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Regulators warns UK insurers over reserves - FT

Reuters - UK Focus

LONDON, Nov 15 (Reuters) - Regulators have warned British motor and home insurers they may weaken their ability to meet policy holders' future claims by drawing on reserves to boost short-term profits, the Financial Times reported on Saturday.

The Prudential Regulation Authority wrote to insurance chief executives on Friday to caution them about dipping into the backstop funds after officials detected record levels of "reserve releases", the FT said.

The regulator said "firms should stand ready to demonstrate the robustness of their reserving governance frameworks" as part of "regular supervisory interactions", the FT quoted the letter to chief executives as saying.

British motor and home insurers include RSA, Admiral and Direct Line.

(Reporting by Carolyn Cohn; Editing by Stephen Powell)