1、 conjunction with:March 2024Global InsuranceRun-off SurveyLaunchForeword1Key findings2A view from IRLA3Market size4Legacy hot topicsTechnology in the legacy market8Capital relief calculator9IFRS 17 is here what does it mean for the run-off industry?10Environmental,Social,and Governance12Pillar II Gl

2、obal minimum tax and how it affects the run-off sector14European solvency ratios15Deals landscape16Regulation and the evolving risk landscape22Global spotlightsUSA24Bermuda25Australia 26Germany27Italy27A view from AIRROC28Market perspective29Contacts32Glossary of terms33Methodology34ContentsAndy Moo

3、re Partner Lloyds and London Market Leader PwC UKAlex Bertolotti Partner UK Insurance Leader PwC UKWelcome to the fifteenth edition of PwCs Global Insurance Run-Off Survey.As UK insurance and Lloyds and London market leaders respectively,it has been interesting to watch the development of the legacy

4、 market over the course of the last decade.When the first edition of this Survey was published,the term run-off evoked images of distress for insurance companies,often related to the tidal wave of asbestos claims that once threatened the London and Lloyds of London markets.The idea of the legacy mar

5、ket developing into a core element of the insurance lifecycle,providing an outlet for insurers to safely dispose of non-core business lines and generate capital relief seemed a long way off.However,the pace of change in the run-off sector has been rapid.As our Survey has catalogued over the years,dr

6、iven by waves of activity such as Solvency II,Brexit,and Lloyds Decile 10 review,and with the catalysts of private equity supplying significant capital,and major brokers generating significant deal flow,the market is now a very different place.This is underlined by how many of our top tier insurance