Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

Prices for continental European commercial insurance coverage increased for the third consecutive quarter, as average commercial insurance pricing rose nearly 6% globally in second-quarter 2019, according to global broker Marsh. The latest Global Insurance Market Index published by the broker reports the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases in…

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma has told the European Insurance and Occupational Pensions Authority (EIOPA) it is concerned about potential moves to introduce sustainability rules for captives under Solvency II, and urged the authorities to give such vehicles the benefit of proportionality and potential exemption from future changes to the regulation. Responding to EIOPA’s consultation on integrating sustainability within Solvency II, Ferma raised concerns…

Brexit concern rises at UK insurers: LCP survey

Brexit concern rises at UK insurers: LCP survey

Brexit concern rises at UK insurers: LCP survey

The number of UK insurance firms reporting Brexit as a key risk to their solvency has doubled during the past 12 months, up from 33% to 64%, according to actuarial firm Lane Clark & Peacock (LCP). Other key risks such as accounting standard IFRS17 and climate change ranked behind Brexit, LCP said on releasing its third annual survey of Solvency…

Moody’s says no-deal Brexit risk increased by election of Johnson

Moody’s says no-deal Brexit risk increased by election of Johnson

Moody’s says no-deal Brexit risk increased by election of Johnson

Moody’s Investors Service said the chances of a no-deal Brexit have increased following the election of Boris Johnson as Conservative party leader. Following the rise to power of pro-Brexit Mr Johnson, Moody’s said the likelihood of a sustainable Brexit compromise looks lower. Mr Johnson has already threatened to leave the EU on 31 October “do or die”, with or without…

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers are divided over whether data protection fines under the General Data Protection Regulation (GDPR) are insurable, with Herbert Smith urging caution against the position that all such fines cannot be covered by insurance in the UK. Last week, UK regulator the Information Commissioner’s Office (ICO) proposed GDPR fines against British Airways for £183.4m (€204.8m) and Marriot International for £99m (€110m).…

EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

The European Insurance and Occupational Pension Authority (EIOPA) said every EU member state should have a national guarantee scheme in place for the protection of policyholders in the event of the failure of an insurer, which should meet a minimum set of harmonised features. EIOPA has launched a consultation on its advice on the harmonisation of national insurance guarantee schemes…

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Updated analysis from DLA Piper confirms that General Data Protection Regulation (GDPR) fines are only insurable in two European countries and are a grey area in several others, with the majority prohibiting such cover. The second edition of the The Price of Data Security: A guide to the insurability of GDPR fines across Europe by DLA Piper and Aon Cyber Solutions…

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Ferma and other observers say the two proposed record General Data Protection Regulation (GDPR) fines announced this week, for British Airways (BA) and Marriott International, confirm that regulators are intensifying their action and serve as a warning to companies and their risk managers to expect stricter enforcement of the rules going forward. The experts say risk managers must make sure…

1 2 3 86