According to its annual report, the FSCS processed nearly 12,000 claims linked to investments, pensions, and mis-sold financial advice, resulting in payouts amounting to £176 million. A further £134 million was disbursed to policyholders of collapsed insurers, while £17 million was paid to members of failed credit unions, reflecting a broad spread of exposures across the financial services sector.
For insurers, the data present a mixed picture. While the broader financials category ranked second among 21 global sectors for output growth, the insurance subsector sat in the middle of the performance table, behind banks and other financials. Notably, the insurance industry experienced a slower rate of input cost inflation than most other service sectors, suggesting some relief from margin pressures.
The soft, or softening, global insurance market is also helping. For brokers, finding capacity to cover renewable assets was often challenging. In recent months, this task has become easier. “We’re seeing more carriers enter the renewable energy space, which is creating additional capacity and putting downward pressure on pricing,” said Jason Kaminsky (pictured), CEO at kWh Analytics. Kaminsky’s US-based underwriting firm specialises in renewable energy.
“AI is already embedded in daily workflows, but ISACA’s poll confirms governance, policy, and risk oversight are significantly lacking,” said Jamie Norton, Board Director, ISACA, in a statement. “Leaders must act now to establish the frameworks, safeguards, and training needed to support responsible AI use.”
The workforce will also be affected by the integration. Aviva and Direct Line plan to reduce their combined headcount by 5–7% over a three-year period. This equates to between 1,600 and 2,300 jobs, although the final figure may be lower due to natural attrition and unfilled vacancies.
In November, Treasury initiated a formal consultation on the future of captive insurance regulation. The consultation focused on how a new approach could support the competitiveness of the UK’s insurance sector, and it sought responses from industry stakeholders on areas such as authorisation processes, capital adequacy, and governance requirements.
The LAA took the unprecedented step of taking its entire online platform offline to prevent further data loss, and has since relied on a patchwork of phone lines, email correspondence and temporary workarounds to process legal aid claims. Legal aid providers have, in effect, been operating without a functioning back office for nearly ten weeks.
Hannah Gurga, director general of the Association of British Insurers, said: “As the drive to build 1.5 million new homes gets underway, the government needs to carefully consider where and how these homes are built. Every house needs to be able to withstand flooding, extreme heat, stronger winds and subsidence, and must not be built in flood-risk areas.”
Justice Ian Gault, in his ruling, said the company had failed to inform the market of material developments in a timely manner. This included its urgent need to raise NZ$100 million in reserves and actions taken by the Central Bank of Ireland to restrict its operations. The result, he concluded, was that investors were “denied timely access to material information and continued to trade, uninformed, for an extended period of more than five months”.
“With an incredibly exciting future ahead for our UK & Ireland business, I couldn’t be more pleased that we have extraordinary talent like Rob, an entrepreneur of our own, to lead it through the next phase of integration, growth and acceleration,” Howden said.
© 2025 Next Employment. All Rights Reserved. Privacy Policy | Website Terms | Sitemap
