State aid and Covid-19: more flexibility for public sector support to industry

State aid and Covid-19: more flexibility for public sector support to industry

State aid and Covid-19: more flexibility for public sector support to industry

The European Union state aid regime prohibits financial assistance to industry unless it is made in accordance with the parameters of the rules. There are controls on the types of industry that can be offered different types of public funding. The EU state aid regime continues to apply to the UK during the implementation phase of Brexit. The European Commission…

Rise of Covid-19 underlines need to urgently rethink risk-reward balance

Rise of Covid-19 underlines need to urgently rethink risk-reward balance

Rise of Covid-19 underlines need to urgently rethink risk-reward balance

The unwelcome arrival of coronavirus (Covid-19) has once again shown how essential it is for organisations of all types – private and public – to properly identify, assess, manage and transfer their critical risks. The very fact that we have decided to launch this weekly update on the latest risk and insurance implications of the virus shows that the business…

The importance of taking climate change into account: Appeal Court rules against government on Heathrow expansion

The importance of taking climate change into account: Appeal Court rules against government on Heathrow expansion

The importance of taking climate change into account: Appeal Court rules against government on Heathrow expansion

In rather prescient timing, just minutes before I joined an esteemed panel to discuss the impact of climate change on the construction sector at the Commercial Risk Construction Risk Management event, the UK’s Court of Appeal handed down its judgment in the long-running Heathrow airport expansion saga. In finding in favour of the environmental campaigners, the Court of Appeal’s judgment…

Risk managers rising to the challenge of employee benefits

Risk managers rising to the challenge of employee benefits

Risk managers rising to the challenge of employee benefits

Employee benefits have become an increasingly hot topic for corporate risk and insurance managers in recent times. This is because companies involved in the European and international economy are fast waking up to the fact that real and lasting success can only be achieved by attracting and retaining the best talent. To do this, they need to offer the best…

Back to the future

Back to the future

Back to the future

The thriving European mutual insurance sector accounts for about half of Europe’s insurance companies by number and a third by premiums. In many ways, the principles of this highly traditional European model are fit for the modern era and goals such as the sharing economy, inclusivity and sustainability. As the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE)…

UK’s ICO issues its first GDPR fine

UK’s ICO issues its first GDPR fine

UK’s ICO issues its first GDPR fine

On 20 December 2019, the UK’s Information Commissioner’s Office (ICO) issued its first General Data Protection Regulation (GDPR) fine to Doorstep Dispensaree (Doorstep), a London pharmacy that supplies medicines to customers and care homes, for the sum of £275,000. The case reveals much about how the ICO will work into the future and provides plenty of lessons for risk managers…

UK court confirms directors owe fiduciary duties post-solvency

UK court confirms directors owe fiduciary duties post-solvency

UK court confirms directors owe fiduciary duties post-solvency

A recent UK High Court ruling has confirmed that directors continue to serve fiduciary duties after a company is declared insolvent. System Building Services Group was placed into administration on 12 July 2012. Brian Michie had been a director for many years and was the sole director of the company from April 2012. In Hunt v Michie [2020], the liquidator…

Act in haste, repent at leisure

Act in haste, repent at leisure

Act in haste, repent at leisure

The portents of a harshening market are here. Risk and insurance managers need to be fully aware of what is occurring and rapidly digest what it means for them. They must act swiftly and decisively, but most importantly of all, on a rational and well-thought-out basis, or face potentially disastrous consequences. William Congreve coined the phrase that sits so well…

Talking local, going global

Talking local, going global

Talking local, going global

The corporate world in Spain and Portugal, with many more mid-market players than large companies, has resulted in a very different landscape for risk managers. While natural catastrophes and cyber risks top the agenda, risk managers in Spain and Portugal are also concerned by political risk and its impact on their ability to do business, said Juan Aznar Gáldiz, country…

UK provides legal certainty for smart contracts and cryptoassets in landmark legal statement

UK provides legal certainty for smart contracts and cryptoassets in landmark legal statement

UK provides legal certainty for smart contracts and cryptoassets in landmark legal statement

In mid-November, the UK Jurisdiction Taskforce, part of the LawTech Delivery Panel of senior solicitors and barristers headed by chancellor of the High Court, Sir Geoffrey Vos, published a landmark legal statement, providing long -awaited clarity on how cryptocurrencies, distributed ledger technology and smart contracts might be treated under English law. The statement follows several rounds of public and private…

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