Regulation

Fitch: Reinsurance reforms may impact Australian insurers’ credit profiles

Proposed changes to reinsurance-related capital requirements may support Australian general insurers’ credit profiles over the medium term, but cat reinsurance pricing and claims costs will remain key factors in determining the long-term effect on capital and earnings, according to Fitch Ratings.

UK regulator launches consultation on accelerated ISPV regime

The UK’s Prudential Regulation Authority (PRA) has launched a consultation on reforms for the insurance special purpose vehicle (ISPV) regulatory regime, which includes an accelerated 10-day target for approvals of certain ILS arrangements.

California DOI submits wildfire modelling regulation in bid to grow insurance availability

California’s insurance commissioner Ricardo Lara has submitted new proposed regulation that he believes will increase coverage availability in the wildfire-prone state.

London market welcomes consultation on UK captive regime

The London market has welcomed the announcement that HM Treasury will consult on a UK regime for captive insurance companies, highlighting that it could provide a vital risk management tool for large corporates while bolstering the city’s competitiveness.

Chancellor Reeves vows to slash red tape and launch captive consultation

UK chancellor Rachel Reeves has pledged to slash red tape and push forward a long-awaited consultation on captive insurance as part of plans to drive growth and competitiveness in financial services, telling industry leaders that post-financial crash regulation has “gone too far”.

FCA bans Inspire’s Mackey and issues £1mn+ fine

Inspire Insurance Services' sole controlling agent Leigh Mackey has been banned from working in financial services and fined £1,102,879 by the Financial Conduct Authority.

Eiopa recommends higher capital charges for insurers’ fossil fuel assets

The European Insurance and Occupational Pensions Authority has called for additional capital charges for European insurers’ transition-exposed assets to help better align capital requirements with insurers’ actual risk exposures.

EU watchdog seeks stricter capital rules on insurer fossil fuel assets

The EU’s insurance regulator has recommended additional capital requirements be applied for fossil fuel assets on insurers’ balance sheets, in a move designed to address the asset’s high exposure to transition risks.

ABI, Lloyd’s unveil major cyber event framework to inform risk appetite and aggregation

The Association of British Insurers has published a paper in collaboration with Lloyd’s providing a guide for (re)insurers on how to approach defining a major cyber event.

FCA will expect London market insurers to explain AI pricing decisions: Brewis

The Financial Conduct Authority (FCA) is not seeking to introduce prescriptive rules over the use of AI in UK financial services, although it will expect insurers and brokers to be able to explain decision processes around pricing.

Singapore aims to support parametric growth amid rising interest across Asia

Singapore’s government and financial regulator have signalled their support to grow the city-state’s role as a hub for parametric solutions, in the latest indicator of the rising role alternative risk transfer instruments are playing in the region.

ABI’s Wightwick: “Moment of choice” for FCA and UK govt to ease regulatory burden

The new UK government and the Financial Conduct Authority are at a crossroads in setting an agenda that strikes a balance to ensure that the regulatory environment does not stifle innovation under the latter’s competitiveness objective, according to Charlotte Wightwick of the Association of British Insurers.

Captives and competitiveness top industry agenda ahead of UK budget

An effective UK captive regime and a broader regulatory framework that prioritises competitiveness and accountability are top of the agenda for the UK’s insurance trade bodies ahead of today’s Autumn Budget.

Lloyd’s of London consultation seeks to significantly extend its regulatory powers

Lloyd’s of London has published a consultation in which it proposes wide-ranging changes to its regulatory powers. The proposals represent potentially the most significant increase to the regulator’s powers for many years.

WTW secures Saudi licence with Chubb’s Bahafi named head of insurance broking

WTW has expanded its presence in the Middle East after receiving a licence to act as an insurance broker in Saudi Arabia, with the new offering led by Talal Omar Bahafi.

FCA misconduct survey makes for “uncomfortable reading” but industry hails progress

Industry bodies have generally welcomed the Financial Conduct Authority’s survey of reported incidents of non-financial misconduct – with the report described as a “valuable addition” and “uncomfortable reading” – in the effort to crackdown on inappropriate behaviour across the London market and wider UK financial services sector.

IAIS names climate, innovation and resilience as priorities in 2025-29 strategic plan

The International Association of Insurance Supervisors has highlighted climate change, digital innovation and building resilience as key pillars of its latest strategic plan, which will run to 2029.

Revised Solvency II directive on captive (re)insurer proportionality expected by YE24

The Federation of European Risk Management Associations has issued an EU policy note outlining how improvements to the principle of proportionality will benefit parents of captive (re)insurance companies domiciled in EU member states.

UK govt convenes industry groups and regulators for new motor premium taskforce

UK government ministers have formed a new taskforce to tackle escalating car insurance premiums, which have risen by 21 percent on average over the past two years.

FCA launches premium finance review to assess fairness

The Financial Conduct Authority has launched a market study to assess whether the premium finance sector is providing fair value to consumers.

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