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Insurance Annual Review 2020-2021

29 January 2021

Welcome to our Insurance Annual Review.

In our review of developments in 2020 and analysis of some of the important issues on the horizon in 2021, we share insights that we hope will enable you to rise to the challenges, and make the most of the opportunities, which lie ahead across various sectors and lines of business.

The Covid-19 pandemic and Brexit have presented, and will continue to present, many new challenges for insurance markets and financial services generally.

The Supreme Court’s Judgment in the FCA Business Interruption Test Case brings some clarity. The impact of the decision on the UK property insurance market will be significant, but, like many of the diverse exposures that will arise out of the pandemic, it will take time to fully assess.

These extraordinary times have tested, and will continue to test, resilience, response, and ability to adapt on every level. Together with our clients, we are finding new ways to help the industry react and transform, preparing for a future where good culture, transparency and trust will be put firmly in the spotlight.

If you have any queries or would like more information about any of the articles in our review, please do not hesitate to contact me or any of the authors; we would be delighted to hear from you.

I hope that you, your colleagues, friends and family all remain safe and well.

Best wishes

Jonathan Newbold

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Focus on...

Published articles

Commentary: Manchester Building Society v Grant Thornton LLP

On 18 June 2021, the Supreme Court handed down judgment in Manchester Building Society v Grant Thornton LLP..

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Published articles

Perceptions of insurance business culture from London Market practitioners

The London Market has come under regulatory scrutiny in various respects. Regulators have identified evidence of non-financial misconduct and conduct risk as key cultural touchpoints which might be regarded at best as exceptions to the general run, or at worst as exemplars of a culture that overall is far removed from that which regulators are looking to instill in financial services.

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Press releases

Despite increased efforts by London Market Insurance Firms to prevent misconduct during the pandemic, practitioners perceive an increased risk due to remote working

New research from Browne Jacobson demonstrate shifts in London insurance market practitioners’ perceptions of firm’s actions on governance, conduct and culture during Covid-19, in their new report.

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Published articles

General insurance (GI) conduct and enforcement risk: Alsford Page & Gems Ltd - reading between lines on root causes of censure

The Financial Conduct Authority (FCA) has published a public censure of Alsford Page & Gems Ltd (APG).

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The content on this page is provided for the purposes of general interest and information. It contains only brief summaries of aspects of the subject matter and does not provide comprehensive statements of the law. It does not constitute legal advice and does not provide a substitute for it.

Jonathan Newbold

Jonathan Newbold

Partner and Head of Financial Services & Insurance

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