Digitalisation, climate change and the cost of insurance have dominated agendas in early 2024 for insurers and regulators alike. While macroeconomic conditions have stabilised, technological advancements and legislative developments promise to keep insurers busy into the summer months and beyond.
Resilience and adaptability look set to be the primary regulatory themes as we enter 2024. Evolving macroeconomic conditions, technological advancements, and changing consumer preferences will be key areas that regulators will expect insurers to demonstrate preparedness for.
Individual accountability, climate, consumer protection and digitalisation featured prominently on the regulatory radar during Q1 2023. The Mazars insurance newsletter will update you on all the news and changes in the Insurance industry.
The Mazars insurance regulation newsletter provides a flavour of the latest developments that insurers should be aware of.
Inflationary pressure was the dominant discussion topic across all facets of society during Q3 2022, and insurance was certainly no exception to this.
Q2 2022 saw continued regulatory emphasis on consumer protection, resilience frameworks, and sustainability goals in the insurance sector. Combining these challenges with the backdrop of economic and geopolitical uncertainty, insurance professionals will remain as busy as ever this summer.
Q1 2022 has been another busy quarter for insurance regulatory developments. Digital and operational resilience, consumer outcomes, and climate dominate the supervisory agenda.
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Following the recent Compliance Institute event at Forvis Mazars, entitled "Stepping into a PCF Role under SEAR – Factors to Consider", attendees gained valuable insights into navigating the complexities of the Senior Executive Accountability Regime (SEAR).
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
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Forvis Mazars actuarial consultants have in-depth knowledge and experience of the challenges and opportunities in the Irish insurance market.
Due to increased pressures from the regulatory environment and growing market volatility since the financial crisis, it's essential banks, investment firms and asset managers enhance the consistency of valuation models and reinforce their validation processes to set up a robust framework for managing all the risks.
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