Insurance UK

The Biggest Developments In Insurance In 2024

The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine.

FCA's 2024 Consumer Focus Still Has Firms Guessing

The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

Snap July 4 Election Leaves Pension Reform In Disarray

The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.

Plan To Recast £2.5T Pensions Sector Raises New Risks

The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.

March 14, 2025
Aon Can Sue Howden In Staff Poaching Case In England

Aon UK Ltd can pursue its claim against Howden Group Holdings Ltd related to alleged staff poaching from Aon's Brazilian insurance business, after a ruling Friday that English courts have jurisdiction.
March 14, 2025
Gov't Orders Law Shake-Up To Boost Insurance Mutuals

The government has ordered a review of the law governing insurance mutuals, as it said it would double the number of companies operating in the sector.
March 14, 2025
Willkie-Led PE Firm To Buy Stake In UK Insurance Broker

Private equity firm IK Partners has agreed to acquire a minority stake in broker and risk management company Seventeen as it seeks to tap into the U.K. insurance market.
March 14, 2025
Insurer Ardonagh Buys UK Broker Anderson & Co.

Global insurance broker Ardonagh's SME platform has bought U.K. boutique Anderson & Co. (Holdings) Ltd. and its subsidiary to help bolster its presence in the North of England.
March 14, 2025
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen J.P. Morgan face action by the founder of Viva Wallet in an ongoing feud over the company's takeover, retailer Next Group contest a claim by the home ware brand owned by private members' club Soho House, and the venue of the Wimbledon Championships sue a local group opposed to its plans to build new tennis courts on protected land in Wimbledon Park.
March 14, 2025
Greek Firms Steer Bank's €600M Insurer Stake Buy From CVC

Piraeus Financial Holdings SA has signed a deal for its subsidiary to acquire 90% of Ethniki, a Greek insurer, from a fund controlled by CVC Capital Partners for €600 million ($654 million) in a move by the bank to diversify its business.
March 13, 2025
Solicitor Fined Over Disclosure Failure With Insurer

The former owner of a defunct property law firm has been fined more than £4,000 ($5,177) for providing misleading information to an insurer when she was looking to renew her professional indemnity insurance, the Solicitors Regulation Authority has said.
March 13, 2025
Phoenix Group Sued By Ex-CEO Over Short Pay

Phoenix Group Holdings PLC has been sued by the former chief executive officer of its subsidiary SunLife Ltd., who alleges that the insurer "arbitrarily reduced" his upper management compensation by almost £9 million ($11.6 million).
March 13, 2025
MPs To Debate Women State Pension Redress Petition

Lawmakers will debate a petition calling for compensation for women affected by the historical failure to inform them that their pension age had changed, amid growing criticism of the government's decision not to launch a redress program.
March 13, 2025
Insurance Brokers Could Get Tax Refunds After Court Ruling

U.K. insurance brokers could be in line for tax refunds from the state worth up to £400 million ($518 million) after a landmark court case, according to accountancy MHA.
March 13, 2025
Gov't Urged To Reform Rules To Unlock Pension Surpluses

The government should legislate to allow more flexible use of surpluses in defined benefit pension plans, a financial services consultancy has said, arguing that regulatory reform could generate £400 billion ($518 billion) in additional capital.
March 12, 2025
Gov't Confirms Date For Local Gov't Pension 'Megafunds'

The U.K. government has confirmed it plans to stick to the deadline of March next year for all assets in the highly fragmented Local Government Pension Scheme to be pooled into larger, regulated funds.
March 12, 2025
Regulatory Rollback Gathers Pace As Programs Axed

The City watchdog has dropped three of its top regulatory initiatives, responding on Wednesday to industry criticism and government pressure to boost competitiveness and economic growth.
March 12, 2025
Great Lakes Denies Liability For £1.26M Crane Damage

An insurance company involved in a row over damage caused by a crane in a property in an Essex industrial estate said it is not liable for the £1.26 million ($1.63 million) claimed because the incident happened in a private warehouse.
March 12, 2025
FCA Drops Plan To 'Name And Shame' Firms It Investigates

The Financial Conduct Authority said Wednesday that it has scrapped its proposals to publicly identify companies at an early stage in enforcement investigations as the watchdog responds to widespread resistance from the sector.
March 12, 2025
UK Watchdogs Drop Diversity And Inclusion Regulation Plans

The financial services watchdogs have walked back plans to introduce new regulations for diversity and inclusion policies, saying on Wednesday that they hope to avoid duplicating existing regulation and legislative guidelines.
March 12, 2025
L&G Launches £500M Buyback, Reports 6% Rise In Profits

Legal & General Group PLC said Wednesday that it plans to line shareholders' pockets with £500 million ($647 million) over 2025 as it reported a 6% rise in core operating profits for 2024.
March 11, 2025
AXA Says Santander Was In 'Driving Seat' In £670M PPI Trial

Insurance giant AXA said at the start of a £670 million ($867 million) London trial Tuesday that Santander should compensate it for what it has paid out dealing with claims for missold payment protection insurance because the Spanish bank's subsidiary was "in the driving seat."
March 11, 2025
Over-50s Regret Not Taking Pension Seriously, Study Shows

A quarter of those over the age of 50 said they regret not taking their pension more seriously at a younger age, according to research from insurance giant Aviva that comes amid increased warnings about Britons not saving enough for retirement.
March 11, 2025
UK Regulators Seek AI Guidance From Industry

Britain's financial and data regulators have reached out to U.K. trade bodies and business chief executives for guidance on how to provide regulatory certainty on artificial intelligence.
March 11, 2025
Norway Insurer Gjensidige To Buy Home Cover Rival For $40M

Gjensidige Forsikring ASA said Tuesday it has agreed to acquire home coverage specialist Buysure AS and its subsidiary for up 430 million Norwegian krone ($40.4 million), as the insurance company moves to diversify its business.
March 11, 2025
Brokers Fail To Address Liquidity Risks, City Watchdog Finds

The City watchdog has found that many brokers in Britain which trade in securities or commodities are failing to identify potential risks to their liquidity that could be sparked by crises in the markets such as war or a bank collapse.
March 11, 2025
Nationwide To Pay £600M In Rewards After Virgin Money Deal

Nationwide Building Society said Tuesday that it plans to reward its members with a total of £600 million ($775 million) after completing its £2.9 billion takeover of rival lender Virgin Money UK.
March 10, 2025
PIB Insurance Group Acquires Litigation Insurer Litica

PIB Group said Monday it has bought litigation insurance provider Litica in the latest in a string of acquisitions announced by the U.K.-based business over recent months.
March 10, 2025
Eversheds Guides Canada Life £361M Pension Scheme Deal

Insurer Canada Life Ltd. said Monday it has finalized a buy-in transaction with a U.K. pension scheme worth £361 million ($465 million).

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
Post-Election UK Pension Changes Could Be In The Fine Print

Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

Expert Analysis

New UK Order Offers Welcome Clarity To Crypto Staking Rules

The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
How EU's Anticoercion Tool May Counter New US Tariffs

The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
What To Know About Compliance As EU AI Act Takes Effect

Raj Shah at Mishcon de Reya explains how recently effective provisions of the European Union Artificial Intelligence Act, which concern prohibited AI practices and AI literacy, will affect both providers and users of AI systems, and suggests steps that companies can take now to plug any compliance gaps.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
How GCs Can Protect Cos. From Geopolitical Headwinds

Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
Navigating PRA's Data Request For Crypto-Asset Exposure

The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
Key Points From FCA Financial Crime Guide Updates

The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.
Why Nonfinancial Misconduct Should Be On Firms' Radar

Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.
Insider Info Compliance Highlights From New FCA Guidance

The Financial Conduct Authority's recent guidance to companies on identifying inside information clarifies the regulator's expectation of case-by-case assessment, helpfully highlighting that abuse of U.K.-regulated markets can arise earlier than some might think, say lawyers at Sullivan & Cromwell.
Interpreting Newly Released Consumer Fraud Complaints Data

The Financial Ombudsman Service’s latest complaint data focuses on scams and customer service, and demonstrates that as fraud is becoming rapidly more complex, financial regulators need to acknowledge that technology is here to stay and work together with firms to protect consumers, say lawyers at RPC.
Anticipating The UK's Top M&A Trends In 2025

Conversations with market participants are focusing on five key questions about 2025's transactional markets, ranging from issues of artificial intelligence, to the boom in takeovers and increased regulatory scrutiny, says Layla D’Monte at King & Spalding.
Hawaii Climate Insurance Case Is Good News For Energy Cos.

The Hawaii Supreme Court's recent ruling in a dispute between an oil company and its insurers, holding that reckless conduct in the context of activities that can cause climate harms is covered by liability policies, will likely be viewed by energy companies as a positive development, say attorneys at Fenchurch Law.