PUBLICATION
Current issues in insurance and financial services - Summer 2024
12 Aug 2024
In our latest edition of current issues, we bring you insights into the UK insurance and financial services market.
Reinsurance developments in the Bulk Purchase Annuity markets
The Bulk Purchase Annuity (BPA) market has grown significantly, reaching nearly £50 billion in 2023. This growth is driven by key players, especially reinsurers, who help shape the market.
Reinsurers provide the capacity and innovative solutions that allow insurers to manage risk and transfer pension liabilities to annuity providers. Their support is crucial for the market's expansion.
In this article, we discuss why reinsurance is an important tool for insurers, recent reinsurance usage trends observed in the BPA market, and what the future looks like.
The PRA publishes guidance on funded reinsurance
The Prudential Regulation Authority (PRA) published its Dear CEO letter along with the finalised supervisory statement SS5/24 on 26 July 2024, setting its expectations for insurers that currently hold or are entering into funded reinsurance (FundedRe).
Read our latest newsflash, where Bob Tyley, Rakesh Mazumdar, and Scott McGruther-Johnson discuss the PRA's letter, the changes to the finalised guidance, and the immediate actions for insurers.
Consumer Duty - embracing the spirit of curiosity, enquiry and improvement
On 31 July 2024, the final implementation deadline for the Consumer Duty (the Duty) was reached, covering closed products and requiring firms to produce their first annual compliance report. It also marked one year since the Duty's implementation for open books.
In our blog, we look both at what the Duty means for firms today and a look towards what the future might bring.
Impact of climate litigation on the General Insurance industry
In our first episode of Talking Insurance, we are delighted to be joined by Suzanne Padmore, from Burges Salmon, to discuss the growing trend of climate litigation and its potential impact on the general insurance industry.
You can find this episode on Apple Podcast, Spotify, or wherever you find your podcasts.
Our 2024 Impact Report
We are delighted to share our 2024 Impact Report, our first full edition since our B Corp certification last summer. Our new certification demonstrates that our purpose - "Together, building better futures' really captures the essence of our motivation as a partnership.
Insurance & Financial Services 10th Annual Conference
We’re pleased to share that our Insurance and Financial Services 10th Annual Conference will be taking place on Wednesday 18 September at Plaisterers' Hall in London.
Please do register and save the date in your diaries by using the button below.
If you would like to discuss any of these topics with one of our specialists, please get in touch.
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