Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…
Ferma has told the European Insurance and Occupational Pensions Authority (EIOPA) it is concerned about potential moves to introduce sustainability rules for captives under Solvency II, and urged the authorities to give such vehicles the benefit of proportionality and potential exemption from future changes to the regulation. Responding to EIOPA’s consultation on integrating sustainability within Solvency II, Ferma raised concerns…
AIG has appointed Jennifer Waldner to a newly created chief sustainability officer position, where she will lead and implement a sustainability strategy across the firm. Ms Waldner begins the role immediately and will report to Thomas Leonardi, AIG’s executive vice-president. AIG said the new role coincides with its inaugural Task Force on Climate-related Financial Disclosures (TCFD) report. It aims to provide…
Moody’s Investors Service said the chances of a no-deal Brexit have increased following the election of Boris Johnson as Conservative party leader. Following the rise to power of pro-Brexit Mr Johnson, Moody’s said the likelihood of a sustainable Brexit compromise looks lower. Mr Johnson has already threatened to leave the EU on 31 October “do or die”, with or without…
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.…
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…
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…
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…
One quarter of the world’s highest-emitting public limited companies (PLCs) do not report their emissions as proposed by the Taskforce for Climate-related Financial Disclosures, according to a new study that urges investors to adopt “an emergency footing” to pressure companies to commit to the Paris Agreement on climate change. The study, based on 274 global PLCs, is by the London…
US-headquartered global hotel chain Marriott International faces a £99m (€110m) fine for breaching Europe’s General Data Protection Regulation (GDPR), following a cyberattack on one of its reservation databases. The fine is set to be handed out by UK data regulator the Information Commissioner’s Office (ICO), which, in line with the GDPR, has taken the lead in the case on behalf…