Insider Business Prime acts to improve its Solvency Capital Requirement

Prime acts to improve its Solvency Capital Requirement

Measures to strengthen its Solvency Capital Requirement are undertaken by Prime Insurance. As reported in the insurance company’s unsecured solvency and financial report for 2018, measures have been taken to reduce its operational risk. And, as a result, the relative index of 91% by end of 2018 reached 100% (allowable limit) by end of March 2019.

In addition, the company has proceeded with further improvement measures including the injection of new capital. As well as improving the capacity of its internal control system that will lead to an additional reduction in requirements related to operational risks. “We expect CSR coverage to exceed 115% by September 2019,” the report said.

Actions to improve indicators are included in a binding plan agreed between the company and the Insurance Commissioner. Several meetings have already taken place between the company’s major shareholder Demetris Kontominas and the Insurance Audit Service in a bid to find ways to increase the company’s capital.

The insurance company ended 2018 with a loss of €5.6 million against a loss of €324,000 in 2017. The noticeable change is mainly due to a decrease in commission income and investment profit against increased obligations.

On March 30, a press release by the company said that “with the aim of further developing and addressing the future challenges of the insurance market, Prime Insurance has undergone restructuring and changes to its management pyramid. At the same time, a small group of intermediaries has withdrawn.

And specialised consultants of our company have undertaken the task of informing and providing services to insured persons served by the outgoing 13 intermediaries.”

 

Read more:

https://in-cyprus.com/turbulence-in-prime-insurance/

 

 

 

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