Regulation
EU AI Act may block smaller insurtechs from market entry
Smaller insurtechs in the artificial intelligence sector will be subject to additional regulatory oversight due to the European Union AI Act, which may prevent them from making it into the market, according to Sixfold CEO Alex Schmelkin.
QBE’s Gudhka shares seven steps to manage GenAI risks
Jaini Gudhka, senior risk manager at QBE, shares the seven steps businesses can take to manage generative artificial intelligence risks.
Axa and Zego reject generative AI for pricing
Axa and Zego have ruled out using generative artificial intelligence for pricing due to compliance concerns.
What Labour’s Manifesto means for insurers
Labour leader Sir Keir Starmer aimed to woo insurers when he outlined his party’s blueprint for government just before lunchtime today (13 June).
How insurers can up their claims game
Insurers love to talk about claims exaggeration, but David Worsfold asks: are they guilty of some exaggeration of their own?
Tackling Sexism in the City
Post Podcast: The Financial Conduct Authority is seeking to create a culture in insurance where people can speak up, challenge and be confident the issues they identify will be investigated and addressed.
What insurers should know about the Conservative Manifesto
The Conservative Party followed hot on the heels of the Liberal Democrats and launched a Manifesto today (11 June) with the slogan “Clear plan, bold action, secure future.”
Key takeaways from the Liberal Democrat Manifesto for insurers
Ed Davey, leader of the Liberal Democrats, was the first to fly out of the traps today (10 June) with his Manifesto packed with promises of what will be delivered by his party if he becomes prime minister.
What a Labour victory means for insurance
James Daley, managing director of the research and consultancy group Fairer Finance, reveals who should fear the approach of a new Labour administration and what companies could thrive if the Conservative Party are ousted at the general election on 4…
Known unknowns and the certainty of net zero
On World Environment Day (5 June), Ofir Eyal, director at consultancy Marakon, examines how the insurance industry is balancing the trade-off between revenue and reputation when it comes to climate planning.
Insurance’s problem with a shrinking pool of arbitrators
Mark Everiss, partner in insurance and reinsurance at Eversheds Sutherland, explores the practicalities of, and difficulties in, finding a competent impartial tribunal of arbitrators to determine insurance and reinsurance disputes.
FCA allows four firms to sell Gap insurance
The Financial Conduct Authority has confirmed that four insurance firms are now permitted to recommence their sales of guaranteed asset protection insurance.
FCA warns insurers against subletting regulatory responsibilities
The Financial Conduct Authority’s head of department for insurance market interventions, Caroline Gardner, has revealed the regulator’s concerns about providers keeping an eye on their claims handling partners.
FCA clarifies approach to non-disclosure agreements
The Financial Conduct Authority has insisted non-disclosure agreements should not prevent whistleblowers working in insurance from sharing the discrimination or harassment they face with the watchdog.
FCA overwhelmed by feedback on naming and shaming
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator will “really take our time” when considering its proposed plans to name firms it is investigating before any decision has been made.
Biba CEO Trudgill reveals crushing weight of regulation on brokers in inaugural speech
Biba CEO Graeme Trudgill has urged the FCA to allow brokers a ‘period of stability’ so they can flourish and help the economy following years of rising regulatory workload.
Biba follows ABI in addressing premium finance
Less than a month after the Association of British Insurers published guidance for members providing premium finance to customers, the British Insurance Brokers’ Association has followed suit.
What prompted FCA checks on bullying in insurance?
Jeremy Irving, head of the financial services regulatory practice at law firm Browne Jacobson, considers what could have prompted the Financial Conduct Authority looking into non-financial misconduct in the insurance industry.
Abby Thomas, Financial Ombudsman Service
Abby Thomas, who joined the Financial Ombudsman Service as chief executive and chief ombudsman in October 2022, wants the industry to get better at communicating.
Sam Woods, Prudential Regulation Authority
In the run-up to a general election Sam Woods, chief executive of the Prudential Regulation Authority, has been clear it will be for the government, not regulators, to ensure insurers invest the dividends of forthcoming solvency reforms in the UK.
Matt Brewis, FCA
Matt Brewis, the Financial Conduct Authority’s head of insurance, is a man on a mission in 2024, which is why he has climbed to third place on this year’s Insurance Post Power List.
MOJ asked for clarity on insurers saying ‘sorry’
Insurers and legal experts have welcomed a Ministry of Justice consultation on amending the law of apologies, but have called for more reassurance that saying sorry to policyholders won't be deemed an admission of liability.
Biba’s Trudgill on working with the regulator
Trade Voice: Graeme Trudgill, CEO of the British Insurance Brokers’ Association, outlines how overtures between the trade body and the Financial Conduct Authority might ease brokers' uncertainty around regulation.
Trade bodies lambast FCA’s transparency plans
16 financial services trade bodies have warned the Financial Conduct Authority against any plans to publish details of future regulatory investigations before they reach their conclusion.