A Brexit no-deal would obstruct the free flow of personal data from the European Union (EU) to the UK, the UK Government has warned, going on to urge its firms to proactively address potential disruptions. The European Commission (EC) has said it will not agree to put in place, or enter discussions over, arrangements that would allow the continued flow…
The UK data protection regulator has warned that some companies are “struggling” to fully understand that General Data Protection Regulation (GDPR) breaches must be reported within the first 72 hours. While the UK Government has warned that a no-deal Brexit would obstruct the free flow of personal data from the European Union (EU) to the UK, going on to urge its firms to proactively address potential disruptions…
Poor infrastructure across Africa is costing millions of dollars for businesses and their insurers, while governments are being too slow to take action. That was the message from speakers at the International Union of Marine Insurance annual conference in Cape Town. As much as 5.6% of Kenya’s GDP is lost as a result of road accidents, warned Kingsly Kongnyuh Kwalar,…
Mikir Shah, CEO of Axa Africa, will be among a growing list of international speakers taking part in our upcoming Risk Frontiers East Africa seminar. To be held in Nairobi next week at the Southern Sun Mayfair Nairobi, the conference will cover political risks, the insurance gap, the skills gap and other key themes. Mr Shah will be taking part…
Cape Town’s water crisis should be seen as a lesson in changing behaviours and good risk management, according to Helen Zille, Premier of the Western Cape province. Speaking at the opening of the annual International Union of Marine Insurance conference, this year held in Cape Town, Ms Zille explained how the city had faced a ‘day zero’ scenario – the…
FM Global is launching a cyber risk assessment for its clients, helping buyers to measure their resilience to cybersecurity threats and account for cyber risk. The new service will also help policyholders assess mitigation measures and asses their organisations’ ability to respond and recover from a cyber incident. FM Global said its cyber risk assessment is the first comprehensive review…
Cyberattacks have struck two thirds of German manufacturers, costing them €43bn, according to findings of a survey by IT association Bitkom reported by Reuters. The survey of more than 500 executives at manufacturing firms found that small and medium-sized companies were especially vulnerable to cyberattacks. Achim Berg of Bitkom said: “With its worldwide market leaders, German industry is particularly interesting…
Insurance Europe has called for greater clarity in the Organisation for Economic Co-operation and Development’s (OECD) paper on its Base Erosion and Profit Shifting (BEPS) initiative, to ensure that the guidance is correctly applied. In particular, Insurance Europe says the paper should differentiate more clearly between captive insurance transactions and other forms of (re)insurance, and between non-insurance multinational groups and…
The UK’s cybercrime agency has directed five questions at company boards to help them defend organisations against cyber risk ahead of a more in-depth toolkit to be released later this year…
Private equity firm The Carlyle Group has bought KKR’s majority share in Sedgwick for $6.7bn. The risk, benefits and claims company will retain Caisse de dépôt et placement du Québec, Stone Point Capital and Sedgwick management as minority shareholders. The move follows Sedgwick’s acquisition of loss adjuster Cunningham Lindsey earlier this year. The Carlyle Group also bought almost 20% of…