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Potential insurance issues arising from corporate forum shopping for favourable data protection laws
The UK officially left the EU in January 2020 with the implementation period, or transition stage, concluding on 31 December 2020 and the new UK/EU a trade deal finally agreed on 24 December 2020. However, large technology companies such as Facebook and Google did not leave their preparations until the last minute.
On the surface, the London Market enters 2021 looking very different to its 2020 version. Underwriting rooms lay empty, offices unoccupied, pubs eerily quiet. But beyond the physical stillness, this world leading hub has not paused for breath. Digital systems and solutions have taken centre stage as the London Market has responded to a seismic shift in working patterns and insurance risks.
If 2020 was the year of the pandemic, then 2021 will be the year of the vaccine. The vaccination of millions of ‘at risk’ people against COVID-19 will finally place us firmly on the road to recovery. But this recovery will not be linear. As countries around the world go back into lockdown, we can expect many more bumps in the road.
National Data Strategy offers significant opportunity to improve function of insurance market, says Kennedys
The government’s proposed National Data Strategy offers significant opportunities to improve the functioning of the insurance and other industries, Kennedys said this week.
The crisis has raised questions around whether firms can ask for information on symptoms and diagnoses, and whether they can store this data. Amanda Beaumont advises.
In the summer of 2018, California passed the California Consumer Privacy Act (the CCPA), a landmark piece of legislation that represents the most comprehensive consumer data privacy law enacted in the United States to date.
The pace of change in the global insurance market has not slowed down in the last 12 months, nor are there any indications of it doing so over the course of the coming year.
A roundup of recent cyber related developments including: non-material damages under the GDPR; data protection laws in Asia-Pacific; cyber attacks in the education sector; regulation of cryptoassets; blockchain in the pharmaceutical industry; challenges presented by autonomous vehicles; and algorithms as a new emerging risk.
The ICO has threatened British Airways with a record £183.4 million fine under the GDPR, following a well-publicised Magecart attack last year.
Insurers face challenges investigating claims due to companies’ anxieties over data protection and fear of breaching data management obligations, accentuated by the advent of the General Data Protection Regulation and the Data Protection Act 2018.