Insurers and intermediaries should check that they are taking the following legal and regulatory developments into account to avoid issues as 2021 progresses. (Photo: PeskyMonkey)

After such a challenging 2020, all businesses are craving more certainty in the new year. Whilst 2021 is already producing its own surprises, there is at least some certainty in the legal and regulatory issues likely to affect insurers and intermediaries in the U.K. This article summarizes key issues insurers and intermediaries should keep clearly on the radar in 2021.

Pricing and value

Insurers and intermediaries specifically need to consider value to customers of general insurance products they manufacture or distribute (except private medical insurance initially) under new rules from 1 January 2021. Reporting requirements on value measures will apply from 1 July 2021, with the first reports due to the Financial Conduct Authority (FCA) in February 2022. Firms can expect intervention from the FCA where it has concerns over data provided or harm to customers.

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