Privacy Laws could hamper ins. underwriting
Thursday, 05 24 2018, Category: Insurance and Reinsurance, Country: Europe
Complying with the European Union’s new General Data Protection Regulation is leading insurers and reinsurers to dilute the types of data they gather—something that could diminish underwriting quality, A.M. Best said in its latest regulatory assessment.
The GDPR kicks in on May 25. Carriers consulted by the ratings agency said they are pursuing compliance, in part, by planning stricter data access rules within their organization.
Source: Insurance Journal