McCreevy to unveil EU insurance reforms

DETAILS of the biggest shake-up for the insurance industry in the last 30 years will be outlined today by EU Internal Market Commissioner Charlie McCreevy.

The core of the proposals, known as Solvency II, introduces a new method for calculating how much money companies must set aside to cover risks and will be based more closely on those risks.

This is expected to free up huge sums of money from the industry that is worth an estimated €7 trillion in the EU.