PRA confirms 2023 supervisory priorities for insurers

The PRA issued a Dear CEO letter to insurers setting out its supervisory priorities for the year ahead on 10 January 2023. The letter highlights six areas of focus, these being financial resilience, risk management, implementation of Solvency II reforms, reinsurance risk, operational resilience, and ease of exit for insurers. The letter also outlines the PRA’s intention to encourage the industry to better manage non-natural catastrophe risk, and to assess firms’ compliance with its expectations on managing financial risks arising from climate change. The PRA further states that it expects insurers to continue to embed diversity, equity and inclusion in their cultures. 

Download this At a glance to see our summary of the PRA’s Dear CEO letter and what it means for firms.