07 February 2024
5 min
Global Head of Insurance and Financial Services
In our latest edition of current issues, we bring you insights into the UK insurance and financial services market, including:
A look at the Financial Conduct Authorities (FCA) ongoing expectations for Consumer Duty;
Our most recent newsflash on the proposals for an orderly solvent exit set out by Prudential Regulation Authority (PRA); and
Our latest episode of Hymans Robertson on... Inflation in health insurance.
The closed book implementation deadline for Consumer Duty is 31 July 2024. The focus for both firms and the FCA is shifting from one-off implementation activity to the ongoing work required to ensure good customer outcomes are at the heart of business decisions.
In this blog, we consider the FCA’s ongoing expectations and what this means for insurers.
The PRA set out its proposals for PRA-regulated insurers to prepare for an orderly solvent exit as part of ongoing business-as-usual activities in Consultation Paper 2/24. The intent is to increase confidence that insurers can exit the market with minimal disruption, however significant work is anticipated across the industry.
Read our latest newsflash, where we look at the requirements and potential impact that the proposals will have on insurers.
In this episode of Hymans Robertson On... Natanya Taylor and Dharshini Navaratnam discuss the impact of high inflation on health insurers and how organisations can manage or mitigate inflationary impacts.
During the episode, we discuss current trends in health inflation, the impact on actuaries and the steps firms can take in managing or mitigating risks.
In this article, we consider what the 2023 mortality data looks like so far, and what the impact of incorporating new data into the Continuous Mortality Investigation (CMI) model could be. We also highlight some key considerations for users of the model, including the potential materiality of weight parameters.
The Policy Statement for Sustainability Disclosure Requirements (PS23/16) was issued by the FCA on 28 November 2023.
In this blog, we discuss the key updates and implications, including changes in implementation dates, anti-greenwashing rules, sustainability labels, and the necessary actions needed for firms to comply.
If you would like to discuss any of these topics with one of our specialists, please get in touch.
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