British Airways thinks proposed record GDPR fine will now total just £20m

British Airways thinks proposed record GDPR fine will now total just £20m

British Airways thinks proposed record GDPR fine will now total just £20m

British Airways (BA) is confident it will get a huge reduction in the record £183.4m (€204.8m) GDPR fine it is set to receive from the UK data regulator, and has set aside just £20m (€22m) for the penalty. UK data regulator the Information Commissioner’s Office (ICO) announced last July it was set to hit BA with the record GDPR fine.…

ADB calls for investment in smart agriculture as food risk rises

ADB calls for investment in smart agriculture as food risk rises

ADB calls for investment in smart agriculture as food risk rises

The Asian Development Bank (ADB) has called for an investment from governments across the region in post-Covid-19 agriculture sector reforms, to support a transition from a labour-intensive supply chain to a more resilient and efficient agriculture system, including smart agriculture and mechanisation. The ADB’s recent report, Food Security in Asia and the Pacific amid the Covid-19 Pandemic, concludes that the…

VW pays almost $10bn in US dieselgate compensation

VW pays almost $10bn in US dieselgate compensation

VW pays almost $10bn in US dieselgate compensation

German car manufacturer Volkswagen (VW) has paid out more than $9.5bn to US consumers who bought diesel cars believing their emissions to be in line with regulations, according to the US Federal Trade Commission (FTC). In a final status report following a 2016 lawsuit, the FTC says VW’s diesel scandal, which saw its vehicles cheat emissions tests, prompted the largest…

Micro-captives not on IRS tax scam list but still on IRS radar

Micro-captives not on IRS tax scam list but still on IRS radar

Micro-captives not on IRS tax scam list but still on IRS radar

The US Internal Revenue Service (IRS) has published its annual ‘dirty dozen’ list of tax scams, with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The captive insurance sector will be pleased to see that so-called ‘micro-captives’, a type of 831(b) captive insurance company, are not on the list for the…

European court blocks EU-US Privacy Shield over data surveillance fears

European court blocks EU-US Privacy Shield over data surveillance fears

European court blocks EU-US Privacy Shield over data surveillance fears

The European Union’s Court of Justice has ruled against the Privacy Shield agreement that allows EU consumer data held by tech firms and other businesses to be transferred to the US. It said the agreement does not adequately protect EU consumer data from the US government, which can request access to the data under surveillance laws. “The requirements of US…

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Large shipping losses hit a new low last year with 41 vessels lost worldwide, but total incidents were up year on year and Covid-19 endangers long-term safety improvements, according to Allianz Global Corporate & Specialty (AGCS). The insurer’s annual Safety & Shipping Review analyses reported worldwide shipping losses for vessels weighing more than 100 gross tons. The latest study reveals…

Second wave of Covid-19 will erode insurers’ capital, warns S&P

Second wave of Covid-19 will erode insurers’ capital, warns S&P

Second wave of Covid-19 will erode insurers’ capital, warns S&P

New outbreaks of Covid-19 would eat into insurers’ capital, which until now has been strong enough to withstand asset damage and insured losses from the pandemic, with industrial primary players and global reinsurers particularly vulnerable, according to S&P. Insurers’ capital buffers are expected to take a hit in the second half of 2020 as investment losses and claims mount, S&P…

Climate risk guide fires starting gun for regulatory oversight of UK financial firms

Climate risk guide fires starting gun for regulatory oversight of UK financial firms

Climate risk guide fires starting gun for regulatory oversight of UK financial firms

Financial firms in the UK have been issued new risk management guidance on climate risks as regulatory pressure on the sector prepares to move up a gear. The guidance could well be used to set targets for firms next year as the Bank of England (BoE) raises its expectations on understanding and mitigating climate change risk. The guide is the…

GVNW calls on ministry to progress state-backed pandemic pool discussion

GVNW calls on ministry to progress state-backed pandemic pool discussion

GVNW calls on ministry to progress state-backed pandemic pool discussion

The German risk and insurance management association (GVNW) has pushed the Federal Ministry of Finance to move forwards with discussions with the GVNW and representatives of the German insurance industry, to develop a state-backed insurance scheme to provide business insurance cover for pandemic risks. The GVNW, led by president Alexander Mahnke, has written again to the ministry, urging it to…

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