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The robots are coming … is insurance ready for AI?
The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialise in a fast-moving competitive environment.
United Kingdom | Publication | November 2023
Minor amendments to the legislation governing the UK ETS have been laid in Parliament and are intended to come into force on 1 January 2024. The amendments follow on from the Government’s response to the March 2022 consultation on reforming the UK ETS scheme (see our previous article: The UK Emissions Trading Scheme (UK ETS): Consultation Response).
The UK ETS was established in January 2021, to replace the UK’s participation in the EU Emissions Trading System (EU ETS) after the Brexit transition period. Like the EU ETS, the UK ETS is designed to tackle greenhouse gas emissions through a cap-and-trade scheme.
The amending legislation is focused on supporting the ongoing transformation of energy systems and transition to a low carbon economy, and will have the following effects:
The amending legislation closes loopholes and replaces outdated law to incentivise good industry practice, and these small changes are considered necessary to ensure that the UK ETS can be efficiently utilised to reduce emissions and support the UK’s progress towards net zero. NRF will continue to track developments in this field and provide further updates on amendments to the UK and EU ETS, so that we can continue to support clients across all key environmental and carbon markets.
With thanks to Rebecca Bell for her contributions.
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The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialise in a fast-moving competitive environment.
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The increasing frequency and severity of climate-related natural disasters is having a big impact on physical risk exposures and the increasing protection gap.
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On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
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