GDPR: Happy birthday to me
The convergence of GDPR and other data privacy regulation with evolving technology – 5G networks, IoT, AI, the cloud – will further challenge businesses’ ability to foster technology innovation, protect privacy and maintain compliance. This is the warning of risk advisers at Marsh, on the first anniversary of the introduction of the EU General Data Protection Regulation. In the first nine months the GDPR was in effect, regulators brought more than 200,000 cases in 31 countries and issued nearly €56m in fines. Marsh says the diversity of monetary fines and enforcement actions demonstrate the GDPR’s broad scope.
Norway retains resilience crown
Norway has retained its place at the top of the charts in a global study of resilience factors carried out by FM Global. It is followed by Denmark, Switzerland, Germany, Finland, Sweden, Luxembourg, Austria, central US and the UK in the insurer's 2019 Resilience Index.
Up to 400 jobs under threat following Ocado warehouse fire
Online shopping fulfilment provider Ocado has warned staff that they may face redundancy following the fire at its warehouse operations in Andover, Hampshire in February. The £45m high-tech distribution facility suffered an extensive fire that burned for four days, which investigators believe was caused by a faulty battery charging unit.
Construction industry receives supplier payment warning
Leaders from the construction industry have been reminded that tough new rules on paying their suppliers on time are due to come into force. Designed to help small businesses, failure to comply with the new rules could mean big businesses lose out on valuable government contracts.
British Steel on brink of collapse
British Steel is on the brink of collapse, putting 25,000 jobs at risk -- 20,000 of which through its supply chain. The country’s second largest steel producer is asking for a £75m government loan to prevent the company collapsing into admininistration.
Global insurance prices continue to rise
Insurance prices around the world have seen a further rise in the first quarter of 2019 according to the latest Global Insurance Market Index from Marsh. Average commercial insurance prices increased 3% in Q1 2019, the largest increase since the survey began in 2012. The Q1 2019 figure also reveals a broader pattern since it represents the sixth consecutive quarter of average commercial insurance pricing increases.
BP blockaded by Greenpeace
BP’s St James Square headquarters has been blockaded with a series of containers, forcing the company to advise workers to stay home. The five containers, weighing about a tonne each and containing Greenpeace activists with supplies, have been placed across the building’s main entrances, and along with this action, a team of climbers with banners have effectively closed the offices.
Genetic testing and 5G among major emerging risks, Swiss Re forecasts
A clash of new, digital technology with legacy hardware, new risks emerging from the roll-out of 5G mobile networks and increasingly limited fiscal and monetary policy flexibility are among a number of new and slow burning risks affecting the insurance industry. Genetic testing and its effects on the industry, and the effects of climate change on public health are included in the Swiss Re Institute’s latest analysis of emerging risks – newly developing or evolving risks that are difficult to quantify, but potentially have a significant impact on the industry and society.