Regulation
News Analysis
Motor insurance affordability under pressure amid FCA scrutiny
As motor insurance premiums continue to squeeze household budgets, scrutiny from regulators and policymakers is intensifying. But with competing priorities and political setbacks, is real change on the horizon?
News Analysis
Industry deems regulatory focus on operational resilience a ‘sensible move’
The FCA is collaborating with its regulatory peers to introduce new rules around operational resilience, seeking to mitigate ‘intolerable harm’ arising from disruptive events
News
Covéa inks new deal to assess broker performance and ease regulatory compliance
’This partnership is a fantastic example of how our insights can be tailored to meet the diverse needs of different teams,’ says co-founder
News
High Five: Catch up on the biggest exclusive stories this week
Insurance Times rounds up the biggest exclusive stories from 10 to 14 February 2025
News Analysis
The Big Question: Which regulations and data reporting should the FCA cut to boost industry growth, following letter to PM?
In January 2025, the FCA wrote to prime minister Keir Starmer about removing ’unnecessary regulation’ and reducing ’how much data some firms must provide’ – but what does the insurance industry think this could look like in practice?
News Analysis
Can the broker commission model survive regulatory headwinds?
’There’s a need for a makeover of percentage-based models where commission is unjustified, undisclosed and uncapped,’ says partner
News
MGA warns that no win, no fee firms threaten insurers’ stability
’Without stricter regulation, these firms will continue to drive up costs, create unnecessary complexity and undermine consumer confidence,’ says claims director
News
FCA reveals how many general insurance firms breached financial promotion rules
’We have stepped up our efforts to make sure that financial promotions are clear, fair and accurate,’ says director
News Analysis
Deregulation vital if UKGI wants to remain at the forefront of UK’s growth strategy
Rachel Reeves is leading the charge for a more competitive UK economy, however is the insurance sector cutting off its nose to spite its face with regulation that hampers agile innovation?
News
FCA action against misleading financial adverts nearly doubles
’Over the past year, we have seen a growing number of misleading and illegal financial promotions,’ says director
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Insurance as a catalyst for energy efficiency in the built environment – Dual UK
Rob Best, managing director of climate risk and resilience at Dual UK, unpicks how and why built environment-based businesses should embrace retrofitting to improve energy efficiency
News
Biba urges insurers to address differential pricing in fair value warning
’It is vital that insurers ensure fair value and consistency in the provision and pricing of their products through each of their distribution channels,’ says manifesto
News Analysis
Briefing: What is good – and challenging – across UKGI upon entering 2025?
Although recruitment, refinancing, M&A and compliance will keep UKGI brokers on their toes for 2025, the sector still has an awful lot to be grateful for
News Analysis
Briefing: Insurers facing another fight to be heard as UK government launches AI campaign
Although embracing artificial intelligence is viewed as a necessity by the insurance market, the government’s intentions to accelerate adoption and usage has the industry feeling nervous
News Analysis
Ombudsman complaints reveal insurers are still struggling with claims
Customers must be placed at ‘the heart of the claims process’ if insurers are to instigate a turnaround in complaints, says market intelligence firm
News Analysis
Ogden rate change causes overcompensation concerns for insurers
The government’s spring clean of the personal injury discount rate puts scrutiny on compensation see-saw, with market commentators dwelling on drivers for over and undercompensation
News
Top sector bosses to join chancellor Reeves in shaping financial services strategy
’I am committed to working hand in hand with the industry to make sure that our plans are informed by those who both provide and utilise financial services,’ says chancellor of the exchequer
News
FCA unveils plans to remove ‘unnecessary regulation’ in letter to prime minister
’To achieve the deep reforms necessary, your acceptance that we will take greater risks and rigorously prioritise resources is crucial,’ says chief executive in letter to government
News
Manifesto 2025: Biba calls for regulatory improvements to drive growth
’Working positively and constructively with the regulator has been a big mission for me because it’s supposed to support growth, not stop it or affect it negatively,’ says broker body chief executive
News Analysis
Briefing: Ifed celebrates 2024 custodial sentence success as it firms up 2025 operations
Tom Hill, detective chief inspector at the City of London Police’s Insurance Fraud Enforcement Department, rounds up the department’s 2024 activity and spotlights its focuses for 2025
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