MONACO (Reuters) – Insurers could be caught up in a fresh regulatory backlash triggered by banking scandals such as the Libor rate-rigging affair, the head of the Lloyd's of London insurance market said.
"We are always having to deal with the fallout of the actions of others and the regulators responding accordingly," Lloyd's Chief Executive Richard Ward told Reuters.
"You have the Libor scandal, all the stuff with Standard in the U.S. – that doesn't help restore the image of financial services in the eyes of the public, the politicians and regulators."
British bank Barclays was fined $450 million earlier this year for rigging the London Interbank Offered Rate, a key lending rate used to set prices for a wide range financial transactions.
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