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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.
January 17, 2025
Aegon Calls For State Pension 'Triple Lock' Rethink

Insurer Aegon on Friday said a rethink of the state pension "triple lock" policy would bring more "intergenerational fairness" after opposition leader Kemi Badenoch sparked debate this week by suggesting her party may consider reforming the commitment.
January 17, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the family of the late chairman of Leicester City FC sue a helicopter manufacturer for £2.15 billion ($2.63 billion), Vivienne Westwood bring a copyright claim against the late designer's foundation and blockchain giant Tether file a new claim in its ongoing dispute with crypto trading firm Swan Bitcoin. Here, Law360 looks at these and other new claims in the U.K.
January 17, 2025
EU Cancels Major Incident Report Guidance For Finance Firms

The European Union's banking watchdog said Friday it has canceled its guidelines on major incident reporting under payment services rules because of related requirements under a new regulation on how financial firms deal with technology risks.
January 17, 2025
FCA Vows Regulatory Review As Gov't Pushes Growth Agenda

The Financial Conduct Authority said Friday it will strip back reporting requirements and overlapping regulation in a bid to reduce the burden on firms, after the government urged U.K. regulators to come up with ideas on how to boost economic growth.
January 17, 2025
FCA Urged To Act Against High Insurance Claim Rejections

Britain's financial watchdog must step in to protect customers from unfair claims handling practices by insurers that feature high rejection rates, according to a consumer advocacy group.
January 17, 2025
MPs To Quiz Women's Pension Campaigners Over Redress

Campaigners who fought for women to be compensated for historical state failures to tell them that their retirement age had changed will testify to lawmakers for the first time since the government decided against launching a redress scheme.
January 16, 2025
Ardian Lands $30B For Historic Secondaries Investment Fund

Private equity shop Ardian has clinched its ninth secondaries fund after amassing $30 billion of investor commitments, making it the largest ever secondaries fund to close globally to date, according to a Thursday statement.
January 16, 2025
Insurance Brokers Call For Reduced Regulatory Burden

A trade body for insurance brokers has called for a regulatory overhaul to reduce the burden on the sector and bolster international competitiveness.
January 16, 2025
Local Gov't Pension Reform Puts £400B At Risk, Funds Warn

The government's plans to consolidate public sector pension schemes could set off a chain of unintended consequences that could jeopardize up to £400 billion ($488 billion) in assets, fund managers warned Thursday.
January 16, 2025
Pivotal Growth Buys Northern Ireland Insurance Broker

Pivotal Growth Ltd. said on Thursday it has acquired insurance broker Business Protection Solutions Ltd., as the U.K. mortgage adviser eyes expansion into Northern Ireland and entry into a new specialist market.
January 16, 2025
UK Property Insurance Claims Highest Since 2007

Property insurance claims in the U.K. are expected to reach £5.5 billion ($6.7 billion) for 2024, the highest level since 2007 when insured flood losses reached £3 billion, according to Deloitte Touche Tohmatsu Ltd.
January 15, 2025
Gov't Consolidation Pension Plans 'Need Far More Detail'

Proposals from the government to consolidate defined contribution pensions schemes to drum up more investment in the U.K. "need far more detail" if they are to be effective, Broadstone has said.
January 15, 2025
Motor Insurer Could Get £100M Boost From Rate Change

Admiral, the largest motor insurer in the U.K., could get a £100 million ($123 million) bounce because of a change to the formula for calculating life-changing injury claims, analysts said Wednesday.
January 15, 2025
FCA Warns More Firms Are Avoiding Redress Obligations

The Financial Services Authority has warned that financial firms are increasingly trying to avoid compensating consumers for poor advice or products while they benefit from the assets of the business.
January 15, 2025
Torston Bell Appointed Britain's New Pensions Minister

The government has appointed Torston Bell, the former boss of a think tank, as the new minister for pensions, replacing Emma Reynolds, who now becomes economic secretary to the Treasury following the resignation of Tulip Siddiq.
January 15, 2025
Eversheds Helps Switch On Lighting Biz's £24M Pensions Deal

Pension Insurance Corp. PLC said on Wednesday that it has taken on retirement savings liabilities valued at £24 million ($29.3 million) from a plan sponsored by a British lighting business in a deal steered by Eversheds Sutherland and CMS.
January 14, 2025
Charities Advised To Prep For New Pension Funding Regime

U.K. charities with a defined benefit pension scheme should proactively work on a strategy for their plan in line with the recently introduced funding regime for the sector to avoid potential calls for higher retirement savings contributions, Lane Clark & Peacock LLP has said.
January 14, 2025
Pensions Watchdog Could Play Role In Gov't Growth Agenda

The Pensions Regulator could play a leading role in enabling the retirement savings sector to have a greater role in the recovery of the U.K. economy, a consultancy has said.
January 14, 2025
Darag Buys Loss Portfolio Of Troubled Insurtech Wefox

Insurance company Darag Group said Tuesday it has purchased a run-off portfolio of business from distressed German insurtech giant Wefox Insurance AG.
January 14, 2025
Financial Standard Setter Calls For Harmonized Climate Plans

A global standards setter called on Tuesday for greater standardization of climate transition plans among financial firms to help regulators assess the risk to stability in markets.
January 14, 2025
UK Pension Consolidation Plans Spark Pushback From Sector

Government proposals to push for the consolidation of defined contribution pension schemes into master trusts risk stifling innovation and is the wrong area of choice to support its ambition to drive economic growth, experts have warned.
January 13, 2025
Fla. Court OKs $6B Settlement Data Release In 3M's UK Case

A Florida federal court has authorized the release of certain information related to 3M's $6 billion multidistrict litigation settlement ending claims over allegedly faulty combat earplugs to a London arbitral tribunal, which was convened to determine if insurer AIG Europe Ltd. is refusing to pay its share of the deal.
January 13, 2025
Gov't To Make Pension Fund Clearing Exemption Permanent

The U.K. government said it will push through regulation to ensure that an exemption on pension funds having to clear certain kinds of derivatives will not expire this year.
January 13, 2025
BoE 2025 Pension Deal Focus Dubbed A 'Reassurance'

The Prudential Regulation Authority's continued focus on the bulk purchase annuity sector is a positive step in light of the rapid increase in pension deals over recent years, Lane Clark & Peacock LLP said.
January 13, 2025
UK Unveils Blueprint To Become AI World Leader

The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.

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

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.
The EU AI Act's Impact On Global Financial Regulation

The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.
FCA Survey Results Reveal Rise In Nonfinancial Misconduct

After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
FCA's Broad Proposals Aim To Protect Customer Funds

The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
Modernizing UK Trade Settlement Standard: The Road Ahead

Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
A Look At UK, EU And US Cartel Enforcement Trends

The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
What Green Claims Directive Proposal Means For Businesses

With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
EU Reports Signal Greenwashing Focus For Financial Sector

Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
Embedding Consumer Duty: 6 Areas Firms Should Prioritize

The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
Insuring Lender's Baseball Bet Leads To Major League Dispute

In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.
What Steps Businesses Can Take After CrowdStrike Failure

Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.
What To Expect From Labour's Pension Schemes Bill

The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.