General Insurance Article - 2016 Insurance regulatory predictions

David Strachan, co-head of Deloitte’s EMEA Centre for Regulatory Strategy, said: “Despite being eight years on from the financial crisis and the enormous regulatory progress already made, the policy-making agenda is far from complete, and framework reviews are already underway in some instances.

 “As such, looking to 2016, whereas we expect to see a continuation in the trend for fewer, brand new regulatory initiatives, there will be little change in the scale, scope, and pace of regulatory, supervisory and enforcement activities in the UK and EU.
 “Against this backdrop, high among the priorities for supervisors in 2016 will be the resilience of firms to prepare for, withstand, and in some cases, recover from crystallised event risk, notably a cyber-attack. Supervisors will want to assess the resilience of individual firms and the system as a whole.”
 Please see below for specific predictions for the insurance sector.
 • Individual accountability will be reinforced by the Senior Insurance Managers Regime (SIMR) in 2016, and through that a focus on culture. The issue of culture is also drawn upon with Solvency II remuneration requirements from 1 January 2016 requiring insurers to establish and maintain remuneration policies that promote a strong risk culture.
 • Insurers will feel increased regulatory pressure for transparency about the data they collect via technological devices, including why they collect it, how it is used, and shared. Regulators will need to consider if and how to protect those consumers who chose not to be “monitored”.

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