IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM Resilient has developed capabilities to help clients prepare for new data rules under the European Union’s General Data Protection Regulation (GDPR), which takes effect in May 2018. IBM said an incident response capability has been established to address the new requirements, explaining that the “GDPR is one of the biggest changes in data privacy law in decades”. IBM said…

Survey finds UK multinationals surprisingly confident in risky environment

Survey finds UK multinationals surprisingly confident in risky environment

Survey finds UK multinationals surprisingly confident in risky environment

Despite the majority feeling they are operating in a moderate to severe risk environment, UK multinationals are surprisingly confident about their current prospects as they appear acclimatised to uncertainty and are increasingly agile, finds a survey by CNA Hardy. The business confidence and risk perceptions survey of 500 business leaders and risk managers at UK companies with turnover from £5m…

Liberty chooses Luxembourg as post-Brexit EU base: reports

Liberty chooses Luxembourg as post-Brexit EU base: reports

Liberty chooses Luxembourg as post-Brexit EU base: reports

Luxembourg could be set to welcome yet another London market insurer looking for a post-Brexit European home, if media reports prove accurate. According to the Insurance Insider news website, which broke the story, Liberty Specialty Markets has selected the European principality as the domicile for an EU subsidiary. Liberty itself is not ready to confirm the move but issued a…

No direct rating impact from new Solvency II disclosure rules, says Best

No direct rating impact from new Solvency II disclosure rules, says Best

No direct rating impact from new Solvency II disclosure rules, says Best

AM Best does not believe there will be direct impact from the new Solvency II disclosure rules on its rating of European insurance companies. As part of the Solvency II regime, single entity insurers were required to disclose publicly a solvency and financial condition report (SFCR) in May. Group entities have a July deadline. The information provides an insight into…

Macron stymies anti-EU movement but global geopolitical risk remains uncertain: Verisk Maplecroft

Macron stymies anti-EU movement but global geopolitical risk remains uncertain: Verisk Maplecroft

Macron stymies anti-EU movement but global geopolitical risk remains uncertain: Verisk Maplecroft

Despite the recent election of a new moderate French president tempering the anti-EU movement, today’s global geopolitical picture remains unstable with the buck stopping largely at the door of the White House, according to Verisk Maplecroft. In its latest Geopolitical Risk Outlook, Verisk Maplecroft said the election of Emmanuel Macron as French president has steadied the recent political shocks for…

Risk exposure of EU insurance sector remains stable, says EIOPA

Risk exposure of EU insurance sector remains stable, says EIOPA

Risk exposure of EU insurance sector remains stable, says EIOPA

The risk exposure of the European Union insurance sector remains stable and some improvements were observed, according to the European Insurance and Occupational Pensions Authority (EIOPA). In its latest Risk Dashboard, based on the fourth-quarter 2016 data, EIOPA noted: “Solvency II ratios are stronger due to higher market values of assets and the increase of the risk free curve used…

Markel chooses Germany for post Brexit subsidiary

Markel chooses Germany for post Brexit subsidiary

Markel chooses Germany for post Brexit subsidiary

Markel Corporation announced this morning that it will establish a new German insurance company in direct response to the UK’s decision to exit the European Union and ensure it can continue to serve European clients post Brexit. The insurer said it has already spoken to the German financial regulator BaFin and will now apply for regulatory approval. Markel International writes…

Don’t transfer or merge EIOPA’s powers, says Insurance Europe

Don’t transfer or merge EIOPA’s powers, says Insurance Europe

Don’t transfer or merge EIOPA’s powers, says Insurance Europe

Insurance Europe has said that transferring some responsibilities away from the European Insurance and Occupational Pensions Authority (EIOPA), or merging it with another of the European supervisory authorities (ESAs), would reduce the effectiveness of consumer protection and prudential oversight. Having said that, the European re/insurance federation said there was no need, at this stage, to give EIOPA further powers. A…

Business on both sides of Channel form new Brexit supply chains

Business on both sides of Channel form new Brexit supply chains

Business on both sides of Channel form new Brexit supply chains

Businesses in mainland Europe and the UK are actively looking to break links with existing supply chains on the other side of the Channel and form new partnerships in preparation for Brexit, according to a survey of more than 2,100 supply chain managers by the Chartered Institute of Procurement & Supply (CIPS). The survey found that 45% of EU businesses…

CBI calls on government to set up Business Brexit Taskforce

CBI calls on government to set up Business Brexit Taskforce

CBI calls on government to set up Business Brexit Taskforce

UK business has called on its next government to establish a Business Brexit Taskforce within the first 50 days of taking office following the country’s general election on 8 June. Confederation of British Industry (CBI) president Paul Drechsler said government must bring business on board as it opens Brexit negotiations, and warned against freezing out industry. Addressing the CBI Annual…

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