Solvency UK reforms: What do insurers need to know?

The UK Government launched a review of Solvency II in April 2022 with ambitions of making the UK insurance market more competitive, dynamic and capable of supporting domestic investment. These aims were to be balanced against the statutory objectives of the Prudential Regulation Authority (PRA) of policyholder security and financial stability. The phased implementation of changes to the Solvency II regime following the UK’s departure from the EU was completed on 31 December 2024. What does this mean for the sector?