UK Insurance Regulatory Trends To Watch In 2022 | #cybersecurity | #cyberattack | #education | #technology | #infosec

Author: NCSTA Category: News

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By Martin Croucher (January 1, 2022, 10:02 PM GMT) — The U.K. insurance and pension sectors are braced for major changes this year, with reform on the cards ranging from the cost of home cover for policyholders to the billions in capital that insurers are required to hold on to.

The year starts with new requirements for insurers banning them from over-charging loyal customers, while elsewhere insurers are under growing pressure from spiraling ransomware attacks on businesses. The Bank of England will stress-test the balance sheets of the insurance sector while also considering fundamental reforms to the amount of capital insurers are required to hold under the Solvency II Directive.

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