Weekly News Roundup – 26th May

History was made this week as Meta were fined £1bn for breaching EU GDPR rules by the European Data Protection Board – the biggest that has been doled out since the legislation came into force.  Lloyd’s faced anger from climate change demonstrators prior to its AGM, who claim it is “enabling new fossil fuel projects”. Lastly, the cyber war exclusion debate rages on as corporate clients enter into a confusing and contradictory marketplace.

Climate activists stage fake fire outside of Lloyd’s of London (Source: Insurance Times)
Ahead of Lloyd’s’ AGM, protestors made their feelings known about new fossil fuel projects, including the Adani Carmichael mine in Australia.

Cyber insurance market in turmoil over state-backed attacks (Source: Bloomberg Law)
Insurers are battling to appease customers when applying cyber war exclusions.

BMS Re’s Bohan: E&S ‘explosion’ key factor in MGA growth surge (Source: The Insurer TV)
Industry veteran Bohan says the ‘level of sophistication’ in MGAs has not been seen before.

Meta fined $1.3 billion over data privacy violations (Source: Business Insurance)
The tech behemoth is said to have mishandled European data when transferring it to its US servers.

Webinar: Adopting and deploying LLMs and generative AI in insurance (Source: Roots Automation)
This 60-minute webinar will provide real-life examples of how the technology is being used in insurance.

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