It’s been a year since the introduction of Consumer Duty so the ABI has been exploring the impact of the regulation, both positive and negative. Data has revealed that cyber breaches on UK utility companies has hit 48, up from 7 in 2022, representing a 586% increase. Weather-related natural disasters are producing some worrying statistics according to Munich Re’s research.
Consumer Duty – One Year On (Source: ABI)
ABI reflects on the 12 months since the introduction of Consumer Duty and shares some of the best practices across the sector.
Cyber attacks against UK utility companies up 586% in 2023: Chaucer (Source: Reinsurance News)
Chaucer say that the increase is “being driven in part by growing efforts from state-backed hackers targeting critical UK infrastructure”.
Severe thunderstorms and flooding drive natural disaster losses in the first half of 2024 (Source: Munich Re)
In its latest report, Munich Re reports that global insured losses have hit $62bn, which is “significantly higher than the ten-year average of $37bn”.
Renewables showing resilience, optimism – WTW report (Source: Global (Re)Insurance)
Despite facing numerous constraints related to climate issues and supply chain disruption (to name but a few) the renewables sector is showing resilience.
Request a call back.
Let’s get the conversation started today.
Sign an NDA.
Take the first step in the next stage of your MGA business.
