- Two surveys reveal that relationships between brands and consumers in the UK insurance market have deteriorated to the point of estrangement, with providers assuming claims are twice as inflated as customers actually admit
- CII agrees to sell Aldermanbury HQ to City of London Corporation-move to EC3 district planned within 12 months
- Barnett Waddingham investigation highlights significant inconsistency in the investment performance of UK with profit funds
- FCA launches its new asset management authorisation hub
- Insurance Europe supports recommendation to delay application of Insurance Distribution Directive(IDD)
- Upcoming implementation of GDPR elevates cyber risk to top of corporate agenda according to Marsh global survey
- Beazley and Munich Re, through Vector partnership, report strong demand for cover to guard against cyber-attacks threatening global companies expired
- Chubb survey "bridging the Cyber-Risk Gap" highlights different views of risk managers and IT professionals expired
- Markel International unveils fintech policy offering comprehensive protection for businesses in the financial technology sector in Asia following UK success expired
- Symbility to partner with NSR Management in the UK expired
- Apollo to acquire majority stake in Catalina expired
- New senior hires at The Standard Syndicate expired
9th August 2017
Concern that GDPR will continue to restrict the insurance chain from being able to process sensitive personal data without obtaining explicit consent
The General Data Protection Regulation Consultation(GDPR) closed on Monday but failed to deliver the hoped-for concessions to the insurance industry.
Isabel Ost, senior associate at Clyde & Co. comments "The Government's statement of intent does not address the industry-wide concern that the regulation in its current format will continue to restrict the insurance chain from being able to process sensitive personal data without obtaining explicit consent, which would severely impact insurers current business models. Although it appears the government will retain the current status quo by legislating to extend the right to process personal data on criminal convictions and offences so as to enable organisations without official authority to process criminal convictions and offences data, the government's position on the processing of health data by the insurance market is not addressed."
"It remains to be seen what this legislation looks like in practice so the insurance industry must continue to bang the drum about this important issue."
Clyde & Co Trends(12 articles)