The latest offer of a ‘permanent ceasefire’ from ETA, the Basque separatist group, has been greeted with scepticism by Spanish companies, as the terrorists have not explicitly committed themselves to put an end to activities that target businesses in the Basque Country.
Spanish companies might have their option to buy civil liability protection for managers restricted as the new Insurance Contract Act, which is currently being drafted by the Spanish Parliament, could forbid insurers to include coverage for monetary sanctions imposed on executives for penal and administrative reasons in their policies.
There is a sharp focus on risk management in both the Spanish and Portuguese economies as they struggle to pull themselves out of recession. The Madrid Risk Frontiers roundtable found a group of Spanish and Portugese risk managers eager to grasp the opportunity and challenge of turning this interest into true ERM action.
Spanish risk managers have been warned that the soft insurance market is coming to an end, although it is unlikely that dramatic price revisions will take place next year in most business lines.
Large Spanish insurance buyers have expressed their support of the Solvency II directive, but have also warned legislators to avoid creating an excessively bureaucratic burden for insurers and to guarantee that the regime will not hamper competition in the insurance market.
The European Commission has asked Spain to comply with a ruling by the European Court of Justice (ECJ) on emergency planning for major industrial accidents.
A controversy over the price of gas imported from Algeria has revived fears in Spain about the security of energy in the country, an age old concern of Spanish risk managers.
[LISBON]—DAMAGE caused by forest fires in Portugal has risen again in 2010, reaching the highest levels in five years and reigniting the debate on the ability of Portuguese authorities and landowners to effectively implement measures to prevent the burning of forests.
Spanish companies are seriously ill-prepared for the expected rise in environmental liabilities following the introduction of the Environmental Liability Directive according to recent research commissioned by ACE Iberia.
Over the past three years, Spanish companies have been busy preparing to meet the tough requirements of a new environmental responsibility law that transposes the European Liability Directive (ELD) in a stricter way than other European Union members.