Report highlights significant tightening of environmental regulation globally

Report highlights significant tightening of environmental regulation globally

Report highlights significant tightening of environmental regulation globally

Recent increases in global legislation have become the biggest change to environmental risk in years, according to a new report from Chubb in collaboration with Clyde & Co. The new environmental risks report, Global Management of Environmental Risk, explores the impact of environmental risk on multinational businesses, and focuses on recent increases in global legislation. Suresh Krishnan, head of global…

Solvency II ‘a highly rules-based exercise’, says Best

Solvency II ‘a highly rules-based exercise’, says Best

Solvency II ‘a highly rules-based exercise’, says Best

Solvency II has moved the European regulatory regime very significantly towards a consistent, rigorous and market value-based system, but along the way it has become a highly rules-based exercise, according to AM Best. The ratings agency said there are differences in its application between countries and companies. “Some of these are more in the nature of differences in approach by…

MIB votes on UK motor-terror liability mutualisation

MIB votes on UK motor-terror liability mutualisation

MIB votes on UK motor-terror liability mutualisation

The Motor Insurers’ Bureau (MIB) has opened a ballot of its members that could result in the mutualisation of third-party motor-terrorism losses in the UK from next year. Last year saw two separate attacks in which terrorists used vehicles to cause death and bodily injury in the UK. The attacks on Westminster Bridge in March and London Bridge in June…

Time runs out for contract certainty as London lobby group calls for grandfathering to resolve ‘crisis’

Time runs out for contract certainty as London lobby group calls for grandfathering to resolve ‘crisis’

Time runs out for contract certainty as London lobby group calls for grandfathering to resolve ‘crisis’

Cross-border insurance contracts and pensions affected by Brexit must be grandfathered after the UK leaves the EU, argues TheCityUK in a new report that finds 30 million EEA and six million UK policyholders are at risk if a solution is not found. Financial services lobby group TheCityUK said £26trn of uncleared derivatives are also at risk, adding that time has…

African initiatives in parametric insurance for agriculture

African initiatives in parametric insurance for agriculture

African initiatives in parametric insurance for agriculture

Parametric or index-based insurance can play a significant role in closing the insurance protection gap – the gap between insured and uninsured losses – and fostering global resilience to the impacts of climate change. Parametric insurance Conventional insurance indemnifies the policyholder for the loss it incurs from an insured event. Parametric insurance pays a fixed amount upon the occurrence of…

Dixons Carphone breach could be first significant test of GDPR rules

Dixons Carphone breach could be first significant test of GDPR rules

Dixons Carphone breach could be first significant test of GDPR rules

UK telecommunications retailer Dixons Carphone has reported the first significant data breach since the introduction of the General Data Protection Regulation (GDPR). The case could put the UK’s new GDPR regime to the test, although the first hurdle will be to establish whether the breach will fall under the updated law or be dealt with under the old 1998 Data…

Technology should see insurers share more data, say industry leaders

Technology should see insurers share more data, say industry leaders

Technology should see insurers share more data, say industry leaders

Insurers are looking to harness disruptive technology to better share data, despite the distraction of Brexit, according to insurance leaders. The senior insurance industry executives speaking at an Airmic conference panel debate in Liverpool said technology will create opportunities to share data and work more closely in collaboration with corporate clients. Chris Johnson, head of Europe, Middle East and Africa…

Insurance market flattening out but not hardening say UK buyers

Insurance market flattening out but not hardening say UK buyers

Insurance market flattening out but not hardening say UK buyers

he insurance market is flattening out but there are no signs of hardening apart from select, generally loss-hit, lines, according to UK risk and insurance managers. They do not expect conditions to change much during the rest of 2018. The insurance buyers taking part in our European Risk Frontiers survey agreed there is ample capacity for most risks but flagged…

Ferma navigates risk managers through US-Iran sanctions

Ferma navigates risk managers through US-Iran sanctions

Ferma navigates risk managers through US-Iran sanctions

Ferma has issued new advice to European risk managers following the US’s decision to reintroduce sanctions against Iran, urging companies to take action now and warning that insurers will be wary of covering business risks in the country. The sanctions will affect non-US firms that continue to trade with Iran from 6 August, by threatening to cut off their access…

UAE Cabinet resolution – an end to 51% local ownership?

UAE Cabinet resolution – an end to 51% local ownership?

UAE Cabinet resolution – an end to 51% local ownership?

Risk managers should be aware of new rules in the UAE that will affect business ownership and also business visas. On 20 May 2018, the UAE Cabinet announced that it has passed a resolution to relax the onshore foreign ownership restrictions to spur economic growth in the UAE. This move has the potential to affect all businesses in the UAE,…

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