Insurance Law360 UK provides breaking news and analysis on the insurance industry. Coverage includes U.K. and European Union regulation, legislation, enforcement, and litigation involving insurance companies, underwriters, reinsurers, and brokers.
The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.
The former owner of British Home Stores was ordered by a court to pay £87,170 ($121,800) on Friday for failing to turn over information to a U.K. watchdog as it investigated a multimillion-pound deficit at the now-defunct retailer.
In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.
Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.
The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.