GDPR: How insurers implement the «right to be forgotten»

Insurance | Data Protection

When the European General Data Protection Regulation (GDPR) was introduced in May 2018, there was a great deal of excitement among experts. Since then, discussions around the new data protection regulations have become more muted. However, this should not obscure the fact that the implementation of the new regulations is complex and has not been completed by most companies. This guest article by Lucy Gordon in the VersicherungswirtschaftHEUTE can be found here.

December 2019 | Author: Lucy Gordon

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Portfolio transfer/asset transfer

The ongoing phase of low interest rates and the stricter capitalization requirements of the Swiss Solvency Test (SST) mean that insurers are increasingly combing their portfolios for unprofitable or capital-intensive business and, as a result, are no longer writing the unviable business (run-off). In order to reduce the technical provisions on the books, the active reduction of run-off portfolios is becoming increasingly popular. This can be done by transferring a company, a portfolio or assets. In doing so, the run-off portfolio is finally settled for the transferring insurer. Another possibility is the (retrospective) reinsurance (commutation) of the business, a purely balance sheet-related adjustment of the run-off portfolio. In the following, portfolio transfer and asset transfer will be dealt with in more detail.

Corona virus blocks air freight

Several airlines have suspended their flights to China. British Airways is currently not flying to China and will reassess the situation on 29 February 2020. Lufthansa, Swiss and Austrian Airlines will fly to China for the last time on 31 January. After that, all flights will be temporarily suspended until 9 February 2020. Cathay Pacific plans to reduce flights to mainland China by up to 50% by the end of March. Further reductions and suspensions of scheduled flights must be expected. This will not only have an impact on passenger transport, but will also lead to a significant reduction in air freight to and from China. Considering that air freight is mainly used for time-sensitive and, in relation to its weight, valuable goods, these restrictions can lead to considerable problems and damage in supply chains.

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