Brexit and ‘low-for-long’ interest rates trouble Europe’s financial services and supervisors

Brexit and ‘low-for-long’ interest rates trouble Europe’s financial services and supervisors

Brexit and ‘low-for-long’ interest rates trouble Europe’s financial services and supervisors

Financial services firms are at risk of “Brexit fatigue” but must be prepared for the UK to leave the European Union without a deal on 31 October and have activate contingency plans in place before then, warns a new report on current risks in the EU financial system by the Joint Committee of European Supervisory Authorities. It also warns of…

French firm liable for employee’s death after sex on business trip

French firm liable for employee’s death after sex on business trip

French firm liable for employee’s death after sex on business trip

A French railway services firm has been held liable for the death of an employee in unusual circumstances while on a business trip. The case went to court after it emerged the employee had a cardiac arrest on a work trip to central France after engaging in sexual activity with a stranger at her home. The Paris court ruled the…

Kenyan brokers continue fight to stop payment changes

Kenyan brokers continue fight to stop payment changes

Kenyan brokers continue fight to stop payment changes

Kenyan brokers are due back in court on 26 September to continue their fight against changing regulations, which they claim will seriously impact their survival. Nelson Omolo, chair of the Association of Kenyan Brokers, explained that legal changes would ensure premiums are paid directly to insurers without passing through intermediaries. However, he said the change in the law would seriously…

Could the US opioid epidemic be contagious?

Could the US opioid epidemic be contagious?

Could the US opioid epidemic be contagious?

The US is in the middle of an opioid epidemic, causing an estimated $504bn of economic damage and resulting in countless deaths. Risk managers in the pharma sector should be watching carefully as remedial action is being taken to address the health effects of this national crisis, and as enforcement and litigation is also beginning to ramp up. While the…

Investigation finds Tesla autopilot system partly at fault for crash

Investigation finds Tesla autopilot system partly at fault for crash

Investigation finds Tesla autopilot system partly at fault for crash

A report by the US National Transportation Safety Board (NTSB) has concluded the design of Tesla’s autopilot system combined with driver “inattention” and “overreliance” on the system to cause a crash in 2018. The findings from the crash, which did not cause any major injuries, will have repercussions for liability. The Tesla car had been following the vehicle in front,…

GFIA raises concerns again over Canadian regulator’s proposed capital rules

GFIA raises concerns again over Canadian regulator’s proposed capital rules

GFIA raises concerns again over Canadian regulator’s proposed capital rules

The Global Federation of Insurance Associations (GFIA) has warned that there could be a lack of coverage in Canada as a result of proposed capital rules from the Canadian Office of the Superintendent of Financial Institutions (OFSI). The GFIA has reiterated its concerns that were first raised in early July. The association has again written to the OFSI raising concerns…

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts have told insurance buyers in Germany to expect contract certainty and claims to be paid post-Brexit, as insurers and regulators have stepped up to the plate to solve potential problems. The experts were speaking during a panel debate yesterday at the GVNW Symposium, entitled ‘London’s burning’. It took place as Brexit was thrown further up in the air by…

Lloyd’s in strong position to continue German growth despite Brexit: Blumenthal

Lloyd’s in strong position to continue German growth despite Brexit: Blumenthal

Lloyd’s in strong position to continue German growth despite Brexit: Blumenthal

Lloyd’s refuses to shift into defensive mode in Germany and the rest of Europe as a result of uncertainty surrounding Brexit and the well-publicised central directive on syndicates to tighten their underwriting policies, not least when it comes to cyber risk. Indeed, the need to establish its direct EU presence via Lloyd’s Brussels appears to have breathed new life into…

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Reinsurers have not adequately priced for rising catastrophe exposures and climate change, which could lead to future rate increases, according to ratings agents. Reinsurance pricing has increased at recent renewals. This is in large part a response to record catastrophe losses in 2017 and 2018. Those two years combined generated losses of $200bn for the (re)insurance market, the most costly two-year…

Demand for D&O cover on the rise in Asia-Pacific as regulation hots up

Demand for D&O cover on the rise in Asia-Pacific as regulation hots up

Demand for D&O cover on the rise in Asia-Pacific as regulation hots up

Regulatory investigations across the Asia-Pacific region will become more frequent and aggressive over time, and risk managers in the region that currently do not advise their c-suite to buy any, or adequate, directors and officers (D&O) cover could find themselves in hot water as a result. Both Hong Kong and Singapore have significantly beefed up their corporate governance, stock market…

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