Ferma urges new EC group to address AI ethics in underwriting and corporate world

Ferma urges new EC group to address AI ethics in underwriting and corporate world

Ferma urges new EC group to address AI ethics in underwriting and corporate world

Ferma has called on the EC’s new expert group looking into the role of artificial intelligence (AI) to consider the future insurability of commercial organisations if underwriting is left to AI technology and, more broadly, to define ethics surrounding its use in the corporate world. Late last week, the EC appointed 52 experts to its new High Level Group on…

Study highlights resurgence of Europe’s mutual and cooperative insurance sector

Study highlights resurgence of Europe’s mutual and cooperative insurance sector

Study highlights resurgence of Europe’s mutual and cooperative insurance sector

Europe’s mutual and cooperative insurers have seen a resurgence in business in recent years, according to a study jointly published by the Association of Mutual Insurers and Insurance Co-operatives in Europe (AMICE), and the International Cooperative and Mutual Insurance Federation (ICMIF). The study covers the 28 member states of the EU, plus the four countries which are members of the…

Dixons Carphone breach could be first significant test of GDPR rules

Dixons Carphone breach could be first significant test of GDPR rules

Dixons Carphone breach could be first significant test of GDPR rules

UK telecommunications retailer Dixons Carphone has reported the first significant data breach since the introduction of the General Data Protection Regulation (GDPR). The case could put the UK’s new GDPR regime to the test, although the first hurdle will be to establish whether the breach will fall under the updated law or be dealt with under the old 1998 Data…

Technology should see insurers share more data, say industry leaders

Technology should see insurers share more data, say industry leaders

Technology should see insurers share more data, say industry leaders

Insurers are looking to harness disruptive technology to better share data, despite the distraction of Brexit, according to insurance leaders. The senior insurance industry executives speaking at an Airmic conference panel debate in Liverpool said technology will create opportunities to share data and work more closely in collaboration with corporate clients. Chris Johnson, head of Europe, Middle East and Africa…

More work needed on gender pay gap and diversity in risk profession

More work needed on gender pay gap and diversity in risk profession

More work needed on gender pay gap and diversity in risk profession

Gender pay gap reporting in the UK has highlighted the potential for pay disparity among risk managers and the need for more work on diversity within the profession. From April, UK organisations with 250 or more employees were required to report on their gender pay gaps – the difference in pay between male and female employees. While a rudimentary measure,…

Arch Capital to expand underwriting operations in Ireland

Arch Capital to expand underwriting operations in Ireland

Arch Capital to expand underwriting operations in Ireland

Arch Capital Group is to expand its underwriting operations in Ireland to ensure continuity of its operations across the EU after Brexit. Arch is applying for regulatory approval from the Central Bank of Ireland for certain underwriting operations of its UK insurer, Arch Insurance Company (Europe), and its Gibraltar insurer, Alwyn Insurance Company, to continue from Ireland. Arch explained that…

IUA report highlights insurance implications of GDPR

IUA report highlights insurance implications of GDPR

IUA report highlights insurance implications of GDPR

The International Underwriting Association (IUA) has issued a report highlighting a number of factors that may drive up both the volume and cost of claims against general liability policies as a result of the General Data Protection Regulation (GDPR). As a result of this potential increase in insurance claims for data breaches, insurers should carefully consider whether policy limits and…

MS Amlin gets go-ahead for Brussels Brexit plan

MS Amlin gets go-ahead for Brussels Brexit plan

MS Amlin gets go-ahead for Brussels Brexit plan

MS Amlin will redomicile its European operations from London to Brussels after receiving regulatory approval, with the new base fully operational from the beginning of January 2019. The move sees Amlin Insurance SE, currently based in London, licensed to underwrite insurance and reinsurance from Brussels and European branches, including those in the Netherlands and France. From January next year, it…

RSA gets green light for Luxembourg move

RSA gets green light for Luxembourg move

RSA gets green light for Luxembourg move

RSA has received regulatory approval for its new Luxembourg insurance subsidiary, which is being set up to deal with Brexit. RSA Luxembourg (RSAL) has been established to ensure no disruption for business with EU-based customers and other business partners. RSA’s existing EU branch business will be transferred to RSAL via a Part VII transfer and then directly onto the RSAL…

Internet giants under investigation for GDPR infringement

Internet giants under investigation for GDPR infringement

Internet giants under investigation for GDPR infringement

High-profile social media companies Facebook, WhatsApp and Instagram, as well as search engine Google, were all hit with complaints to regulators within hours of the General Data Protection Regulation (GDPR) going live. They face total fines as high as €9.1bn if found guilty, but the actual punishment is predicted to fall short of that figure. Privacy group noyb.eu, run by…

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