GDPR review finds room for improvement but doesn’t recommend changes

GDPR review finds room for improvement but doesn’t recommend changes

GDPR review finds room for improvement but doesn’t recommend changes

The EC’s GDPR review has found that harmonisation across member states and cross-border cooperation need improving, but concludes it is too early to revise the regulation. The mandated evaluation report was published just over two years since the introduction of the GDPR. It is based on feedback from EU member states, the European Data Protection Board (EDPB) and a wide…

Willis Towers Watson explores options for D&O and captives

Willis Towers Watson explores options for D&O and captives

Willis Towers Watson explores options for D&O and captives

Captives can provide viable solutions to the challenging directors and officers (D&O) liability insurance market but only for well-funded stable captives given the potential for significant loss volatility. This is according to Willis Towers Watson (WTW), which also suggests that the captive solution is only really suitable for Side B and Side C covers. In an article on captives and…

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

The cost of cyberattacks to businesses has spiked almost six-fold to an average $57,000 per event in the past year, according to a new global study from Hiscox. Total cyber losses reported by almost 5,600 companies polled rose to $1.8bn from $1.2bn. But the proportion of surveyed businesses targeted by cyberattacks also fell significantly from 61% to 39%. Some 51% of…

Ferma survey reveals hard market is number one insurance buyer concern

Ferma survey reveals hard market is number one insurance buyer concern

Ferma survey reveals hard market is number one insurance buyer concern

Even before Covid-19 struck and made things worse for buyers, the hard commercial insurance market was already the biggest concern of insurance risk managers across Europe, according to Ferma’s 2020 Risk Management Survey. The pandemic has caused huge upheaval for risk and insurance managers on many levels. For those charged with buying insurance it looks set to harden the European…

Bayer agrees to settle legacy litigation and Roundup claims for over $10bn

Bayer agrees to settle legacy litigation and Roundup claims for over $10bn

Bayer agrees to settle legacy litigation and Roundup claims for over $10bn

German pharmaceutical firm Bayer has agreed to pay between $10.1bn and $10.9bn to settle three major litigations it inherited when buying Monsanto in 2018, including a proposal to resolve the majority of US claims against weedkiller Roundup for causing cancer. The payment, which needs court approval, covers about 75% – or 125,000 – of Monsanto’s Roundup weedkiller litigation claims, and…

J&J loses talc appeal but court slashes damages

J&J loses talc appeal but court slashes damages

J&J loses talc appeal but court slashes damages

Damages awarded to women who claimed Johnson’s baby powder and other talc products caused ovarian cancer have been slashed in half, but the Missouri court rejected the company’s appeal. The court reduced the damages awarded to $2.12bn after dismissing claims from 22 women and families. The amount includes $1.62bn in punitive and $500m in compensatory damages. The original award was…

Zurich says Covid-19 highlights weakness of disaster risk management

Zurich says Covid-19 highlights weakness of disaster risk management

Zurich says Covid-19 highlights weakness of disaster risk management

Disaster risk management is falling behind the growing threat of natural hazards and other major events, according to Zurich’s latest resilience report, which stresses that the cost of responding to events such as Covid-19 is far greater than investment in upfront mitigation. Zurich adds that Covid-19 is a timely reminder that risk radars must be constantly updated or businesses face…

EU continues fight against rising protectionism and clarifies sanctions

EU continues fight against rising protectionism and clarifies sanctions

EU continues fight against rising protectionism and clarifies sanctions

The European Union’s efforts to tackle rising protectionism worldwide managed to generate some €8bn in additional exports during 2019. But trade barriers continue to grow and threaten the recovery from Covid-19, warns the EC. The Commission’s annual Trade and Investment Barriers report, published this week, reveals some notable successes in tackling protectionism, particularly in the food sector. Coordinated efforts by the…

Aviation risk in uncharted territory as Covid-19 takes toll

Aviation risk in uncharted territory as Covid-19 takes toll

Aviation risk in uncharted territory as Covid-19 takes toll

Risk managers in the aviation sector face a radically different risk landscape as they try to come to terms with the impact of Covid-19 and as the world’s fleet tentatively gets back into the air. The aviation sector has entered uncharted territory, according to Andrew Metcalfe, svp for aviation at Sompo International Insurance. “There has never been a situation where…

Artex launches rent-a-captive solution for transportation industry

Artex launches rent-a-captive solution for transportation industry

Artex launches rent-a-captive solution for transportation industry

A new alternative risk programme has been launched by Artex, designed specifically for the transportation industry. The programme is a rent-a-captive solution called TOPIC (Transportation Owners Protection Insurance Cell). According to Artex, TOPIC is a rent-a-captive solution offering many of the advantages of captive ownership with the simplicity of renting. It said advantages include potential return of underwriting profit, as…