Europe’s data protection regulators have shown wide differences in General Data Protection Regulation (GDPR) fines and been inconsistent in dealing with cyber incidents, according to analysis from Beazley. In its latest Breach Insights article, Beazley says there has been little consistency so far even though the same rules apply across Europe. Beazley notes that although GDPR regulatory activity has picked up,…
Insured losses from Europe’s Storm Ciara/Sabine are estimated to total between €1.1bn and €1.9bn, with claims in Germany likely to account for half the total loss. RMS said the storm will costs insurers between €1.1bn and €1.8bn, with around 50% hitting Germany. The estimate is in line with the €1.1bn to €1.9bn forecast by AIR last week. Germany’s insurance association…
The first insured loss estimate for European Storm Ciara/Sabine from AIR Worldwide ranges between €1.1bn and €1.9bn, with the majority falling in the UK, France and Germany. The storm also affected a wide area of mainland Europe including the Netherlands, Poland, Belgium, the Czech Republic, Slovenia, Sweden, Denmark and Norway, where it was named Elsa. It caused wind damage and…
AXA is selling its operations in Poland, Czech Republic and Slovakia, but AXA XL’s and AXA Partners’ operations within the three countries are not within the scope of the agreement. AXA has entered into an agreement with UNIQA to sell 100% of its life and savings, P&C and pension businesses in central and eastern Europe for a total cash consideration of…
Allianz Global Corporate & Specialty (AGCS) has launched a new unit that will offer corporate clients risk consulting, captive fronting and crisis management services separately to insurance covers. Launched at the Ferma Forum in Berlin today, AGCS Services will be piloted in central and eastern Europe and the Mediterranean region. AGCS said the launch marks a new approach in response…
AXA is planning the sale of its central European business as the insurer looks to quit markets where it lacks scale, reports Reuters, citing sources close to proceedings. One source told the news agency: “AXA plans to sell its businesses in Poland, the Czech Republic and Slovakia.” The source added that “teasers” (information packs) have been sent to potential suitors.…
Insolvency risk is expected to spike for companies in eastern Europe this year as economies fight against global trade tensions, the US-China trade conflict and a potential no-deal Brexit, according to trade credit insurer Atradius. In a barometer of B2B payment practices across 1,500 businesses in seven eastern European countries – Czech Republic, Hungary, Poland, Slovakia, Turkey, Bulgaria and Romania…
Businesses across the world are most concerned by economic risks, but cyber has climbed the rankings once again and remains the number one threat in Europe, according to a survey by the World Economic Forum (WEF). The survey asked nearly 13,000 business leaders in more than 130 countries to choose five risks from a list of 30 that will cause…
Brokerslink has added three European brokers to its network, including French maritime firm Filhet-Allard Maritime (FAM), part of the Filhet-Allard Group. The two other two brokers are Colemont FKB, an established Latvian company, and Draudimo Bités, a Lithuanian broker specialising in transport and logistics. The additions take Brokerslink’s presence in Europe to 36 countries. Christos Gavriel, Brokerslink’s regional manager for…
Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…