Will diesel emissions fuel a rise in personal injury claims?

Will diesel emissions fuel a rise in personal injury claims?

Will diesel emissions fuel a rise in personal injury claims?

Evidence of the harmful effects of diesel emissions is growing, resulting in it being likened to another toxic ‘timebomb’. These developments are likely to require corporates and their insurers to reconsider their approach to this developing risk. A new inquest into the passing of a child who died from asthma was recently ordered, following evidence that the death may be…

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers are divided over whether data protection fines under the General Data Protection Regulation (GDPR) are insurable, with Herbert Smith urging caution against the position that all such fines cannot be covered by insurance in the UK. Last week, UK regulator the Information Commissioner’s Office (ICO) proposed GDPR fines against British Airways for £183.4m (€204.8m) and Marriot International for £99m (€110m).…

EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

The European Insurance and Occupational Pension Authority (EIOPA) said every EU member state should have a national guarantee scheme in place for the protection of policyholders in the event of the failure of an insurer, which should meet a minimum set of harmonised features. EIOPA has launched a consultation on its advice on the harmonisation of national insurance guarantee schemes…

Ogden rate change to -0.25% a ‘disappointment’ for insurers and buyers

Ogden rate change to -0.25% a ‘disappointment’ for insurers and buyers

Ogden rate change to -0.25% a ‘disappointment’ for insurers and buyers

Insurers have warned that change of the UK’s personal injury compensation rate to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance. The UK’s Lord Chancellor’s department announced the Ogden rate change this morning. The rate is applied by courts when large compensation sums are awarded, to adjust for investment returns. Insurers had…

AM Best affirms AIG’s ratings but warns improvement needed in general insurance

AM Best affirms AIG’s ratings but warns improvement needed in general insurance

AM Best affirms AIG’s ratings but warns improvement needed in general insurance

AM Best has affirmed the ratings of AIG and most of its subsidiaries with a stable lookout, but warned that failure to make improvements in general insurance could cause negative rating action. The ratings agency has affirmed AIG’s ‘bbb’ long-term issuer credit rating (ICR) and its A financial strength ratings. It has also affirmed the ‘a’ long-term ICRs of most…

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

The Indian government has announced that it plans to allow 100% foreign direct investment (FDI) in insurance intermediaries. Finance Minister Nirmala Sitharaman said the government will examine suggestions of further opening up of FDI in sectors, including insurance, and will also permit 100% FDI for insurance intermediaries, according to a report in The Hindu Business Line. FDI in the sector…

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Updated analysis from DLA Piper confirms that General Data Protection Regulation (GDPR) fines are only insurable in two European countries and are a grey area in several others, with the majority prohibiting such cover. The second edition of the The Price of Data Security: A guide to the insurability of GDPR fines across Europe by DLA Piper and Aon Cyber Solutions…

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Ferma and other observers say the two proposed record General Data Protection Regulation (GDPR) fines announced this week, for British Airways (BA) and Marriott International, confirm that regulators are intensifying their action and serve as a warning to companies and their risk managers to expect stricter enforcement of the rules going forward. The experts say risk managers must make sure…

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