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”.

 To download the report, please click here

Back to Index

Similar News to this Story

IICF raises valuable funds for local communities
The Insurance Industry Charitable Foundation (IICF), the non-profit organisation helping charities advocating education and social mobility through gr
Unpaid UK as bad debt claims soar to a ten year high
The number of insurance claims made so far this year by UK businesses facing bad debts has reached its highest level in ten years according to latest
Regulation is the biggest barrier to digital innovation
New research released by FIS™ reveals that the greatest barrier to UK financial institutions developing digital products, services and operations is

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.