Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Global | Publication | April 2024
Climate change remains a critical issue for the insurance industry in 2024. The increasing frequency and severity of climate-related natural disasters is having a significant impact on physical risk exposures and the increasing protection gap. Adding to the pressure, climate change litigation over the insurance of non-renewable energy is on the rise and insurers are becoming the focus of various environmental campaign groups’ protests too.
As a regulatory priority, it is well known that the insurance sector is very well positioned and highly incentivized in relation to climate change mitigation and adaption for two reasons.
However, a response by the insurance industry alone is unlikely to be enough to mitigate the impacts of climate change on the global economy, with industry leaders advocating the need for public assistance, as systemic perils surpass the capacity of the insurance industry alone.
While there are many steps that insurers can take in relation to climate adaptation and mitigation, a collaborative effort between the private and public sector (including regulators, governments and policymakers) is fundamental to respond effectively to the increasing impacts of climate change and to prevent both systemic and isolated instances of market failures. This message was strongly emphasized at the UN Climate Change Conference COP 28 in 20231. We believe that the first step in achieving this lies in a comprehensive understanding of the most significant issues relating to climate change.
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
Most incidents handled by our Norton Rose Fulbright cyber team originate from the customer’s service provider. In many cases it is the service provider’s systems, infrastructure and environment which proves to be the most vulnerable to cyber breaches and security issues.
Publication
Canada and the European Union signed a Security and Defence Partnership (SDP), which formalizes a mutual intent to foster closer ties by establishing a framework for dialogue and cooperation across the full security and defence spectrum.
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