TO BE PUBLISHED October 2025
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This conference will focus on next steps for the UK insurance sector, examining priorities for long-term growth, resilience and regulatory reform.
With insurance identified as a priority sector in the Financial Services Growth and Competitiveness Strategy and the Chancellor announcing a new competitive framework for captive insurance in her Mansion House speech in July, it will be an opportunity to consider how policy and supervisory frameworks can evolve to drive growth and investment, and the way forward for supporting business, policyholders, and the wider ecosystem in managing risk.
Captive insurance
Next steps for developing a new captive insurance market in the UK will be assessed - as the PRA aims to consult on new rules in 2026 - including how UK businesses can be provided with greater risk management options, by setting up a wholly-owned vehicle to insure complex or hard-to-cover risks internally. Delegates will discuss the way forward for enabling a wider range of firms to establish captives, including options for implementing lower capital and reporting requirements to facilitate faster authorisation. The potential role of protected cell companies in supporting a captive insurance market will also be discussed, as the Government consults on changes to Risk Transformation Regulations.
Regulatory reform
Looking at proposals to expand the UK’s Insurance Linked Securities (ILS) framework, the agenda will bring out latest thinking on enabling more efficient access to capital markets for both insurers and non-insurers. It will also be an opportunity to discuss plans for the PRA to be given more flexibility to set appropriate funding rules, next steps for allowing non-insurance entities to sponsor ILS transactions, and implications of changes for investor confidence, market growth, and the UK’s broader financial services strategy.
With the FCA expected to publish a policy statement by the end of 2025 on simplifying conduct rules for commercial insurance, discussion will also focus on evolving expectations around conduct and transparency, alongside priorities for maintaining consumer protection standards. Options for streamlining regulatory obligations for brokers and insurers will be assessed, as well as the impact of proposed changes on disclosure requirements, fair value assessments, and distribution chain oversight.
Sessions will also consider implications of the Economic Crime and Corporate Transparency Act 2023 for the sector. Areas for discussion include concerns around the cumulative burden of compliance, particularly for smaller firms, and options for simplification and consideration of proportionality to help address operational and resourcing pressures without undermining regulatory standards.
Consumer protection
In light of ongoing efforts to embed the Consumer Duty, sessions will discuss priorities for the FCA’s studies on the Pure Protection and Premium Finance markets, focusing on issues such as pricing practices, product value and distribution models, in the context of rising costs of motor and home insurance. Recommendations in the FCA’s Roadmap for retail insurance will also be assessed.
We expect discussion to consider how transparency and fairness in pricing can be improved, particularly in response to ongoing concerns around affordability, and how these objectives can be achieved without narrowing access to cover or restricting innovation. Attendees will also consider the way forward for balancing strong consumer protection with market innovation and economic growth.
Sector resilience
Further sessions will examine the implementation of the Solvency UK regime and how the new framework is supporting investment and competition in the sector, as well as wider work of the PRA on resilience, including expected outcomes from the 2025 Life Insurance Stress Test. Delegates will assess how firms are managing pressures around model validation and capital requirements, and what further support or flexibility may be needed where time and resource constraints are limiting internal capacity.
Priorities for embedding operational and cyber resilience for firms will be discussed, looking at best practice in third-party risk management, incident response frameworks, and demonstrable tolerance across critical business services.
Investment & economic growth
With the PRA consulting on a Matching Adjustment Investment Accelerator the agenda also includes discussion on the development of a new framework for increasing the ability of insurance firms to invest in new assets and how this might drive economic growth in the sector.
AI and innovation
Attendees will also consider the future direction of regulation in supporting innovation and workforce transformation, including how regulatory sandboxes can accelerate technology adoption to support underwriting, pricing accuracy, and fraud detection. We expect discussion on how regulatory approaches to AI could provide greater clarity around data use, and effectively support fairness in decision-making, and maintain public trust as the technology becomes more embedded in core services.
Workforce development
Further sessions will discuss support needed for the development of the insurance workforce, including the skills and culture needed to ensure long-term resilience and sustainability. We expect discussion to consider implications of how perceptions of the sector - including ethical concerns and a lack of visibility of career opportunities - may be limiting its ability to attract and retain talent, and how these might be addressed through workforce development strategies and investment in skills.
All delegates will be able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates.
