Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

The Association of British Insurers (ABI) has insisted that the International Association of Insurance Supervisors’ (IAIS) Insurance Capital Standard (ICS) is not fit for purpose, and has called for a longer timeline for implementation. The IAIS has just announced the release of ICS Version 1.0 for extended field testing, which it called “a significant milestone for the IAIS as a…

Internet-enabled home appliances should carry cybersecurity warnings, says UK police chief

Internet-enabled home appliances should carry cybersecurity warnings, says UK police chief

Internet-enabled home appliances should carry cybersecurity warnings, says UK police chief

Internet-enabled home appliances should carry cybersecurity ratings, similar to those for energy efficiency, a leading UK police chief has claimed. According to a report in UK newspaper The Guardian, Durham’s chief constable Mike Barton said new technology within the home, and the internet of things, mean consumers are more at risk from fraud and hackers. Consumers should be fully informed…

Cunningham Lindsey appoints two UK operations directors

Cunningham Lindsey appoints two UK operations directors

Cunningham Lindsey appoints two UK operations directors

Loss adjuster Cunningham Lindsey has appointed two UK operations directors. Stephen Kerr will take the newly created role for the south of the UK and Scott Cameron has been appointed as operations director for the north. Mr Kerr, who has been with the firm for 22 years, was previously operations director for the north. Mr Cameron, who takes over from…

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

London-based Fenchurch Law, which specialises in insurance disputes and works solely on the buyer side, has appointed Tom Hunter as an associate. Mr Hunter joins the claims dispute team from Reynolds Porter Chamberlain (RPC), where he was an associate in the professional and financial risks group. Mr Hunter has experience in financial lines defence work, including advising on professional indemnity,…

Axis Capital sets up Lloyd’s managing agency

Axis Capital sets up Lloyd’s managing agency

Axis Capital sets up Lloyd’s managing agency

Bermudian (re)insurer Axis Capital will establish its own managing agency at Lloyd’s, following final approval from regulators as part of wider plans to expand its presence in London and Lloyd’s. Axis Managing Agency will begin running existing Axis Syndicate 1686 on 4 August, when Axis will end its third-party agreement with Asta Managing Agency. Axis Capital said the new managing…

Sarah Civil joins Cunningham Lindsey

Sarah Civil joins Cunningham Lindsey

Sarah Civil joins Cunningham Lindsey

Loss adjuster Cunningham Lindsey has appointed Sarah Civil as corporate risks and specialist practice groups director. Ms Civil has been working as an independent consultant for the past 18 months after leaving Crawford. At Crawford she was head of Global Technical Services responsible for adjusting teams in major property loss, marine, power, energy, construction, engineering, international casualty and aviation. Ms…

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley is converting its existing Dublin-based reinsurance company into an insurance operation after receiving regulatory approval from Irish regulator, the Central Bank of Ireland. Beazley said under the renamed Beazley Insurance dac it will underwrite non-life insurance throughout the EU in addition to its Lloyd’s operations, which will continue to write EU business through Lloyd’s’ proposed insurance company in Brussels,…

EIOPA steps in over insurers’ post-Brexit plans

EIOPA steps in over insurers’ post-Brexit plans

EIOPA steps in over insurers’ post-Brexit plans

Moves across Europe to simplify and fast-track (re)insurance companies relocating operations from the UK to remaining EU member states as a result of Brexit may not be as easy as first thought. Issuing guidance on supervisory convergence, the European Insurance and Occupational Pensions Authority (EIOPA) warned supervisors against lowering their standard entry thresholds to attract new business from the UK,…

Cyber breaches double for UK insurers

Cyber breaches double for UK insurers

Cyber breaches double for UK insurers

Data breaches reported by UK financial services companies increased by 23% this year, with insurance companies and financial advisers reporting the largest rise in loss of client data through cyber attack or error. Citing statistics from the UK’s Information Commissioner’s Office (ICO), law firm RPC said a total of 140 data breaches were reported by financial services firms in 2016/2017,…

CBI lobbies for single market and customs union transition in Brexit talks

CBI lobbies for single market and customs union transition in Brexit talks

CBI lobbies for single market and customs union transition in Brexit talks

The UK should remain in the European Union’s single market and customs agreement until a new trade deal is finalised between the UK and remaining EU members post-Brexit, according to the Confederation of British Industry (CBI). The UK business group said its position has been built on economic research and is due to investor uncertainty. Speaking at a London School…

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