Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

AM Best believes that the Solvency II reform proposals put forward by the European Insurance and Occupational Pensions Authority (Eiopa) make a start in dealing with uneconomic aspects of Solvency II. The proposals are part of the European Commission’s review of the system as Solvency II celebrates its fifth anniversary. “While Eiopa’s advice, if implemented, would have the disadvantage of…

Facebook facing second collective consumer action for failing to protect data

Facebook facing second collective consumer action for failing to protect data

Facebook facing second collective consumer action for failing to protect data

Facebook is being sued under a consumer representative action for the “loss of control” of about one million users’ personal data in England and Wales. The claim has been filed in the High Court by journalist and writer Peter Jukes on behalf of himself and affected Facebook users. The action claims that their data was compromised between November 2013 and…

Haley says Aon-WTW deal still on track despite EC suspending investigation

Haley says Aon-WTW deal still on track despite EC suspending investigation

Haley says Aon-WTW deal still on track despite EC suspending investigation

Willis Towers Watson’s (WTW) CEO John Haley still expects his firm’s acquisition by Aon to complete in the first half of this year, despite news that the EC has temporarily suspended its antitrust investigation into the deal because it is awaiting further information. The EC said on Monday it has halted its in-depth competition review of the planned $30bn deal.…

AMRAE members face up to rising cyber risk as capacity dwindles

AMRAE members face up to rising cyber risk as capacity dwindles

AMRAE members face up to rising cyber risk as capacity dwindles

The latest round of renewals was worrying for cyber insurance buyers as they faced difficulties renewing their coverages at a time when risks are on the rise, a top French risk manager has warned. Philip Cotelle, a member of the board at AMRAE, France’s risk management association, also said cyber insurance covers that are available in the market are failing…

Supply chain risk set to escalate as NDBI cover evaporates

Supply chain risk set to escalate as NDBI cover evaporates

Supply chain risk set to escalate as NDBI cover evaporates

Despite initial fears and severe restrictions on the movement of people, the Covid-19 pandemic has so far caused limited disruption to global supply chains. But the worst may be yet to come, an audience of French risk professionals was told late last week. “The Covid crisis has made supply chains more fragile, but we are in a somewhat anesthetised mode,”…

French risk managers turn to self-insurance as market hardens

French risk managers turn to self-insurance as market hardens

French risk managers turn to self-insurance as market hardens

It is good news for French risk and insurance managers that their representative association AMRAE is in discussion with insurers, brokers and importantly the French government about how rules can be changed and fiscal incentives introduced to promote the wider use of self-insurance tools such as captives, to better manage catastrophic risks such as the current pandemic. But, as these…

Risk appetite and investment must adapt to the new normal: Bouquot

Risk appetite and investment must adapt to the new normal: Bouquot

Risk appetite and investment must adapt to the new normal: Bouquot

Risk financing models need to be reviewed in the wake of the pandemic-driven economic crisis, believes Brigitte Bouquot, a vice-president of France’s risk management association and former president. She also praised plans announced by the French government to provide incentives for companies to retain more risks by building up reserves via instruments such as captives. In a session during the…

The impact of Brexit on the construction industry

The impact of Brexit on the construction industry

The impact of Brexit on the construction industry

On 24 December 2020, the EU and the UK finally agreed a post-Brexit trade agreement – the Trade and Cooperation Agreement (TCA) – which came into effect on 1 January 2021. The environment in which the construction industry operates will undergo significant change in light of Brexit and the TCA. By their very nature, construction contracts are concerned with risk…

Two thirds of Airmic members fear additional insurance costs from Brexit

Two thirds of Airmic members fear additional insurance costs from Brexit

Two thirds of Airmic members fear additional insurance costs from Brexit

Just under two thirds (63.5%) of Airmic members are concerned that there will be additional insurance costs following the EU-UK post-Brexit deal agreed in December. The association’s latest Pulse Survey, carried out among its members in January, finds that UK insurance buyers are worried they will have to fork out for issuing additional local polices and fronting costs. A number…

European data regulators considering €50m fine against WhatsApp

European data regulators considering €50m fine against WhatsApp

European data regulators considering €50m fine against WhatsApp

Facebook’s messaging service WhatsApp is reported to be facing a fine of up to €50m for data protection breaches under Europe’s GDPR. Ireland’s Data Protection Commission is currently consulting on the size of the fine with other European data regulators, according to a report from Politico, which says the fine is likely to fall between €30m and €50m. The Irish…