EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

The European Insurance and Occupational Pensions Authority (EIOPA) will pay specific attention to further implementation of prudential regulation, Solvency II and conduct of business supervision in 2018. In its 2017 oversight activities report addressed to the European Parliament, EIOPA says that as a priority for 2018, it will continue to focus on the close interaction with national supervisory authorities, improvements…

S&P analysts foresee slight improvements in insurers’ credit quality

S&P analysts foresee slight improvements in insurers’ credit quality

S&P analysts foresee slight improvements in insurers’ credit quality

Analysts from Standard & Poor’s Global Ratings (S&P) around the world have been surveyed by the ratings agency looking at credit trends and risks, the macroeconomic and competitive environment, financial expectations, and accounting changes for the year ahead. The first S&P Insurance Analyst Survey reveals that S&P analysts expect slight improvements in credit quality in North America, EMEA and APAC…

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

The EC’s proposed pan-European collective redress system put forward last week is much tougher on business than observers feared and would have huge implications for companies in terms of liability, insurance and risk management, a source in Brussels close to risk and insurance managers told Commercial Risk Europe. With key safeguards previously put forward by the EC to stop abuse…

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

A growing focus on privacy and tougher EU data protection laws could drive future claims against directors and officers, experts warn. The recent alleged misuse of personal data belonging to Facebook users has shone the spotlight on privacy liability just as the EU implements its General Data Protection Regulation (GDPR) on 25 May. The GDPR introduces new rights for consumers…

Sedgwick completes Cunningham Lindsey deal

Sedgwick completes Cunningham Lindsey deal

Sedgwick completes Cunningham Lindsey deal

Global risk and benefits solutions firm Sedgwick has completed the acquisition of loss adjuster Cunningham Lindsey, taking it a step closer towards rebranding all global operations under the Sedgwick name. The deal, announced in December last year, will swell Sedgwick’s employee numbers by 6,000 to 21,000 and add 600 offices across 65 countries. Sedgwick said Cunningham Lindsey’s services – which,…

New stats show cloud-based office solutions under increasing attack

New stats show cloud-based office solutions under increasing attack

New stats show cloud-based office solutions under increasing attack

Cloud-based office solutions are coming under attack, with the number of employee emails compromised by hackers rising in 2018, according to insurer Beazley. Reporting data breach statistics for the first quarter of 2018, Beazley said businesses using the cloud-based solution for Microsoft Office applications – Office 365 – have found themselves particularly targeted by hackers. Such hack and malware breaches…

Aon Benfield sees reinsurance capacity building despite 2017 cat losses

Aon Benfield sees reinsurance capacity building despite 2017 cat losses

Aon Benfield sees reinsurance capacity building despite 2017 cat losses

The traditional reinsurance sector as a whole continued to make money in 2017, despite the huge catastrophe losses in 2017, according to Aon Benfield. Looking at the 2017 results of the 21 major reinsurers comprising the Aon Benfield Aggregate, net income across the group stood at $4.0bn, contributing toward a 2.5% increase in total equity to $204bn. The return on…

Ireland’s supervisor worried about Brexit challenges ahead

Ireland’s supervisor worried about Brexit challenges ahead

Ireland’s supervisor worried about Brexit challenges ahead

Brexit could be one of the most significant events to affect the Irish economy and Irish financial services firms in a generation, according to the deputy governor of Ireland’s central bank, Ed Sibley. Yet many firms appear to be unconcerned about the challenges that lie ahead. “The full significance is almost impossible to predict at this stage, not least given…

Ferma calls for balance in EC’s collective redress plans

Ferma calls for balance in EC’s collective redress plans

Ferma calls for balance in EC’s collective redress plans

Ferma is considering the implications of the EC’s plans to introduce collective redress across the EU and higher penalties for companies that breach consumer law, before making its next move. But the federation has already reiterated its stance against punitive damages and reconfirmed its belief that out-of-court settlements are preferable for business and consumers, while reminding the commission of the…

Liberty appoints AIG’s Deguettes as general manager for France

Liberty appoints AIG’s Deguettes as general manager for France

Liberty appoints AIG’s Deguettes as general manager for France

Liberty Specialty Markets (LSM) has appointed AIG’s Richard Deguettes as general manager for France. Mr Deguettes will join LSM in May from AIG France, where he has worked as deputy director general since 2016. Mr Deguettes will report to Kadidja Sinz, LSM’s head of Europe, and be based in Paris. Ms Sinz said: “LSM is supporting European businesses in their…

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