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,…
Bermuda’s Arch Capital has acquired a 29.5% stake in French trade credit insurer Coface from Natixis in a deal valued at €480m. Announcing the move, Arch said it does not intend to take a majority stake in Coface for 12 months after the current transaction closes. Commenting on the deal, ratings agency Moody’s said Arch’s investment is credit positive for…
The impact of Covid-19 hit Europe hard over the weekend, as the Italian government in particular took drastic action to try and halt a fast-rising number of cases in the country. The Italian authorities placed several northern towns on lockdown as there were reports of up to 150 cases in the country by Sunday evening, up from the World Health…
French risk and insurance managers must step up their efforts to explain the value they offer to the c-suite in simple terms, as the global economy enters a new phase of volatility that demands a much more cohesive and socially inclusive approach to business than the past, according to Brigitte Bouquot, president of French risk management association AMRAE. Ms Bouquot…
AXA XL says its new CEO, accelerating price rises and further de-risking will help boost profitability, after 2019 earning figures fell below expectations. AXA XL saw revenues increase 10% in 2019, helped by “extremely brisk” price rises. But the unit’s combined ratio stood at 101.5%, and the firm’s CFO Etienne Bouas-Laurent said €507m of underlying earnings were “slightly below” expectations…
Demand for credit and political risk insurance (CPRI) has rocketed in Europe, with the region buying 75% more cover during the last two years through specialist broker BPL. A report by BPL says Europe is now the third-largest buyer of CPRI polices, with $5.7bn worth of business booked to the brokers portfolio at January 2020. The CPRI market has traditionally…
Insured losses from Europe’s Storm Ciara/Sabine are estimated to total between €1.1bn and €1.9bn, with claims in Germany likely to account for half the total loss. RMS said the storm will costs insurers between €1.1bn and €1.8bn, with around 50% hitting Germany. The estimate is in line with the €1.1bn to €1.9bn forecast by AIR last week. Germany’s insurance association…
The average European risk manager may be excused for thinking that the call from Brigitte Bouquot, president of French risk management association AMRAE, for risk managers to play their part in the creation of a new social contract between politicians, business leaders and society to help tackles the world’s big problems, is overstepping the line somewhat. But we are not…
Transferring supply chain risks has become a much harder task for French firms as the insurance market hardening pushes underwriters to restrict coverages and increase prices. According to France’s risk management association AMRAE, contingent business interruption (CBI) coverages are now only available for better-managed risks linked to direct suppliers, while brokers say that non-physical damage business interruption (NDBI) extensions have…
The first insured loss estimate for European Storm Ciara/Sabine from AIR Worldwide ranges between €1.1bn and €1.9bn, with the majority falling in the UK, France and Germany. The storm also affected a wide area of mainland Europe including the Netherlands, Poland, Belgium, the Czech Republic, Slovenia, Sweden, Denmark and Norway, where it was named Elsa. It caused wind damage and…