New leaders for FM Global in EMEA, Asia-Pacific and the US

New leaders for FM Global in EMEA, Asia-Pacific and the US

New leaders for FM Global in EMEA, Asia-Pacific and the US

FM Global has announced a number of senior leadership changes in EMEA, Asia-Pacific and the US. This follows the forthcoming retirement of Stefano Tranquillo, who has served as senior vice-president, division manager EMEA/Asia-Pacific for almost 35 years. Phillip Johnson has been appointed senior vice-president, EMEA division manager, and will be based at FM Global’s Luxembourg office. Most recently, he served…

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

Airline compensation laws in the European Union are “crippling” the aviation sector, with passenger damages for flight cancellations and delays of more than three hours rising 300% since 2016, according to Gallagher, which is lobbying for changes to the rules. Gallagher said EU regulation 261, first introduced in 2004, is costing airlines two or three times revenues made on flights…

Court approves GDPR class action lawsuit against British Airways

Court approves GDPR class action lawsuit against British Airways

Court approves GDPR class action lawsuit against British Airways

A UK court has approved a GDPR class action for British Airways (BA) customers affected by the airline’s 2018 data breach. Approving a group litigation order, the High Court has opened the doors to one of the first such actions against a company under Article 82 of the GDPR since it took effect across the EU in May 2018. Article…

Ratings downgrades loom over no-deal Brexit: S&P

Ratings downgrades loom over no-deal Brexit: S&P

Ratings downgrades loom over no-deal Brexit: S&P

A no-deal Brexit could lead to ratings downgrades, warns Standard and Poor’s (S&P) as the UK enters the final few crucial weeks to secure an exit deal with the European Union before 31 October. It added that ratings could also be subject to negative outlooks or CreditWatch actions in the expectation of economic slowdown or disruption. S&P said rating actions…

Insurance Europe calls for changes to Solvency II proportionality principle

Insurance Europe calls for changes to Solvency II proportionality principle

Insurance Europe calls for changes to Solvency II proportionality principle

Insurance Europe has called for changes to ensure the principle of proportionality works under Solvency II. It said that currently the insurance industry reports little or no application of proportionality. Insurance Europe said it welcomed the EC’s request that EIOPA should assess whether proportionality in the application of Solvency II could be enhanced as part its 2020 review of the…

Trade credit insurers reducing exposure and raising rates over no-deal Brexit fears

Trade credit insurers reducing exposure and raising rates over no-deal Brexit fears

Trade credit insurers reducing exposure and raising rates over no-deal Brexit fears

The heightened risk of a no-deal Brexit is fuelling demand for trade credit insurance, but insurers are taking action to reduce their exposure to UK corporates and raising rates. Brexit is a big motivator for interest in credit insurance, according to Ian Watts, trade credit practice leader for Marsh JLT Specialty in the UK and Ireland. “Predictions of a large…

Cancer concerns spark EU probe into heartburn pills

Cancer concerns spark EU probe into heartburn pills

Cancer concerns spark EU probe into heartburn pills

The European Medicines Agency (EMA) will conduct a review into heartburn medicine ranitidine, after tests revealed traces of carcinogenic substances that can cause cancer. The review follows a request from the European Commission. The EMA said it will review data from ranitidine tests on animals that detected an impurity known as N-nitrosodimethylamine (NDMA). NDMA is a probable human carcinogen that…

Brexit and ‘low-for-long’ interest rates trouble Europe’s financial services and supervisors

Brexit and ‘low-for-long’ interest rates trouble Europe’s financial services and supervisors

Brexit and ‘low-for-long’ interest rates trouble Europe’s financial services and supervisors

Financial services firms are at risk of “Brexit fatigue” but must be prepared for the UK to leave the European Union without a deal on 31 October and have activate contingency plans in place before then, says a new report on current risks in the EU financial system by the Joint Committee of European Supervisory Authorities. It also warns of…

Two fifths of UK firms yet to carry out Brexit risk assessment, finds BCC survey

Two fifths of UK firms yet to carry out Brexit risk assessment, finds BCC survey

Two fifths of UK firms yet to carry out Brexit risk assessment, finds BCC survey

A survey by the British Chambers of Commerce (BCC) finds that two fifths of UK companies polled have still not carried out a Brexit risk assessment and that a “concerningly” high number are therefore clearly not ready for a no-deal Brexit. The online survey polled more than 1,500 business leaders in July, with 94% of participants from SMEs. While only…

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts have told insurance buyers in Germany to expect contract certainty and claims to be paid post-Brexit, as insurers and regulators have stepped up to the plate to solve potential problems. The experts were speaking during a panel debate yesterday at the GVNW Symposium, entitled ‘London’s burning’. It took place as Brexit was thrown further up in the air by…

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