Risk appetite and investment must adapt to the new normal: Bouquot

Risk appetite and investment must adapt to the new normal: Bouquot

Risk appetite and investment must adapt to the new normal: Bouquot

Risk financing models need to be reviewed in the wake of the pandemic-driven economic crisis, believes Brigitte Bouquot, a vice-president of France’s risk management association and former president. She also praised plans announced by the French government to provide incentives for companies to retain more risks by building up reserves via instruments such as captives. In a session during the…

UK SMEs and D&Os face growing regulatory fines says BLM tracker

UK SMEs and D&Os face growing regulatory fines says BLM tracker

UK SMEs and D&Os face growing regulatory fines says BLM tracker

UK SMEs and their directors and officers (D&Os) face growing regulatory risk as new data from BLM shows they faced fines of more than £100m in the last four years, with punishment on an upward trajectory. According to BLM’s new D&O Tracker, large fines in excess of £50,000 for cyber liabilities are also on the rise in the UK. The…

French Treasury says captive plans will be tabled soon

French Treasury says captive plans will be tabled soon

French Treasury says captive plans will be tabled soon

A senior executive within the French Treasury department has confirmed that its plans to help make it more attractive for smaller companies to set aside reserves for business interruption (BI) losses and for bigger companies to use captives are on track. Lionel Corre, director of insurance at the French Treasury, told French risk managers during Amrae’s virtual conference that the…

Bayer raises class fund for future Roundup claims to $2bn

Bayer raises class fund for future Roundup claims to $2bn

Bayer raises class fund for future Roundup claims to $2bn

German pharmaceuticals firm Bayer has increased funds to settle future claims in the US that its weedkiller product Roundup causes cancer to $2bn, after its opening bid of $1.25bn was rejected by a judge last year. The new deal has secured formal agreement with plaintiff’s class counsel and will now go before the US District Court for the Northern District…

Amrae members urged to consider risks of nomadic lifestyle in ‘new normal’

Amrae members urged to consider risks of nomadic lifestyle in ‘new normal’

Amrae members urged to consider risks of nomadic lifestyle in ‘new normal’

New risks linked to working habits as home working took over during the Covid-19 pandemic – such as dealing with nomadic workers, burnout, musculoskeletal disorders and a range of legal issues – are here to stay, warned speakers on the opening day of Amrae’s virtual conference. They stressed that home working is unlikely to end once the pandemic is over.…

European data regulators considering €50m fine against WhatsApp

European data regulators considering €50m fine against WhatsApp

European data regulators considering €50m fine against WhatsApp

Facebook’s messaging service WhatsApp is reported to be facing a fine of up to €50m for data protection breaches under Europe’s GDPR. Ireland’s Data Protection Commission is currently consulting on the size of the fine with other European data regulators, according to a report from Politico, which says the fine is likely to fall between €30m and €50m. The Irish…

European Parliament calls for tougher action on EU list of tax havens

European Parliament calls for tougher action on EU list of tax havens

European Parliament calls for tougher action on EU list of tax havens

The European Parliament has called for changes to the EU list of tax havens, taking tougher action that could potentially impact a number of captive domiciles. Among measures proposed, the resolution, voted overwhelmingly by MEPs, states that all jurisdictions with a 0% corporate tax rate or with no taxes on companies’ profits should be automatically placed on the blacklist. It…

Be prepared: the key to IPT compliance for non-traditional covers

Be prepared: the key to IPT compliance for non-traditional covers

Be prepared: the key to IPT compliance for non-traditional covers

Although the insurance industry has a longstanding reputation of being staid and traditional, alternative risk transfer solutions, including the use of captive insurance companies, have been around for many decades. Such solutions have not gone without challenge over the years – one cannot forget the implications of the Spitzer enquiries in the early 2000s as well as more recent challenges…

GCC sees growing interest in captives

GCC sees growing interest in captives

GCC sees growing interest in captives

There is growing interest in captives in the Gulf Cooperation Council (GCC) region, according to a webinar held by AM Best. One of the panellists, Ronny Vellekoop, senior executive officer at Marsh Captive Solutions, noted that in 2017, the region probably had just seven or eight captives, but it has grown since then. “There is an increase in interest and…

GDPR fines up 39% in 2020

GDPR fines up 39% in 2020

GDPR fines up 39% in 2020

Regulatory fines for data breaches under the GDPR increased 39% in Europe during the past year to €158.5m, according to new research from law firm DLA Piper. The company said regulators “tested their powers” under the GDPR in 2020 after a slow start during the regulation’s first 20 months when fines totalled €114m. Total fines levied since the GDPR was…