Governance

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This topic considers the different aspects of the UK governance regime that (re)insurers need to be aware of.

ESG and insurance

Practice Note: ESG and insurance—essentials considers the environmental, social, and governance (ESG) initiatives, regulations and legislation that are relevant to (re)insurers and intermediaries.

Practice Note: ESG risks and liabilities for the insurance industry focuses on why (re)insurers and intermediaries need to address ESG risks.

Practice Note: Sustainable finance and ESG in the UK financial sector—FCA's priority areas sets out the Financial Conduct Authority (FCA)’s priority areas in relation to sustainable finance and ESG issues, including the FCA’s ESG strategy; its work in relation to climate-related disclosures, and sustainability disclosure requirements (SDR) and investment labels (intended, among other things, to increase trust and combat greenwashing). It also covers the FCA’s involvement in international reporting standards and the FCA’s ESG-related supervisory priorities.

In April 2019, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) became the first central bank and supervisor to set supervisory expectations for banks and insurers on the management of climate-related financial risks, covering governance, risk management, scenario analysis

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IAIS publishes application paper on supervision of AI in insurance

The International Association of Insurance Supervisors (IAIS) has published the final version of its Application Paper on the supervision of artificial intelligence (AI), following a public consultation held earlier in 2025. The paper provides guidance on how supervisors and insurers can apply existing insurance core principles (ICPs) to the use of AI systems, reinforcing that expectations around governance, conduct, and risk management remain central as AI technologies are adopted in the insurance sector. It covers five key areas: risk-based supervision and proportionality, governance and accountability, robustness, safety and security, transparency and explainability, and fairness, ethics and redress. The IAIS notes that these principles are intended to support supervisors in assessing how insurers implement AI in a manner consistent with sound prudential and conduct practices. A public webinar will be held on 17 July 2025 to present the final paper and respond to stakeholder questions and will also introduce the IAIS’s new consultation on its draft Application Paper on operational resilience objectives and toolkit.

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