Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…

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…

African reinsurer bought in run-off

African reinsurer bought in run-off

African reinsurer bought in run-off

Legacy acquirer DARAG Group has bought One Re, a London-based non-life reinsurance company that provided reinsurance to African insurers. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs-und Ruckversicherungs-AG, and is subject to regulatory approval. The price tag has not been disclosed but it is DARAG’s first UK acquisition and follows the completion of a capital…

UK cyber action takes down 140,000 phishing attacks

UK cyber action takes down 140,000 phishing attacks

UK cyber action takes down 140,000 phishing attacks

The UK government’s Active Cyber Defence (ACD) programme took down more than 140,000 phishing attacks and 190,000 fraudulent websites, most within 24 hours, during its second full year of operation, according to a report from GCHQ’s National Cyber Security Centre (NCSC). The report, Active Cyber Defence – The Second Year, also reveals that intervention in an email scam by criminals…

International Re launches mid-sized captive solution

International Re launches mid-sized captive solution

International Re launches mid-sized captive solution

A new solution for mid-sized captives has been launched by International Re (I–RE), the specialist captive insurance and reinsurance MGA. The Lloyd’s coverholder has established I–RE SA, which the company describes as a “revolutionary mid-sized captive insurance and reinsurance solution”. I-RE began trading at the start of 2019, currently underwriting 18 lines of business for insureds and their captives. The…

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers are divided over whether data protection fines under the General Data Protection Regulation (GDPR) are insurable, with Herbert Smith urging caution against the position that all such fines cannot be covered by insurance in the UK. Last week, UK regulator the Information Commissioner’s Office (ICO) proposed GDPR fines against British Airways for £183.4m (€204.8m) and Marriot International for £99m (€110m).…

Gender diversity targets missed at FTSE 350 firms

Gender diversity targets missed at FTSE 350 firms

Gender diversity targets missed at FTSE 350 firms

The number of female CEOs running FTSE 350 companies has fallen during the past two years, missing UK government targets and failing to make any significant progress, according to the latest Women Count report. Funded by business diversity organisation Pipeline, the research found just 3.7% of FTSE 350 companies have female CEOs, down from 4.6% two years ago. Pipeline said it…

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…

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…

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…

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