EU Insurance Regulator Focusing On Climate And Cyberrisk

Law360, London (November 5, 2019, 12:43 PM GMT) -- Supervision of the insurance industry will focus in the coming years on cybercrime, environmental threats and risks associated with big data and digital technology, Europe's top watchdog for the sector has said.

The European Insurance and Occupational Pensions Authority, a bloc-wide regulator for the insurance industry, will prioritize the introduction of a standardized reporting system for data breaches and virtual crime as it seeks to create a stable European market for cyber-insurance, the watchdog’s chairman said Monday.

Another focus will be on climate-related risks and the “more frequent and severe natural catastrophes”— such as hurricanes and flooding — that the regulator...

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