The committee received an update on the Financial Institutions cyber wording project, including the imminent publication of updated model clauses and plans for a joint market briefing. Members discussed the rationale for recent wording developments, the importance of cyber clarity across financial lines products, and the potential use of anonymised claims scenarios to support market understanding of policy response and coverage allocation.

Members reviewed a range of legal and regulatory developments affecting the sector. Discussion focused on the ongoing FCA motor finance review, emerging exposures within the private credit market, and developments in corporate governance and shareholder litigation. The potential implications of market failures, remediation schemes and evolving regulatory scrutiny were considered, alongside broader geopolitical and war-related risk issues.

The committee also received updates from the LMA Non-Marine Committee covering developments relating to the Role of the Lead report, market practices under the General Underwriters’ Agreement, operational challenges within placement platforms, and regulatory reforms affecting Brazilian insurance and reinsurance business. Members highlighted the importance of maintaining market education and operational consistency as regulatory and commercial conditions continue to evolve.