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…

Leading US captive associations highlight concerns over TRIP consultation

Leading US captive associations highlight concerns over TRIP consultation

Leading US captive associations highlight concerns over TRIP consultation

The Captive Insurance Companies Association (CICA), the Vermont Captive Insurance Association (VCIA) and the Captive Insurance Council of the District of Columbia (CIC-DC) have expressed concern over proposals that would limit the access of captive insurers to the Terrorism Risk Insurance Program (TRIP) established under the Terrorism Risk Insurance Act (TRIA). The associations have submitted comments to the Treasury Department…

GRI urges EC to give equal weight to sustainability and financial reporting

GRI urges EC to give equal weight to sustainability and financial reporting

GRI urges EC to give equal weight to sustainability and financial reporting

The Global Reporting Initiative (GRI) has called on the EC to make sustainability reporting mandatory in Europe and create a new regulatory pillar to oversee non-financial reporting, as the EU looks to update rules. The GRI has also said that companies using its standards for sustainability reporting will need to apply three new and updated standards from this year. GRI…

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Companies that disclose sustainability reports using Global Reporting Initiative (GRI) standards will need to apply three new and updated standards from this year. GRI said that, effective 1 January 2021, reporting companies must apply the global standard for tax transparency plus those that cover employee wellbeing and water/effluent responsibilities. The independent body said its all of its standards aim to…

Thousands of UK financial services firms at heightened risk of failure from Covid-19, finds FCA

Thousands of UK financial services firms at heightened risk of failure from Covid-19, finds FCA

Thousands of UK financial services firms at heightened risk of failure from Covid-19, finds FCA

The UK’s Financial Conduct Authority (FCA) regulator has found that 4,000 smaller financial services firms in the country are at heightened risk of failure because of Covid-19. The 1,500 largest financial firms in the UK are regulated by the Prudential Regulation Authority. But the survey of smaller, solo-regulated firms under the FCA’s watch revealed that 17% were operating with “low…

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

Corporate insolvencies caused by the pandemic will drive a growth in claims against directors and officers (D&Os) in 2021, according to Clyde & Co’s Simon Konsta who warns that the new Covid-19 variant first detected in the UK and potential for more severe lockdowns are adding further fuel to the fire. Mr Konsta said liabilities against D&Os are building in…

Covid-19 increasing fraud and D&O risk

Covid-19 increasing fraud and D&O risk

Covid-19 increasing fraud and D&O risk

The Covid-19 pandemic has increased the risk of employee fraud and commercial crime, while also raising D&O liability, warned experts from CMS, who outlined potential mitigation strategies. Zaakir Mohamed, head of corporate investigations and forensics at CMS South Africa, said Covid-19 has created heightened fraud risk as individuals and organisations come under pressure. Mr Mohamed said there are three main…

Data breach litigation could be new PPI, warns Clyde & Co

Data breach litigation could be new PPI, warns Clyde & Co

Data breach litigation could be new PPI, warns Clyde & Co

Clyde & Co has warned that cyber litigation from data breaches could be the “new PPI” in the UK during 2021. In a series of predictions for the new year, Clyde & Co’s Seaton Gordon said claims management companies and claimant law firms have been “circling” the potentially lucrative market of group data privacy claims, as legal barriers to individuals…

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

The Italian and Spanish risk and insurance sectors have joined their peers in the UK, Germany and France in calling for state support to help companies cope with future systemic risks following the catastrophic impact of Covid-19. But it seems that focus is shifting away from demand for monoline state-backed insurance pools towards broader-based incentives for greater risk management, self-insurance…