Insurance UK

  • July 30, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Cantor Fitzgerald & Co. sue an Indian bank, eight insurers go after British construction giant John Wood, and Visa and MasterCard face new competition claims. Here, Law360 looks at those and other new claims filed in the U.K.

  • July 30, 2021

    Glencore Settles $1.6M Oil Tanker Suit With Insurers

    Allianz and four other insurers have settled a $1.6 million lawsuit brought by commodities and mining giant Glencore that was seeking to recoup damages for an oil tanker that ran aground after it changed course in 2013.

  • July 30, 2021

    Gov't Acts To Cut Cost Of Flood Insurance Premiums

    The government has said it will overhaul the U.K.'s flood reinsurance scheme to offer cheaper premiums to Britons who make their houses more resistant to extreme weather.

  • July 30, 2021

    COVID Biz Interruption Disputes Focus Of 17% Of Irish Claims

    Nearly a fifth of complaints linked to the coronavirus pandemic received last year by Ireland's financial ombudsman were disputes over business interruption insurance during the health crisis, according to official figures.

  • July 30, 2021

    Small Advisers' Professional Indemnity Premium Costs Jump

    Professional indemnity insurance for some financial advice companies rose by almost 14% in 2020, according to figures from the finance watchdog, as experts warn that cover is becoming prohibitively expensive for small businesses.

  • July 29, 2021

    Broker Blames Marsh Takeover Of Rival For Employees' Flight

    An insurance broker has defended itself against a breach of contract lawsuit from a rival, saying it was legally entitled to poach 20 of its employees who were unhappy in their jobs after a major merger with Marsh.

  • July 29, 2021

    Eversheds Sutherland Hires 1st Chief Transformation Officer

    Eversheds Sutherland has tapped information technology leader Ronan Hanrahan as its first chief transformation officer.

  • July 29, 2021

    FCA Eyes Shifting To Centralized Powers For Speedier Action

    The Financial Conduct Authority floated plans on Thursday that will give senior members of its staff greater powers to take supervisory and enforcement action against financial companies in order to streamline its decision-making process.

  • July 29, 2021

    Gov't Urged To Allow Automatic Pension Pot Consolidation

    The government should allow retirement savings providers to automatically consolidate pension pots to help protect Britons from unnecessary administration fees, one of the U.K.'s largest pension companies said on Thursday.

  • July 29, 2021

    PRA Clarifies Rules On Brexit Insurance Business Transfer

    The Bank of England has clarified the rules on transferring insurance businesses between the U.K. and Europe after Brexit in an effort bid to make the process easier for companies.

  • July 29, 2021

    Deloitte Exposes Weaknesses In Key ECB Payments System

    The European Central Bank said on Thursday that it will commit to improving the security of its platform for processing large-volume payments in the banking system after an investigation into a series of failures and outages in 2020.

  • July 29, 2021

    EU Insurers Warn Commission Over Health Data-Sharing Plan

    European insurers warned on Thursday that the bloc should consider how its plan to introduce a new regime to share citizens' data among member states could benefit the sector.

  • July 29, 2021

    Linklaters Guides £400M Pension Deal For Tobacco Giant

    British American Tobacco said on Thursday that it has insured £400 million ($560 million) of the liabilities of its staff retirement scheme with Pension Insurance Corporation.

  • July 28, 2021

    Seven Firms Join Pension Portal's 'Alpha Test'

    Seven pension companies have joined an initial test of a government portal to reunite savers with lost pension pots, the official body behind the project said on Wednesday.

  • July 28, 2021

    Head Of Mortgage Broker Appeals FCA Fine And Lifetime Ban

    The director of a mortgage broker is appealing a lifetime ban and a £25,000 ($35,000) fine from the Financial Conduct Authority, the watchdog said on Wednesday, as it alleged that he had inadequate means to prevent financial crime.

  • July 28, 2021

    Underwriter Pauses Sales After German Partner Mulls UK Exit

    An underwriter said it has hit pause on the sale of new travel insurance policies because of uncertainty over whether its German insurance partner would retain a permanent presence in the U.K.

  • July 28, 2021

    Pensions Body Criticizes Scale Of UK Regulatory Change

    The government should establish an independent commission to coordinate reform across the pensions sector, a trade body said Wednesday, as it warned that a recent deluge of regulatory proposals threatens efficiency by creating overlapping rules.

  • July 28, 2021

    Regulators Urge Actuaries To Watch Climate, Pandemic Risks

    A group of finance regulators in Britain has warned the actuarial sector that it must focus on perfecting risk assessments for climate change, long COVID-19 and the possibility that another pandemic will erupt in the coming years.

  • July 28, 2021

    FCA Eyes Senior Level Diversity Targets For Listed Firms

    The finance regulator is considering introducing new diversity targets for publicly-listed companies, including gender and ethnicity targets for board positions and senior management roles.

  • July 28, 2021

    Ireland To Tighten Exec Accountability At Finance Firms

    The Irish government is drafting legislation that will allow regulators to hold senior executives at banks, insurers and investment firms to account for mistakes and failings that take place at their firm.

  • July 27, 2021

    Insurers Worry Planned EU Pensions Update Will Be Costly

    Insurers warned on Tuesday that the European Union's planned introduction of tougher rules for pension providers will be overly costly and should be paused until regulators get a better sense of how current regulations are working across member states.

  • July 27, 2021

    Insurance Bill From German Floods Rises To €5.5B

    The industry insurance could face a bigger bill than initially expected from the flooding that hit Germany earlier this month, a trade body warned on Tuesday, as the scale of the devastation becomes increasingly clear.

  • July 27, 2021

    Ransomware Attacks Drive Up Cyber Insurance Prices

    An increase in attacks on IT systems and accompanying ransom demands from hackers is continuing to push up prices for cyber insurance around the world, insurance broker Marsh said on Tuesday.

  • July 27, 2021

    Pressure Grows On Irish Insurers As Injury Claims Fall

    A state body for adjudicating on personal injury cases in Ireland said that claims have fallen 16% in a year, adding that the time is now right for insurers to pass on savings to policyholders.

  • July 27, 2021

    Gowling Guides L&G Trustee On £925M Pension Deal

    Legal & General Assurance Society Ltd. said on Tuesday that it has insured £925 million ($1.3 billion) of liabilities in its own staff pension scheme, protecting the benefits of 4,800 members.

Expert Analysis

  • Lloyds EU Operations Highlight Challenges For UK Insurers

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    Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • Evaluating Insurance Options In Light Of Suez Canal Blockage

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    The recent blockage of the Suez Canal by the cargo ship Ever Given illustrates that manufacturers, carriers and recipients of internationally shipped goods should consider all the insurance offerings available to cover losses resulting from shipping delays, say David Klein and Ryan Vanderford at Pillsbury.

  • Data Protection Considerations For Insurers Post-Brexit

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    Now that companies must comply with both U.K. and EU data protection laws, insurers operating in Europe face additional data exposure liability risks and should adjust their underwriting practices and policy wordings accordingly, says Charlotte Worlock at Atheria Law.

  • Cargo Insurance May Cover Losses From Suez Canal Delays

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    Policyholders who have suffered economic losses from the recent Suez Canal blockage may be able to secure compensation from their standard cargo insurance policies, even if coverage for delays is explicitly precluded, says Jeremy Lawrence at Munger Tolles.

  • 3 Lessons For UK Litigators In Virtual Trials

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    UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.

  • SEC Data Transfer Safe Harbor Raises Questions For UK Cos.

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    The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.

  • COVID-19 Insurance Issues To Watch In Civil Law Countries

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    A recent decision from a Spanish court of appeals shows that COVID-19 business interruption coverage disputes may not have outcomes that would be expected in common law countries, say Miguel Torres at Martínez-Echevarría & Rivera Abogados and José Umbert at Zelle.

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

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