This is why we have subsequently written to the boards of general insurers setting out our expectations that they will review the culture and governance within their own firms. A “nothing to see here” mentality is not, and never will be, a sensible response to such an array of serious findings in a sister industry.
We will be following up with non-life insurers to understand how they are reviewing these issues within their own firms. How a firm monitors and addresses conduct and culture issues will be a part of our ongoing ‘business as usual’ supervision with all insurers. We will also monitor insurers to make sure their planned actions are implemented effectively.