BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

Covid-19 has sparked a wave of insurance coverage litigation that is set to lead to further restrictions on business interruption (BI) cover. Small businesses were hit hard by the pandemic and resulting lockdowns. Many soon found their insurance did not cover related BI losses. Hundreds joined class actions against their insurers, while test cases were brought in the UK and…

EU clients face Brexit disruption, warn UK regulators

EU clients face Brexit disruption, warn UK regulators

EU clients face Brexit disruption, warn UK regulators

European clients of UK financial services firms could still face disruption when the Brexit transition period expires on 31 December, the Financial Conduct Authority (FCA) and Bank of England warn, in a joint letter to insurers. The regulators urge insurers to continue mitigation work to ensure that risk of disruption and instability are kept to a minimum. “Some market volatility…

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s recent €35m GDPR fine, based on a new model formula in Germany, reflects a trend for higher penalties and more investigations under the regulation across many parts of Europe, according to leading lawyers. Swedish clothing retailer H&M was fined just over €35m by Hamburg’s data protection commissioner, for GDPR breaches. The company was found to have unlawfully collected and…

ABI calls for more flexible regulatory approach as UK reviews Solvency II

ABI calls for more flexible regulatory approach as UK reviews Solvency II

ABI calls for more flexible regulatory approach as UK reviews Solvency II

The UK’s Association of British Insurers (ABI) has said its members are currently “overburdened” by Europe’s solvency rules and urged its government to adopt more flexible regulation when the UK’s transition period with the European Union ends. As the UK government opened a review into Solvency II, the ABI said: “We need a regulatory system that enhances UK international competitiveness…

British Airways’ GDPR fine cut to £20m

British Airways’ GDPR fine cut to £20m

British Airways’ GDPR fine cut to £20m

British Airways has had its proposed £183.4m GDPR fine reduced to £20m by the UK’s Information Commissioner’s Office (ICO). The fine remains the biggest ever handed out by the ICO. It has announced an intention to fine Marriot £99m for a data breach but this is also expected to be reduced. The ICO issued its intention to fine BA in…

Poll shows public trust in corporate sustainability reports at record high

Poll shows public trust in corporate sustainability reports at record high

Poll shows public trust in corporate sustainability reports at record high

Trust in corporate social and environmental performance is at its highest ever level, according to a global poll by GlobeScan and GRI. The poll of 1,000 people shows that public trust in corporate statements on social and environmental performance across the 27 markets surveyed now stands at 51%. This is up from 30% when the survey launched in 2003, with…

Eiopa urges European insurance sector to finalise Brexit preparations

Eiopa urges European insurance sector to finalise Brexit preparations

Eiopa urges European insurance sector to finalise Brexit preparations

The European Insurance and Occupational Pensions Authority (Eiopa) has called on the insurance sector in Europe to complete preparations for the end of the UK transition period on 31 December 2020. “The insurance sector needs to be prepared for the consequences of UK and Gibraltar insurance undertakings becoming third-country undertakings and no longer benefiting from the Solvency II authorisation to…

Captives a key tool in hard market but need serious investment

Captives a key tool in hard market but need serious investment

Captives a key tool in hard market but need serious investment

Captives are currently a good option for European risk managers as they grapple to contain costs and maximise coverage during the rapidly hardening corporate insurance market. They offer the opportunity to more effectively identify, measure, manage and prevent risks, and provide critical leverage when negotiating terms and conditions with the insurance and reinsurance markets. But a panel of experts gathered…

London market loses £4.5bn in premium to Brexit

London market loses £4.5bn in premium to Brexit

London market loses £4.5bn in premium to Brexit

A total of £4.5bn in premiums previously overseen by London insurers was moved to their continental Europe operations last year as companies restructured for Brexit, according to the International Underwriting Association (IUA). This ‘controlled’ premium was previously written in European offices but managed by London market companies. The London market still wrote some £6.2bn in controlled premiums, which are written…

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Car manufacturer Fiat Chrysler will pay $9.5m to settle charges with the US Securities & Exchange Commission (SEC), which alleged disclosures on its emissions control systems were misleading. Fiat Chrysler agreed to the settlement without admitting or denying the SEC’s findings. In 2016, Fiat Chrysler published the results of an internal audit that it said showed compliance with emissions regulations…

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