Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (IDD) sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction. On 21 November 2016, the German Federal Ministry…

EU and Japan target speedy conclusion of trade negotiations as protectionism rises

EU and Japan target speedy conclusion of trade negotiations as protectionism rises

EU and Japan target speedy conclusion of trade negotiations as protectionism rises

As risk managers try to work out the implications of growing protectionism in key global markets, the European Union and Japan have decided to seek a speedy conclusion to their latest trade talks. EU Presidents Jean-Claude Juncker and Donald Tusk meet today with Japan’s Prime Minister Shinzo Abe. Negotiations for a bilateral trade deal will feature high on the agenda.…

European Commission launches consultation on role of EIOPA

European Commission launches consultation on role of EIOPA

European Commission launches consultation on role of EIOPA

The European Commission (EC) has launched a public consultation on the operation of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs have played a key role in ensuring that financial markets across the EU are well regulated, strong and stable, and its aim now is to identify areas where…

Eurozone stability dips in 2016

Eurozone stability dips in 2016

Eurozone stability dips in 2016

Eurozone countries have reported the first dip in economic stability for three years, according to a set of 20 indicators measured by Allianz for its Euro Monitor report. The overall rating of eurozone countries, measured on a scale of one to ten, fell slightly from 6.7 points to 6.5 points in 2016. Allianz said that although the stability score is…

Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Lloyd’s insurer Neon, which is part of The Great American Insurance Group, launched a new marine and offshore construction consortium. The consortium went live in February and aims to provide bespoke insurance coverage to shipyard clients. The consortium is underwritten by Mireille Dolonen and offers $70m capacity for shipyard construction and $55m for rig construction. Neon leads the consortium and…

EIOPA report highlights greater supervisory cooperation

EIOPA report highlights greater supervisory cooperation

EIOPA report highlights greater supervisory cooperation

The European Insurance and Occupational Pensions Authority (EIOPA) has said it will be looking for greater supervisory cooperation in information exchange and risk analysis. In its 2016 year-end report on the functioning of Colleges of Supervisors and priorities for 2017, EIOPA said the work of the Colleges of Supervisors is crucial for the conduct of high quality group supervision and…

London market issues Brexit recommendations to government as £8bn of EU premium at risk

London market issues Brexit recommendations to government as £8bn of EU premium at risk

London market issues Brexit recommendations to government as £8bn of EU premium at risk

European risk managers are already seeking to reduce their exposure to the London insurance market because of uncertainty over how claims will be settled and the reliability of cover provided in the post Brexit world, concludes a new report from the London Market Group. This is a big problem for the London market that takes some £8bn of premium a…

AIG to set up European subsidiary in Luxembourg to serve clients post Brexit

AIG to set up European subsidiary in Luxembourg to serve clients post Brexit

AIG to set up European subsidiary in Luxembourg to serve clients post Brexit

AIG plans to set up an insurance company in Luxembourg to access the European Economic Area (EEA) and Switzerland post Brexit. The new company will become AIG’s second subsidiary in Europe and operate alongside its current UK headquarters. The proposed restructure is expected to come into force in early 2019. The move is subject to regulatory approval. AIG’s Luxembourg company…

Many firms unable to prepare for ‘worst case’ Brexit because costs too high: CBI

Many firms unable to prepare for ‘worst case’ Brexit because costs too high: CBI

Many firms unable to prepare for ‘worst case’ Brexit because costs too high: CBI

The UK’s Confederation of British Industry (CBI) has warned that if the UK leaves the EU without a trade deal it would open a “Pandora’s Box” of economic consequences and be “irresponsible”. The CBI’s president, Paul Drechsler, said that while some firms are preparing for a ‘worst case’ Brexit deal, for many the costs of adapting are simply too high.…

Risk managers face more prescriptive cyber rules

Risk managers face more prescriptive cyber rules

Risk managers face more prescriptive cyber rules

Data protection rules in the EU and US are becoming more prescriptive as governments look to tackle the rising cyber threat, according to a panel debate hosted by Advisen. The webinar highlighted two significant data protection laws currently being implemented on both sides of the Atlantic. From 1 March 2017, minimum cyber-security regulations for banks and insurers are to be…

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