The UK insurance market is the largest in Europe and the fourth largest globally, employing around 300,000 professionals across carriers, reinsurers, brokers, managing general agents, and premium finance providers.
Size can never mean complacency though and the sector is undergoing rapid transformation. AI and data analytics are now central to competitiveness and firms must also respond swiftly to evolving regulatory expectations.
Watch the video now to gain deeper insights into the evolving landscape and find out how we can support your business through change.
UK insurances market is the largest in Europe and the fourth largest in the world. Employing circa 300,000 individuals, with a 3rd of those directly by insurers and the rest in markets, attached such as broking.
The Market is broken into separate subsectors of insurance carriers and reinsurers, insurance intermediaries such as brokers and MGAs and premium finance providers.
This subsector is facing many challenges. It is a highly regulated market and the restructuring and insolvency tools required for this subsector have changed materially since the financial crisis and the introduction of comprehensive regulation and the improvements in risk management practices, as well as the adaptation of reforms driven from bank failures.
The insurance landscape is rapidly evolving, with operational, regulatory and investment risks constantly changing. Insurance firms are navigating an unpredictable geopolitical climate, economic uncertainty and climate change impacts. AI and data analytics are integral to remaining competitive, as is the speed of response to regulation expectations and stress and destress.
Key priorities for regulation include appropriate wind down planning and by the end of June of 2026, insurers will need to have solvent exit analysis in place. Equally, currently relevant is the FCA’s consultation on premium finance and fair value to the consumer, plus the use of discretionary commission products.
How can we in financial services restructuring and insolvency support the insurance subsectors?
Insurance carriers and re-insurers, we can offer the following types of support: insolvency advisory for carrier failure as well as the advisory support in relation to investments held, and for solvent exit analysis and solvent corporate eliminations, we work with the company in relation to leading to it and Members Voluntary Liquidation. We also supply to subrogated claim support.
For insurance intermediaries, meaning brokers and MGA’s, we help with advisory and insolvency support in distressed situations and help with wind down planning, with reviews, fire drills and where there is regulatory intervention via a S166 review, we help with the restructuring support.
For premium finance providers, we offer advisory and insolvency support in distressed situations, we work with corporates looking to redress and remediate consumers. We support wind down planning reviews and for regulatory intervention via s166 reviews, we use our restructuring toolkit to support the corporate.
Our financial services restructuring and insolvency team is well experienced to help you in these matters.
For more insight and guidance, get in touch with Chris Laverty.
