UK court mulls VW class action

UK court mulls VW class action

UK court mulls VW class action

London’s High Court could decide by Thursday whether to grant legal action against VW that could lead to compensation for tens of thousands of UK car owners duped by the car manufacturer’s emissions fixing. Law firm Slater and Gordon, which represents 40,000 owners of Volkswagen, Audi, Seat and Skoda cars seeking compensation, said the action could be the largest consumer…

Swiss financial centre trails rivals to tackle cyber risk, watchdog warns

Swiss financial centre trails rivals to tackle cyber risk, watchdog warns

Swiss financial centre trails rivals to tackle cyber risk, watchdog warns

Switzerland’s top financial regulator has said cyberattacks are the most serious threat to its financial system, warning that Switzerland risks falling behind other financial centres in coordinating its response to the growing cyber threat. Addressing a news conference in Bern, CEO of the Financial Market Supervisory Authority (FINMA) Mark Branson said: “Cyberattacks are now the most serious operational hazard facing…

Regulator tries again to slash solicitor PII limits

Regulator tries again to slash solicitor PII limits

Regulator tries again to slash solicitor PII limits

Professional indemnity insurance (PII) limits for UK solicitors could be slashed from a minimum of £2m per claim to £500,000, as proposed in a consultation paper by the Solicitors Regulation Authority (SRA). Single-claim limits for conveyancing – the main source of claims against solicitors – will be set at the higher limit of £1m. Based on analysis of claims during…

Aegis bucks 2017 loss trend

Aegis bucks 2017 loss trend

Aegis bucks 2017 loss trend

Lloyd’s insurer Aegis London has squeezed a small but significant profit out of 2017, in a year that saw catastrophes wipe out profits for most of its competitors in the London and international markets. Aegis London recorded a combined ratio of 99% last year, and although that was up from 91% in 2016, Aegis London said remaining in profit sets…

AI benefits hang in the balance as risks loom large, Allianz warns

AI benefits hang in the balance as risks loom large, Allianz warns

AI benefits hang in the balance as risks loom large, Allianz warns

Risk managers are the front-line defence to ensure that the benefits of artificial intelligence (AI) to businesses are not wiped out by the risks, according to a new report from Allianz. With AI now accepted to become more embedded in business processes and practices, and in society – and already underway with driverless cars and chatbots – the potential benefits…

EU and OECD propose new rules to raise tax on digital economy

EU and OECD propose new rules to raise tax on digital economy

EU and OECD propose new rules to raise tax on digital economy

The EU has stepped up its effort to ensure all companies pay fair tax, with the proposal for news rules designed to ensure that digital business activities are taxed in a fair and growth-friendly way in Europe. Digital companies currently have an average effective tax rate half that of the traditional economy in the EU. The OECD also announced that more…

GVNW reports ‘positive signs’ in effort to prevent insurers passing on US BEAT cost

GVNW reports ‘positive signs’ in effort to prevent insurers passing on US BEAT cost

GVNW reports ‘positive signs’ in effort to prevent insurers passing on US BEAT cost

The GVNW, Germany’s risk and insurance management association, is forging ahead with plans to meet leading international insurers and seek assurance that its members active in the US will not be forced to bear higher coverage costs and restricted capacity for their US risks, as a result of the Base Erosion and Anti-Abuse Tax (BEAT) rules introduced at the start…

Lloyd’s hit by £4.5bn catastrophe bill

Lloyd’s hit by £4.5bn catastrophe bill

Lloyd’s hit by £4.5bn catastrophe bill

Catastrophe losses that reached £4.5bn last year sent Lloyd’s into the red for the first time in six years, recording a loss of £2bn in 2017 compared to a profit of £2.1bn in 2016. Lloyd’s said the losses “are proof, if any were needed, that business as usual is not sustainable”. Hurricanes Harvey, Irma and Maria along with Californian wildfires…

Insurance Europe launches cyber template to help SMEs cope with data breaches

Insurance Europe launches cyber template to help SMEs cope with data breaches

Insurance Europe launches cyber template to help SMEs cope with data breaches

Insurance Europe, the representative body for the European insurance industry, has announced that is has developed a template that could help companies meet their obligations under the General Data Protection Regulation (GDPR) to notify their supervisory authorities about personal data breaches. The template could be of particular interest to SMEs and supervisory authorities, according to Insurance Europe. “The former could rely…

UK moves to curb personal injury claims

UK moves to curb personal injury claims

UK moves to curb personal injury claims

The UK Government has introduced long-awaited legislation aimed at controlling rising personal injury claims and potentially reducing the cost of liability insurance. The Civil Liabilities Bill combines whiplash reforms and changes to the way large personal injury compensation awards are adjusted to reflect investment returns. Significantly, it will revise the basis for calculating the so-called Ogden discount rate using “low…