April 2023
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This conference looked at next steps for the UK insurance sector as the Government moves forward with its planned Solvency II reforms.
With the proposal for a reduction in risk margin levels, it was a timely opportunity to consider the way forward for balancing new investment opportunities with effective risk management, and for policy reforms that will increase the sector’s contribution to achieving key national goals, including levelling-up and net zero.
Key stakeholders and policymakers assessed priorities for developing innovation in the insurance sector, securing the talent pipeline, and improving the sector’s social impact, as well as next steps for promoting the UK as a competitive global insurance hub.
We are pleased to have been able to include keynote sessions with Matt Brewis, Director, Insurance and Conduct Specialists, FCA; Shoib Khan, Director, Insurance Supervision, PRA; Charlotte Clark, Director of Regulation, ABI; Hugh de Lusignan, Head of Financial Services, Department for Business and Trade; and Caroline Wagstaff, Chief Executive Officer, London Market Group.
Overall, areas for discussion included:
- Solvency II:
- next steps for legislation - implementing reform - how to balance unlocking capital with effective risk management
- the impact of reform on key national objectives and the wider economy - ensuring the provision of long-term capital and investment to support growth
- regulation:
- developing the regulatory framework - the way forward for Solvency II implementation
- the impact of the Edinburgh Reforms, Consumer Duty, and Financial Services and Markets Bill - protecting policyholders and priorities for enabling competitiveness
- innovation and skills:
- supporting growth and investment in UK insurtech - securing the talent pipeline - addressing skills gaps
- development and implementation of new approaches to customer engagement - integrating new technologies into existing practices
- climate resilience:
- developing the sector’s role in bolstering climate resilience and enabling stronger climate and natural catastrophe modelling
- international competitiveness:
- promoting the UK as a global insurance hub - priorities for bi-lateral and wider international partnerships
- maintaining and developing the UK’s competitive advantages - key considerations for competitiveness when moving forward with regulatory reform
The conference was an opportunity for stakeholders to consider the issues alongside key policy officials who attended from the DBT; DfT; Department of Finance, Ireland; HMRC; HM Treasury; and the UKSA.
