British Airways thinks proposed record GDPR fine will now total just £20m

British Airways thinks proposed record GDPR fine will now total just £20m

British Airways thinks proposed record GDPR fine will now total just £20m

British Airways (BA) is confident it will get a huge reduction in the record £183.4m (€204.8m) GDPR fine it is set to receive from the UK data regulator, and has set aside just £20m (€22m) for the penalty. UK data regulator the Information Commissioner’s Office (ICO) announced last July it was set to hit BA with the record GDPR fine.…

Insurers face post-pandemic challenges, Eiopa warns

Insurers face post-pandemic challenges, Eiopa warns

Insurers face post-pandemic challenges, Eiopa warns

A high level of uncertainty on the magnitude of economic disruption as a result of the Covid-19 outbreak increases downside risks for insurers going forward, according to a new report from the European Insurance and Occupational Pensions Authority (Eiopa). In its report, July 2020 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area, Eiopa…

Ferma welcomes Eiopa’s ideas on pan-European pandemic insurance solution

Ferma welcomes Eiopa’s ideas on pan-European pandemic insurance solution

Ferma welcomes Eiopa’s ideas on pan-European pandemic insurance solution

Ferma and other buyer representatives have welcomed a new paper from the European Insurance and Occupational Pensions Authority (Eiopa) that puts forward a potential pan-European pandemic insurance solution with EU funding at the very top. Eiopa adds that such a scheme could be adapted to cover other systemic risks. Ferma has also stressed that organisations of all sizes, including large…

Ferma uses consultation to press EU to create pan-European transfer solution for systemic risks

Ferma uses consultation to press EU to create pan-European transfer solution for systemic risks

Ferma uses consultation to press EU to create pan-European transfer solution for systemic risks

Ferma has told the EU in a public consultation that it should help create a pan-European risk transfer solution for systemic risks because current national insurance pools are insufficient, particularly for business interruption (BI) losses, and make it difficult for companies operating across Europe. In a response to the EC’s public consultation on its renewed sustainable finance strategy, the federation…

European court blocks EU-US Privacy Shield over data surveillance fears

European court blocks EU-US Privacy Shield over data surveillance fears

European court blocks EU-US Privacy Shield over data surveillance fears

The European Union’s Court of Justice has ruled against the Privacy Shield agreement that allows EU consumer data held by tech firms and other businesses to be transferred to the US. It said the agreement does not adequately protect EU consumer data from the US government, which can request access to the data under surveillance laws. “The requirements of US…

Wegener tackles strategic priorities as Ferma president

Wegener tackles strategic priorities as Ferma president

Wegener tackles strategic priorities as Ferma president

Covid-19 offers both risk and reward, according to Ferma president Dirk Wegener, who is pressing ahead with strategic priorities since taking over the presidency in November. Speaking at Ferma’s general assembly, Mr Wegener said the pandemic has raised awareness of risk management. “I have no doubt that we will reflect a great deal on the experiences and lessons of this…

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…

AMRAE elects Wild as new president as Bouquot ends five-year tenure

AMRAE elects Wild as new president as Bouquot ends five-year tenure

AMRAE elects Wild as new president as Bouquot ends five-year tenure

Veolia’s Oliver Wild has been named as AMRAE’s new president, taking over the reins from Brigitte Bouquot after five years. Mr Wild, risk, insurance and internal control coordination director at Veolia, was first appointed to the AMRAE board as director in May 2016. Ms Bouquot, who is president of the Permanent Scientific Committee and administrator of Thales insurance companies, will…

French pandemic insurance scheme plans near completion: AMRAE

French pandemic insurance scheme plans near completion: AMRAE

French pandemic insurance scheme plans near completion: AMRAE

The working group created by the French Ministry of the Economy and Finance to investigate the best form of state-backed insurance scheme to cover pandemics will present its review to the ministry within the next few days, according to French risk and insurance management association AMRAE. The association is an official member of the working group that was created on the…

GVNW calls on ministry to progress state-backed pandemic pool discussion

GVNW calls on ministry to progress state-backed pandemic pool discussion

GVNW calls on ministry to progress state-backed pandemic pool discussion

The German risk and insurance management association (GVNW) has pushed the Federal Ministry of Finance to move forwards with discussions with the GVNW and representatives of the German insurance industry, to develop a state-backed insurance scheme to provide business insurance cover for pandemic risks. The GVNW, led by president Alexander Mahnke, has written again to the ministry, urging it to…

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