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…
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…
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…
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…
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…
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…
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…
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…
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…
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…