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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Latest Insurance & Reinsurance News

Insurance & Reinsurance weekly highlights—24 July 2025

This week's edition of Insurance weekly highlights includes: National House Building Council v Peabody Trust, and Bath Racecourse Company Ltd v Liberty Mutual Insurance Europe Se; case analysis from 7 King’s Bench Walk on the Russian aircraft claims case (Aercap v AIG); UK landlords face group claim over 'hidden' insurance fees; Insurers keen on UK captive regime but fear gold-plating; PRA confirms May 2026 start for general insurance stress test; Retail insurance market: FCA publishes package of reports on cost pressures, claims handling failings and pricing reform impacts; What insurers can do to prepare for PRA 'solvent exit' rules; EIOPA consults on rules for resolution colleges and reporting requirements under IRRD; EIOPA publishes statement with findings on climate risk integration in insurers’ ORSAs; European Commission seeks views on Solvency II proposals, plus dates for your diary and key recent cases.

Racecourses lose early fight in £80m coronavirus (COVID-19) insurance dispute

Law360, London: A racecourse business shuttered during the coronavirus (COVID-19) pandemic on 22 July 2025 lost its case that £2.5m insurance limits applied to every cancelled race, with a London court ruling that each event was not a separate point of loss.

PRA finalises UK ISPV reforms with fast-track authorisation and updated prudential guidance

The Prudential Regulation Authority (PRA) has published policy statement PS9/25 and supervisory statement SS2/25. PS9/25 sets out the PRA’s final policy following consultation CP15/24 on proposed changes to the UK Insurance Special Purpose Vehicle (UK ISPV) regulatory framework. It aims to enhance the safety and soundness of the insurance sector by providing cedants with access to more diversified reinsurance capital, while also enabling the UK to play a larger role in the global Insurance Linked Securities (ILS) market by simplifying and enhancing the attractiveness of establishing UK ISPVs. The reforms introduce an accelerated pathway for certain UK ISPV applications and streamline the standard application process and senior management requirements. The final rules and policy material are effective on 24 July 2025.

EIOPA publishes follow-up report on outsourcing under Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) has published the follow-up report to its 2022 peer review on outsourcing under Directive 2009/138/EC (Solvency II), assessing the extent to which national competent authorities (NCAs) across the European Economic Area (EEA) have implemented the 77 recommended actions. The report confirms substantial progress, with 51 actions assessed as fulfilled, 22 as partially fulfilled and four as not fulfilled. It highlights improvements in regulatory tools, guidance and internal procedures, including structured notification processes and enhanced documentation requirements. Areas identified for further attention include off-site supervision, full operationalisation of supervisory tools and consistent embedding of internal procedures. EIOPA recommends that NCAs continue to build on existing structures and systems and will monitor implementation efforts, with the possibility of issuing targeted guidance or facilitating best practice exchange.

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