National governments need to collect data on cyberattacks and subsequent insurance payouts, and should consider beefing up cooperation between regulators and other officials to help thwart cybercriminals, a major intergovernmental group said.
The European Commission defended its controversial plans for a “services e-card” to ease-cross border trade on Monday, after a major insurance lobby dismissed the proposals as costly and counterproductive.
Britain’s financial regulator urged firms on Monday to brace for a second wave of the ransomware cyberattack that has hit 150 countries around the globe.
The Group of Seven leading industrial nations with democratric governments have pledged to strengthen their fight against cybercrime and redouble efforts to stamp out money-laundering, according to a post-meeting communique issued Saturday.
Britain’s top insurance trade body on Friday called for the overhaul of the system used to calculate the lump-sum payments insurers must make in personal injury claims, claiming it is fundamentally flawed.
England’s Court of Appeal threw out a challenge by a landlord to a summary judgment finding he breached his property insurance policy with a Hannover Re unit, saying Friday that he failed to prove consumer protection rules applied to him.
The Gibraltar Financial Services Commission said Friday it reached an agreement with two directors of a company that was providing professional trustee services to pension insurance schemes without regulatory approval, with the executives agreeing to step down from their roles and not reapply for regulatory authorization for two years, following an investigation of the pair's "fitness and proprietary."
The U.K. government must radically change its formula for calculating lump sums of compensation for people with serious injuries to help protect insurers from excessive payouts, a leading trade group said.
Europe’s top insurance regulator issued its latest guidance on Friday about how insurers should report consistent data to national watchdogs under the European Union’s sweeping Solvency II capital rulebook.
The British government is poised to introduce legislation that will make wide-ranging changes to the U.K.'s corporate, tax and regulatory regimes to encourage more insurers to set up special purpose vehicles to cover catastrophe risks onshore — and experts say the plan to win business back from Bermuda and Guernsey just might work.
U.K. broker AJ Bell launched new software on Friday to help financial advisers meet due diligence requirements, after the Financial Conduct Authority raised sweeping concerns about poor practice in the industry.
The U.K.'s data regulator said Friday it has handled a record number of complaints over the last financial year and expects a further spike when new European Union privacy rules take force in 2018.
The U.K.’s Prudential Regulation Authority released detailed policy on Friday outlining how banks and insurers must hold top executives personally accountable for misconduct under their watch.
Australian law firm Slater and Gordon Ltd. is preparing to sue U.K. insurance and technology provider Watchstone Group PLC for around £600 million ($772 million) over allegations of fraudulent misrepresentation, Watchstone said on Thursday.
Changes to Britain’s insurance rules on personal injury payouts wiped $289 million from first-quarter profits at Switzerland-based Zurich Insurance Group AG, it said Thursday as it posted a 13 percent fall in earnings for the period.
London’s insurers are accelerating decisions on how many staff and financial resources to shift to the European Union during Brexit but hoping for less upheaval than their banking colleagues due to the industry’s already transnational nature.
The head of Britain’s top brokers' lobby said Wednesday that the insurance industry must be wary of the regulatory turmoil gripping the sector, which includes the impact of Brexit, changes to injury claims rules and a hike in indirect taxes levied on premiums charged to clients.
The U.K.’s data regulator has handed out a record £400,000 ($515,360) fine to a firm which made nearly 10 million automated phone calls, often covering payment protection insurance and traffic accident claims.
Financial firms should review their cyber insurance cover as they could face huge fines for breaching new data protection rules going into effect next year, a leading insurance broker said Thursday.
Europe’s top insurance lobby on Thursday attacked the European Commission’s latest efforts to help firms trade across borders, saying they were counterproductive and would hit insurers with hefty new compliance costs.