- Insurance regulation—themes for the year ahead
- Prudential standards and supervision
- Climate change
- Financial and operational resilience
- Recovery and resolution planning
Insurance & Reinsurance analysis: For many insurers the UK’s exit from the European Union coupled with the ongoing economic uncertainty arising from the pandemic has resulted in continued pressure on premium income. The UK’s gross domestic product (GDP) contracted by 9.8% during 2020 and given the link between GDP and demand for insurance, this pressure is likely to continue throughout 2021. It comes as no surprise then that the Prudential Regulation Authority’s (PRA) focus for the short to medium-term for insurers remains fixed on ensuring robust prudential standards and its supervision of firms, financial and operational resilience and recovery and resolution planning, among others. The financial risks arising from climate change also remain a central regulatory focus. Priti Lancaster, senior knowledge lawyer at Freshfields Bruckhaus Deringer, considers these issues and their impact on the year ahead.
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