GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

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,…

Back to the future

Back to the future

Back to the future

The thriving European mutual insurance sector accounts for about half of Europe’s insurance companies by number and a third by premiums. In many ways, the principles of this highly traditional European model are fit for the modern era and goals such as the sharing economy, inclusivity and sustainability. As the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE)…

French risk managers reassured over post-Brexit contract certainty

French risk managers reassured over post-Brexit contract certainty

French risk managers reassured over post-Brexit contract certainty

French risk managers have been reassured by their association AMRAE and market experts that there is no need to panic about the validity of coverage placed with UK-based insurers post-Brexit, but have been advised to double-check sooner rather than later. National insurance supervisors across Europe and the European Insurance and Occupational Pensions Authority (EIOPA) have worked hard during the last…

Insolvencies to rise in 2020 as EU-UK trading future discussed, warns Atradius

Insolvencies to rise in 2020 as EU-UK trading future discussed, warns Atradius

Insolvencies to rise in 2020 as EU-UK trading future discussed, warns Atradius

Robust risk management will be key to protecting businesses, said trade credit insurer Atradius, as it predicted insolvencies will rise 7% or higher in the UK and more modestly in Europe during 2020 as a result of Brexit. If a trade deal is not agreed between the EU and UK by the end of the Brexit transition period on 31…

Supply chain risk escalates as global trade faces multiple challenges

Supply chain risk escalates as global trade faces multiple challenges

Supply chain risk escalates as global trade faces multiple challenges

Global trade is being tested as geopolitical risks converge to disrupt supply chains, warned the Institute of Export and International Trade (IEIT) on the day the UK leaves the European Union. Marco Forgione, director general of the IEIT, said Brexit will change the rules of trade for business in the UK and Europe, but it is just part of a…

Insurers and customers protected from full Brexit impact during transition: AM Best

Insurers and customers protected from full Brexit impact during transition: AM Best

Insurers and customers protected from full Brexit impact during transition: AM Best

The UK’s exit from the European Union tomorrow will have little immediate impact on rated insurers in the country and across Europe, with the longer-term impact only becoming clear during future trade negotiations and decisions about equivalence, said AM Best. In the short term, insurance companies in the UK and EU will be able to continue underwriting risks in the…

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

The British Insurance Brokers’ Association (BIBA) is lobbying its government to reduce the regulatory burden on UK brokers, which it argues face unnecessarily high regulatory costs despite posing no systemic risk. Launching its manifesto for 2020 to ministers in the UK Houses of Parliament, BIBA said brokers pose low risk and regulation should be proportionate. Steve White, CEO of BIBA,…

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurance Europe, the body that represents the European listed insurance sector, and AMICE, the association of European mutual and cooperative insurers, have joined Ferma in calling for more robust and consistent application of the proportionality principle via the review of Solvency II being carried out by the European Insurance and Occupational Pensions Supervisory Authority (EIOPA). The deadline for consultation on…

Solvency II update weighs on insurers in 2020, says S&P

Solvency II update weighs on insurers in 2020, says S&P

Solvency II update weighs on insurers in 2020, says S&P

Europe’s Solvency II review, scheduled to take place this year, could see insurers’ solvency ratios impacted by between 30 and 70 percentage points on average per country, according to analysis from Standard & Poor’s (S&P). It warned some life insurers could be impacted by more than 100 percentage points. An update of Solvency II regulations is expected by June 2020.…

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