Financial Services Regulation and Compliance - Insurance Mar 2021

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Domestically, the CBI published its first insurance quarterly newsletter of 2021; At European level, EIOPA advised the European Commission on insurer's KPIs on sustainability for non-financial reporting; launched a comparative study of non-life underwriting risks in internal models; and published Q&As on the Insurance Distribution Directive.

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Recent developments in Professional Indemnity (PI) insurance in the Irish construction industry

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The Irish construction Professional Indemnity (PI) insurance market has been noticeably hardening in recent years. Having enjoyed quite a lengthy period of relatively stable market conditions, it is our experience that many insurance companies are now tightening their policy terms, increasing premiums and overall are seemingly more reluctant to underwrite the same level of risk.

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Central Bank Consumer and Investor Protection Priorities

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Director General for Financial Conduct, Derville Rowland, outlined the Central Bank of Ireland's (Central Bank) priorities for consumer and investor protection for 2021 at an online event on 16 March 2021.  The priorities for consumer and investor protection for 2021 include a review of the Consumer Protection Code, a focus on the insurance industry and progressing enforcement cases. 

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