PwC Insurance Bulletin – Q1 2025

Welcome to the Q1 2025 edition of our Insurance Bulletin, which provides key updates and developments in the insurance industry at both domestic and European levels during the first quarter of 2025.

From an Irish perspective, one of the more notable regulatory developments was the publication of the Central Bank of Ireland’s revised Consumer Protection Code.

This edition also covers the latest NCID – Liability & Commercial Property Report, which aims to enhance transparency in the Irish insurance claims environment.

The Central Bank of Ireland also published its Q1 2025 Insurance Newsletter, which provides sector-specific updates and insights.

At a European level, relevant updates include EIOPA’s recommendation to change the standard formula capital calibrations for natural catastrophe risk.

EIOPA has also suggested amending the capital treatment of insurers’ direct exposure to central clearing counterparties within the standard formula.  

EIOPA’s risk dashboard reported an increase in ESG-related risks, driven by evolving environmental agreements and growing scepticis.

Finally in this bulletin, EIOPA has launched a consultation on its opinion on AI governance and risk management, with the aim of providing guidance for supervisors and insurers on implementing AI systems.