OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Alvise Argenton, senior financial analyst, A.M. Best, said analysts are examining how insurers are responding to the new General Data Protection Regulation (GDPR) as a component of assessing an organization's risk management activities. Click on http://www.ambest.com/v.asp?v=gdpr718 to view the entire program.
“I think there are two main categories that companies have identified as challenging,” said Argenton. “The first one is the legal and operational complexities of being compliant with the GDPR and the second is the 72-hour incident response requirement.”
Argenton also highlighted how some companies are seeking external advisers to overcome these complexities, and in some countries, he said companies are collaborating with local authorities that provide them with GDPR assistance.
Additionally, Argenton spoke about how A.M. Best considers GDPR compliance during the rating process.
“Among the four pillars that A.M. Best looks at in its rating assessment, risk management is the one mostly impacted by GDPR. This is particularly true in terms of profiling the regulatory, reputational and legal risks that a company may be exposed to. Hence, A.M. Best requires feedback in terms of what was the outcome of the data protection impact assessment that they carry out and what are the countermeasures that they took in order to mitigate their weaknesses,” he said.
To access a copy of this briefing, titled, “GDPR: The Issues for European Insurers at Implementation,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=273832.
Recent episodes of A.M.BestTV include:
- Solvency II Reporting Sheds Additional Light on Insurers, Says A.M. Best Associate Director: Anthony Silverman, associate director of analytics, A.M. Best, explains how Solvency II financial reporting reveals additional detail about insurers' solvency capital, non-life risk margins and unit-linked reserving practices http://www.ambest.com/v.asp?v=solvencyii718.
- Cyber Coverage Is a Tale of Two Markets, Say A.M. Best Analysts: Fred Eslami, associate director, and Bobby Skrabal, industry analyst, A.M. Best, said take-up rates, prices and expectations for cyber coverage differ between large and medium-to-small organizations. Insurers are still developing pricing and coverage strategies: http://www.ambest.com/v.asp?v=ambcyberreport618.
- U.S. Push for Criminal Justice Reform Takes Toll on Bail Sector, Says A.M. Best Senior Analyst: David Blades, senior industry analyst, A.M. Best, said more than 30 U.S. states are exploring reforms to their criminal justice systems, with many reducing or eliminating cash bail as part of pretrial programs: http://www.ambest.com/v.asp?v=bailbonds618.
- European Insurers Sharpen Focus on Investment Growth, Says A.M. Best Financial Analyst: Thomas Bateman, financial analyst, A.M. Best, said an examination of 500 Northern and Western European insurers' assets showed a slight shift toward higher returns from fixed-income assets, with many maintaining a relatively strong level of capitalization: http://www.ambest.com/v.asp?v=europeaneconomictrends618.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.