Daily Digest: Industry welcomes UK captives plan, WannaCry-size cyber event likely, P&I clubs call for tighter Red Sea precautions

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Industry welcomes Treasury plans for UK captives regime The UK will bring in a new legal regime for captive insurance by 2027, with the government saying the measure “will help cement the UK’s position as a leading international jurisdiction for insurance and risk management business”. HM Treasury published its delayed responses to a consultation on captives on July 15, as part of a wider package of initiatives meant to encourage growth in the financial services sector amid sluggish economic conditions. Insurance sector associations welcomed the reform proposals, saying they would help reinforce London’s reputation as a comprehensive insurance market.