Rated captives show strong Solvency II ratios, says Best

Rated captives show strong Solvency II ratios, says Best

Rated captives show strong Solvency II ratios, says Best

Reported Solvency II ratios, the ratio of Solvency II available capital to the Solvency Capital Requirement (SCR), are very strong for AM Best-rated European captives, ranging from approximately 160% to 240%, according to the ratings agency. Single entity risk carriers in Europe were required to disclose publicly a Solvency and Financial Condition Report (SFCR) as part of the Solvency II…

Report turns GDPR focus on insurers

Report turns GDPR focus on insurers

Report turns GDPR focus on insurers

Celent has focused a new report on the impact that EU rules on data protection will have on the insurance sector. With less than one year to go before the General Data Protection Regulation (GDPR) comes into force in May 2018, headlines have focused on the risk of heavy fines for data breaches but Celent reveals that insurers’ main concern…

UK car manufacturers lobby for Brexit interim deal

UK car manufacturers lobby for Brexit interim deal

UK car manufacturers lobby for Brexit interim deal

A trade group representing UK car manufacturers said Brexit negotiators must secure a transitional deal to ensure the survival of the UK motor industry. With Brexit talks opening in Brussels yesterday, the Society of Motor Manufacturers and Traders (SMMT) said UK car manufacturers face a “cliff edge” without interim arrangements in place ahead of finalising a new trade deal with…

Brexit uncertainty increases for business

Brexit uncertainty increases for business

Brexit uncertainty increases for business

Even before last week’s UK general election, political risk analysts painted a gloomy picture of Brexit negotiations, in which business will have to plan for the UK crashing out of the EU or a prolonged period of uncertainty and complicated trade negotiations. But the result of the election has created even more uncertainty for business, they say. Prior to the…

AXA Corporations Solutions warns of environmental risks under new French laws

AXA Corporations Solutions warns of environmental risks under new French laws

AXA Corporations Solutions warns of environmental risks under new French laws

AXA Corporate Solutions has warned large corporates operating in France about the risks of failing to meet new environmental laws. The insurers said that a new biodiversity law, which has been in force since August last year, introduced the concept of ecological damage to the French Civil Code alongside environmental regulations under the EU. AXA Corporate Solutions said it has…

Market tries to allay buyers’ fears it won’t be ready for Brexit

Market tries to allay buyers’ fears it won’t be ready for Brexit

Market tries to allay buyers’ fears it won’t be ready for Brexit

A clear majority of UK risk managers are worried that the insurance market is not prepared for Brexit and that they will face problems as a result, according to a snap poll carried out during the main panel debate at the Airmic annual conference in Birmingham yesterday. The insurers and brokers on the panel, however, reassured Airmic members that they…

GDPR could cut cost of cyber crime

GDPR could cut cost of cyber crime

GDPR could cut cost of cyber crime

Strict new EU data protection laws could ultimately save companies money, reduce cyber crime and help earn the trust of consumers, according to a briefing paper from Marsh. The GDPR, which will apply in all EU member states from May 25, 2018, will bring about tougher data protection laws and higher penalties for companies holding data on EU citizens. The…

UK boards properly getting to grips with risk management

UK boards properly getting to grips with risk management

UK boards properly getting to grips with risk management

Boards of leading UK firms fully understand the value of risk management and no longer regard it as just a tickbox exercise, according to risk managers taking part in our European Risk Frontiers survey. There was general agreement that, in part driven by regulatory and reporting requirements, the issue of risk management is higher up the corporate and board agenda…

False sense of security over cyber risk following GDPR delays

False sense of security over cyber risk following GDPR delays

False sense of security over cyber risk following GDPR delays

Delay in the adoption and implementation of the EU’s General Data Protection Regulation (GDPR) means some risk managers have potentially placed the matter on the “back burner” and could therefore be storing up severe problems for their employers, according to Alan Moore, head of UK business and global chief underwriting officer at Generali Global Corporate & Commercial (GC&C). The GDPR…

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