This was the opening keynote of the day at Artemis London 2025, our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK held on September 2nd 2025.

We began the day with a keynote speech by Nylesh Shah, Head of Insurance Supervision, London Market, Prudential Regulation Authority (PRA) at the Bank of England.

Speaking on the topic of “A vision for the future of UK ILS”, Shah emphasised the role of the regulator in maintaining financial stability and fostering a competitive marketplace for ILS within the UK. 

Recent reforms have streamlined requirements, simplified approval processes, and allow for faster contract renewals. 

He explained that the PRA aims to balance innovation with credibility and will ultimately look to upgrade PCC rules to allow them to handle multiple contracts, which has been a key ask from the industry.

Shah also said that the PRA aims to be a nimble regulator supporting ILS market growth, with a focus on quick authorisations and engagement with participants, and he was the first to highlight the importance of transparency and communication. 

He also noted that success will be measured by an increase in the number of ILS transactions and a stated desire to contribute to reducing under-insurance around the world.

Watch the full video to learn more about the Bank of England PRA's vision for insurance-linked securities (ILS) in the United Kingdom.