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Pin to quick picksAdmiral Share News (ADM)

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Share Price: 2,734.00
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Ask: 2,735.00
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EU weighs driver data rules, pitting insurers against auto giants

Thu, 31st Mar 2022 08:53

LONDON, March 31 (Reuters) - The European Union has launched a public consultation on possible rules to ensure fair access to drivers' data, pitting the powerful insurance and auto industries against one another in a battle to monetise digital information.

The bloc's executive European Commission said in a call for evidence document file:///C:/Users/8003243/Downloads/090166e5ea4b65ec.pdf on Thursday that over 85% of new cars in 2018 were connected wirelessly, with more than 470 million connected vehicles expected to be on the roads in Europe, the United States and China by 2025.

The EU has already proposed a Data Act, but it may not be sufficiently detailed for handling auto data, and a further measure could standardise data sets, and ensure fair access and competition, the EU executive said.

Industry body Insurance Europe said such a measure would be the first of its kind.

Automakers have long guarded their 'gatekeeper' role in accessing data from cars, such as how fast they are being driven, with an increasing amount of information now received via wireless transmission.

Insurers and car repair shops have been lobbying the EU to allow drivers, and not the automakers, to decide who can directly access data from their vehicles.

If the automakers control the data, they can also control which insurer or other service provider covers the vehicle.

Putting the driver in charge would mean all industries are on the same competitive footing, Insurance Europe said.

"There is a need to regulate this, as you cannot leave this in the hands of car manufacturers," said Nicolas Jeanmart, Insurance Europe's head of personal and general insurance.

"It should be for each driver to decide what they want to do with their data, and if they want to share with an external provider like an insurer."

There are around 250 million cars on the roads in EU.

Insurers are already providing services to drivers through apps in countries such as Britain and Italy, but provision is patchy. It would be easier and cheaper to offer them directly on the basis of car data, Insurance Europe said.

European automakers industry body ACEA said Europe's auto industry was committed to giving access to the data generated by the vehicles but uncontrolled access posed cyber, data protection and privacy threats.

"That is why any EU legislative framework should keep vehicles and their occupants safe and secure," ACEA said, adding it must also guarantee the auto sector can remain competitive. (Additional reporting by Nick Carey Editing by Mark Potter)

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31 Aug 2023 15:51

UK dividends calendar - next 7 days

Friday 1 September 
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16 Aug 2023 17:33

European shares fall on mounting China worries, banks lag

UK inflation data weighs on FTSE 100

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16 Aug 2023 17:18

UK stocks fall as inflation stays rigid, precious miners drag

UK's July annual inflation meets expectations

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16 Aug 2023 12:01

LONDON MARKET MIDDAY: Stocks down; UK inflation cools in July

(Alliance News) - Stock prices in London were lower at midday on Wednesday, as investors digest some mixed inflation figures and the impact they will have on the Bank of England's next move.

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16 Aug 2023 11:23

London midday: Stocks slip as core inflation stays high

(Sharecast News) - UK stocks were trading at five-week lows on Wednesday despite some big gains from blue-chip insurers, with market sentiment hit by fears that the Bank of England may step in to raise interest rates once again.

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16 Aug 2023 08:58

LONDON MARKET OPEN: Stocks subdued, but insurers outperform

(Alliance News) - European equities made little headway at Wednesday's market open, but avoided the more pronounced declines seen in the US and Asia.

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16 Aug 2023 08:28

TOP NEWS: Admiral shares up as profit and revenue jumps

(Alliance News) - Admiral Group PLC on Wednesday reported half-year of growth, despite "continued challenging market conditions".

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16 Aug 2023 08:03

London open: Stocks flat as rate-hike fears dampen risk appetite

(Sharecast News) - UK stocks were struggling for direction on Wednesday after data showed that core inflation remains stubbornly high, raising fears that the Bank of England may step in to tighten monetary policy even further.

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16 Aug 2023 07:52

LONDON BRIEFING: Admiral's interim revenue climbs 14% year-on-year

(Alliance News) - Stocks in London are expected to fall at Wednesday's open, in line with declines seen across global equities.

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16 Aug 2023 07:32

Admiral H1 profits rise, but dividend cut

(Sharecast News) - Admiral Group reported a small rise in half-yearly earnings as it hiked prices in response to claims inflation, but also slashed its interim dividend by 15%.

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9 Aug 2023 15:49

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Thursday 10 August 
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18 Jul 2023 09:21

LONDON BROKER RATINGS: JPMorgan sees positive catalysts for Flutter

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

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5 Jul 2023 14:27

IN BRIEF: Admiral buys back GBP145 million of GBP200 million tender

Admiral Group PLC - Cardiff-based insurer - Announces results of GBP200.0 million tender offer of 5.5% subordinated notes due 2024. Accepts GBP144.9 million in aggregate. Admiral had announced the offer last week Tuesday.

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28 Jun 2023 09:06

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(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning:

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