Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

No dominant post-Brexit hub is emerging for London company firms, as the market delivered a 16% premium jump in 2017 and its statistics begin to reflect changing dynamics bought about by the UK’s EU exit, according to a report by the International Underwriting Association (IUA)…

London market insurers’ profits under pressure says Fitch, as rates stay flat

London market insurers’ profits under pressure says Fitch, as rates stay flat

London market insurers’ profits under pressure says Fitch, as rates stay flat

The profitability of London market insurers is expected to remain under pressure in 2018, according to Fitch Ratings, due to the “difficult pricing environment”. The ratings agency said that pricing in the London market remains under pressure due to excess capacity fuelling competition, despite rate increases following H2-17 catastrophe losses. At the same time, expense ratios remain high and reserve…

Data breach: the requirement of damage and suitability of representative actions

Data breach: the requirement of damage and suitability of representative actions

Data breach: the requirement of damage and suitability of representative actions

After a number of very high-profile data breaches, including at British Airways and Facebook, there has been a great deal of focus on potential class actions to recover damages for individuals affected. The potential number of victims in a data breach (BA estimates about 380,000 and Facebook 50 million) means that any successful class actions could result in very significant…

IMF warns of global economic and Brexit risks

IMF warns of global economic and Brexit risks

IMF warns of global economic and Brexit risks

The International Monetary Fund (IMF) has warned of a sudden tightening of financial conditions and “dangerous undercurrents” that threaten the global economy, while also stressing the risks of a no-deal Brexit. While banks and markets have stabilised since the financial crisis ten years ago, the IMF says in its Financial Stability Report that new risks such as trade tensions and…

Lack of clarity over new EU non-financial reporting rules

Lack of clarity over new EU non-financial reporting rules

Lack of clarity over new EU non-financial reporting rules

Problems in the way the EU’s Non-Financial and Diversity Information Directive, also known as the NFI Directive, has been implemented and a lack of clear reporting guidance means organisations are struggling to know exactly how to respond, according to a leading expert at Ferma’s seminar. As a result, the information disclosed is hard to compare and therefore of little value, he added…

Lloyd’s accelerates Brexit plan as Beale says ‘no deal’ more likely

Lloyd’s accelerates Brexit plan as Beale says ‘no deal’ more likely

Lloyd’s accelerates Brexit plan as Beale says ‘no deal’ more likely

Lloyd’s is stepping up implementation of its Brexit contingency plan as the threat of no deal rises, CEO Dame Inga Beale told the BBC’s Andrew Marr Show at the weekend. Ahead of her departure from Lloyd’s this week, Ms Beale said Lloyd’s is “accelerating” plans for its new European subsidiary in Brussels, which will begin underwriting European risks from 1…

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