GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

Risk managers fear loss of innovation in hard market as CBI cover recedes

Risk managers fear loss of innovation in hard market as CBI cover recedes

Risk managers fear loss of innovation in hard market as CBI cover recedes

Risk managers fear that the hardening insurance market will impact innovation, with one warning he has already seen insurers more reticent to supply contingent business interruption (CBI) cover. They also stressed that current market conditions are creating further challenges for insurance buyers, but presenting them with an opportunity to prove their worth. “My concern would be about asking the market…

Aviation rate increases accelerate in Q2: Gallagher

Aviation rate increases accelerate in Q2: Gallagher

Aviation rate increases accelerate in Q2: Gallagher

Insurance rate increases across the aviation sector since the start of 2019 “accelerated” as the second quarter closed, according to Gallagher. In Plane Talking, a new publication launched to mark the acquisition of JLT’s aviation team, Gallagher says insurers are under pressure to return aviation books to the black, with the broker “seeing price firming across the entire aviation class”.…

Ogden rate change to -0.25% a ‘disappointment’ for insurers and buyers

Ogden rate change to -0.25% a ‘disappointment’ for insurers and buyers

Ogden rate change to -0.25% a ‘disappointment’ for insurers and buyers

Insurers have warned that change of the UK’s personal injury compensation rate to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance. The UK’s Lord Chancellor’s department announced the Ogden rate change this morning. The rate is applied by courts when large compensation sums are awarded, to adjust for investment returns. Insurers had…

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Updated analysis from DLA Piper confirms that General Data Protection Regulation (GDPR) fines are only insurable in two European countries and are a grey area in several others, with the majority prohibiting such cover. The second edition of the The Price of Data Security: A guide to the insurability of GDPR fines across Europe by DLA Piper and Aon Cyber Solutions…

Smart contracts and parametric solutions to ‘transform’ options for buyers, says Lloyd’s

Smart contracts and parametric solutions to ‘transform’ options for buyers, says Lloyd’s

Smart contracts and parametric solutions to ‘transform’ options for buyers, says Lloyd’s

Insurance buyers will be offered “transformed” policies as smart contracts and parametric insurance become more widespread, according to reports on both areas published by Lloyd’s. Lloyd’s said smart contracts automated by computer code that begin conducting tasks in response to triggers, such as storm or flood data, will make insurance more efficient and add value for buyers. Smart contracts can…

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Ferma and other observers say the two proposed record General Data Protection Regulation (GDPR) fines announced this week, for British Airways (BA) and Marriott International, confirm that regulators are intensifying their action and serve as a warning to companies and their risk managers to expect stricter enforcement of the rules going forward. The experts say risk managers must make sure…

Marriott faces £99m GDPR fine for data breach

Marriott faces £99m GDPR fine for data breach

Marriott faces £99m GDPR fine for data breach

US-headquartered global hotel chain Marriott International faces a £99m (€110m) fine for breaching Europe’s General Data Protection Regulation (GDPR), following a cyberattack on one of its reservation databases. The fine is set to be handed out by UK data regulator the Information Commissioner’s Office (ICO), which, in line with the GDPR, has taken the lead in the case on behalf…

Ferma warns that record BA GDPR fine is sign of ‘intensifying’ regulatory action

Ferma warns that record BA GDPR fine is sign of ‘intensifying’ regulatory action

Ferma warns that record BA GDPR fine is sign of ‘intensifying’ regulatory action

British Airways’ (BA) proposed record £183.4 (€204.8m) General Data Protection Regulation (GDPR) fine shows that regulators are getting tougher on firms that flout the rules, warns Ferma, which is working on a project with the European auditors association to better evaluate the full impact of the new regime on members. Other commentators also said the size of the fine proves…

Pool Re covers non-damage BI extension with £40m retro deal

Pool Re covers non-damage BI extension with £40m retro deal

Pool Re covers non-damage BI extension with £40m retro deal

UK terrorism reinsurer Pool Re has placed a £40m retrocession programme to cover non-damage business interruption (BI) losses for its members. This follows an extension of its remit from terrorism property damage to include BI for non-physical damage following a terrorist attack. The new programme is led by Liberty Specialty Markets with Munich Re and AXA XL named as participating…

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