companies.
Other articles in the twelfth issue of "Insurance Trends" are:
- Legal Expenses Insurance: Past, Present and Future - This article describes the
current state of the LEI market in the UK, and considers how currently
proposed
reforms of the legal system might provide a boost to LEI.
- The Pensioners' Incomes Series 1994/5 - shows how pensioners' incomes have
risen since 1979. It looks at sub-groups of pensioners, and considers income
components - showing that occupational pensions have contributed the most to
the
rise in incomes.
- Research Review - looks at "Employers' Pension Provision 1994". This
Department of Social Security Research Report considers a survey of
employers'
pensions, the first of its type to cover a fully representative sample of
private sector
employing organisations in Great Britain.
Notes
- Enquiries to:
- Malcolm Tarling +44 020 7216 7410 (Home: +44 020 8297 9510)
- Suzanne Moore +44 020 7216 7411 (Mobile: 0378 794717)
- An ISDN line is available for radio broadcasts.