NEWS FROM FIRSTBROKERS

The European Union’s new Product Liability Directive responds to the challenges of the digital and global economy, but at the same time it expands companies’ liability and risk exposure. For businesses, this means placing even greater emphasis on proactive risk management and optimizing insurance coverage.

The EU is significantly reforming product liability regulation. The new Product Liability Directive 2024/2853 replaces legislation that has been in force for nearly 40 years, and EU Member States must transpose it into national law by 9 December 2026. The reform introduces broader obligations for companies in situations where products cause claim.

The new directive brings extensive changes to product liability, particularly affecting companies whose products or services – including digital content – are placed on the EU market. The aim of the reform is to address new risks arising from digitalization, software, and artificial intelligence, while simultaneously expanding corporate liability and directly impacting insurance coverage and risk management needs. What changes can be expected, and what should companies take into account?

The Concept of a Product Expands from Physical Devices to Digital Solutions

A key change in the directive concerns the expansion of the concept of a product. In the future, in addition to traditional tangible goods, software and digital components essential to a product’s functioning will also be considered products. This means that, for example, a software update or smart functionality may fall within the scope of product liability in the same way as the physical device itself. A company’s liability will therefore no longer be limited to the visible product but will also extend to its digital features.

The Liability Chain Becomes Clearer – Responsibility May Extend to Multiple Actors

Liability for a product does not rest solely with its manufacturer. If the original manufacturer cannot be identified or reached within the EU, liability may shift to the importer, authorized representative, distributor, or another operator that has placed the product on the market. Importers and e-commerce operators may be required to assume responsibility for products or components whose original manufacturer is located outside the EU. In Finland, the change will broadly affect SMEs, importers, and resellers, whose liability role may increase without them fully realizing it.

Compensation Liability Expands and the Duration of Liability Increases

Personal injury or property claims caused by a product can be compensated more flexibly than before, strengthening the position of injured parties. The scope of compensable claim expands to include psychological harm and data loss, and previous minimum value thresholds for small claims are removed. The duration of liability may extend far into the future, up to 25 years from the date the product was placed on the market. This significantly lengthens a company’s risk exposure compared to the current situation.

Insurance Coverage Becomes Central

From a company’s perspective, the change is not merely a legal issue but also an insurance matter. Expanding liability and a longer time horizon increase the need to assess the adequacy of existing insurance coverage. The scope and limitations of product liability insurance, general liability insurance, and potential technology risk insurance policies will become increasingly important. Especially for solutions involving digital products or software, it is essential to ensure that insurance coverage corresponds to liability under the new regulation.

The Importance of Supply Chains and Contracts Is Emphasized

The importance of supply chains is also highlighted. When liability may be directed at multiple actors, the clarity of contracts, documentation, and allocation of responsibility affects both the management of claim situations and insurance compensation. Companies must clearly understand where their liability begins and ends, and how this is reflected in their overall insurance program.

In Finland, where many companies operate in a small open economy and source products from around the world, the new directive makes managing the unpredictability of the liability chain even more important.

Furthermore, in situations where a product or software has been modified before being reintroduced to the market, product liability may shift to the reseller or modifier. This further emphasizes the importance of supply chain transparency and contract-based allocation of responsibility.

Companies Should Prepare for the Change in Advance

The new Product Liability Directive will be applied in Member States through national legislation and is expected to enter into force in Finland after a transition period. In practice, the change will apply to products placed on the EU market after the directive enters into force. Although application will begin later, companies are advised to prepare in advance by mapping their risks and reviewing their insurance coverage.

We recommend the following measures:

• Assessment: Identify which products and services fall within the scope of the new directive.
• Insurance Review: Evaluate current product liability, general liability, and technology risk insurance policies.
• Supply Chain Review: Ensure clear allocation of responsibility in contracts and supplier chains.
• Risk Management: Carefully document product design, testing, and update processes.

Firstbrokers Supports Its Clients Through the Change

The reform of the Product Liability Directive increases companies’ liability in situations where products or their digital features cause claim. At the same time, it highlights the importance of proactive risk management and properly structured insurance coverage. Firstbrokers monitors regulatory developments and helps clients assess how the changes affect their business operations and insurance coverage in practice. Our experts assist clients in navigating these changes, ensuring appropriate insurance protection, and building risk management solutions that address both current and future liabilities.

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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Firstbrokers took part in the Worldwide Broker Network (WBN) European Regional Meeting held in Amsterdam on 1–2 February 2026. Firstbrokers was represented at the conference by International Account Manager Kristina Kreisberg and CEO Jaava Myllyniemi.

The major international event brought together insurance industry experts from across Europe to discuss current topics such as regulation, changes in working life, cyber threats, and sustainability. The conference provided Firstbrokers with valuable information and insights that can be used directly in customer advisory work and in the development of services.

Kristina Kreisberg and Jaava Myllyniemi found the presentation “Pay Transparency Directive: European employers must act!” particularly interesting. It addressed the EU’s upcoming Pay Transparency Directive and gender pay gaps. “In Finland, the average pay gap between women and men is still around 16%, and in some sectors as high as 22%,” Kristina Kreisberg notes. “The presentation clearly highlighted how pay gaps in equivalent roles are also reflected in pensions in the long term,” Jaava Myllyniemi adds.

The new Pay Transparency Directive will enter into force on 2 June 2026, and it will introduce new obligations for employers related to pay data transparency and reporting. Up-to-date knowledge about the upcoming regulation helps Firstbrokers support its clients proactively in employee benefit and insurance solutions.

The conference also covered topics such as current geopolitical risks and cybersecurity. The insights strengthened the understanding of how a rapidly changing operating environment affects companies’ risk management and insurance coverage.

Participation in international industry events is an important part of Firstbrokers expert work. WBN conferences provide up-to-date information on regulatory changes and emerging risks, as well as an opportunity to exchange experiences with European colleagues. Networking with international experts in the industry is becoming an increasingly essential part of the work. This enables Firstbrokers to continuously develop its services and ensure that clients have access to the latest information and best practices in risk management and insurance.

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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Firstbrokers is participating in the Little Pedestrian campaign, which aims to improve traffic safety for young schoolchildren. In this nationwide campaign, local companies purchase reflective harnesses, which are then donated to schools in the area. At schools, the harnesses are distributed to first-grade pupils to make their journeys to and from school safer, especially during the dark season. The reflective harnesses are also equipped with LED lights, maximizing the visibility of small pedestrians.

Traffic safety is a shared responsibility, and small actions can make a big difference. During dark, snowless periods, a pedestrian without proper reflectors or other visibility-enhancing equipment is simply not visible to other road users. Reflective harnesses or vests significantly improve a child’s visibility, increasing safety for children and peace of mind for their families. No driver wants to face a situation where a “dark” pedestrian suddenly appears in front of them. Traffic is a cooperative effort in which everyone can contribute to greater safety.

As an insurance broker, safety in all its forms is naturally important to Firstbrokers. Taking part in the Little Pedestrian campaign is a natural way for us to carry our social responsibility and help promote children’s everyday safety.The campaign brings together companies, schools, and families around an important cause. We are happy to be involved in making school journeys safer for young pupils—one reflective harness and one small pedestrian at a time.

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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Firstbrokers, Finland’s first insurance brokerage company is proud of its membership in Brokerslink, an international network of insurance and risk management experts. This cooperation opens the doors to extensive global expertise for Firstbrokers’ clients, without losing the familiar personal contact and customer service.

Brokerslink is a network of independent insurance brokers and consultants covering more than 130 countries, offering members and their clients a combination of local knowledge and international reach. Firstbrokers’ membership means that our customers gain not only the expertise of our own team, but also the support and insights of the entire Brokerslink network.

“Our clients particularly benefit from the network when their business extends beyond Finland’s borders. We can arrange insurance solutions and risk management locally anywhere in the world, and through the network we continuously receive valuable information on practices in different countries,” says Firstbrokers CEO Jaava Myllyniemi, adding: “At the same time, we are able to provide foreign companies with expert insurance and employee benefits services in Finland. In fact, Firstbrokers has gained a number of new international clients through Brokerslink.”

Brokerslink members are united by a commitment to quality and customer-oriented practices. These are also the core values of Firstbrokers’ operations.

For Firstbrokers’ clients, this cooperation brings tangible added value. When business grows or expands internationally, the right solutions can be found quickly and reliably.

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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The annual Brokerslink European Regional Meeting was held from March 18–20, 2025, in Budapest, Hungary, bringing together the international partner network of insurance brokers once again. Brokerslink’s events always provide a dynamic mix of networking, training, and engaging workshops that address current trends in the insurance industry. This year’s discussions particularly focused on the challenges faced by European brokers and the development of business operations. The program included insightful updates on market conditions and emerging trends in the insurance sector.

The Budapest event gathered nearly 100 members of the Brokerslink partner network from 27 countries. These meetings offer a great opportunity to connect in person with partners who have collaborated throughout the year while also providing access to Brokerslink’s ever-growing broker family. Kristina Kreisberg, a representative from Firstbrokers, described these meetings as important for both personal and professional growth.

Networking with other industry professionals was also a key focus for Eduard Kanoshin of Firstbrokers. Training sessions, panel discussions, and workshops provided valuable insights into the future of insurance. Among the many interesting topics, Kanoshin highlighted a speech on the connection between the global economy and the insurance industry, presented by Arne Holzhausen, Head of Insurance, Wealth & ESG Research at Allianz Commercial.

Other key topics discussed at the meeting included challenging market conditions and capacity needs, handling guarantee and indemnity insurance, transforming risk management into a competitive advantage, the future of insurance – a panel discussion covering trends, technology, and the next generation.

The Brokerslink European Regional Meeting provided Firstbrokers with an excellent opportunity to gain new insights and tools to better serve its clients in the evolving insurance landscape.

About Brokerslink

Brokerslink is a global broking company with an extensive worldwide broker network, comprising independent brokerage firms from 133 countries. Together with its partners, Brokerslink offers a strong service alternative for local, regional, and multinational organizations, delivering top-tier risk management and insurance services. Firstbrokers has been a long-term member of the Brokerslink network. Through the expertise of the partner network, Firstbrokers’ clients benefit from global knowledge and services.

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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IEBA, the International Employee Benefits Association, held its 23rd annual conference from June 3rd to 5th, 2025, in Brussels. The event once again gathered a large number of international experts and service providers in the field to discuss trends, challenges, and the future of employee benefits.

IEBA is the world’s leading association focused on international employee benefits, offering its members education, up-to-date information, and opportunities for professional development in a constantly changing global environment. The association has over 900 members.

From Firstbrokers, International Account Manager Kristina Kreisberg attended the conference. She described the program in Brussels as intensive and inspiring:

“What particularly stood out was the discussion on cancer-related illnesses and their growing impact on both employees and employers. Leena Johns from MAXIS presented research based on cancer claims data and offered concrete strategies for how employers and claims payers can cope with and prepare for these difficult situations,” Kreisberg explained.

The conference program offered insights into many current topics, and Kreisberg highlighted a few examples:

“Managing workforce and employee benefits in high-risk industries – the discussion covered employee well-being and safety in demanding environments, as well as practical implementation of benefits. There was also an interesting conversation on the potential of AI in the development of employee benefits – how emerging technology can help tailor benefits more effectively and support the individual needs of employees.

”The event also provided a pleasant opportunity for networking during breaks and the evening gala. Brussels was once again recognized as an excellent event city, and IEBA received positive feedback from participants for both the program content and the balanced representation of employers and service providers. The large number of attendees from around the world reflects this as well.

The IEBA conference supports the continuous development of professionals in the field and offers in-depth knowledge of international employee benefits. Firstbrokers actively monitors international trends and brings the latest insights to support its clients in their everyday work.

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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Firstbrokers’ representatives Kristina Kreisberg and Eduard Kanoshin participated on January 26-27 on Worldwide Broker Network (WBN) European Regional Meeting held in Turkey. The gathering of almost two hundred insurance industry professionals in Istanbul started the new WBN conference season.The conference consisted of two inspiring days to connect with colleagues and follow the latest market trends and issues.

The participants were able to hear interesting speeches about the most important European topics in the insurance and employee benefit industry from the keynote speaker, customers, partners and other members of the network. WBN is the world’s largest independent network of insurance brokers. Firstbrokers and its customers benefit from its membership – not least through these big meetings. Many conferences discuss issues that Firstbrokers can directly use in their everyday client work. This time Firstbrokers team found the following topics particularly interesting:

• The keynote speaker of the conference Soli Özel from Istanbul Kadir Has University provided a compass for navigating the turbulence when it comes to geopolitical changes and their global implications.
• George Zafiriou from Comergen SA and Ipek Ünal from Integra discussed the specific issues of the Turkish and European insurance markets.
• Scott Toland from Zurich Insurance shared information about ESG and sustainability regulations for Europe. In addition to new knowledge and skills, WBN meetings also offer something else: networking with European colleagues is always useful!

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Firstbrokers Oy was founded in 1989 and is thus the first insurance brokerage company in Finland. Customers are Finnish SMEs and subsidiaries of international companies. Firstbrokers Oy is also the most international insurance broker in Finland, as it is a member of several global insurance broker networks. This enables business customers to provide risk management, insurance and employee benefits services easily, cost-effectively and reliably in more than 110 countries. Firstbrokers Oy covers its customers’ business and employees in all industries. Firstbrokers Oy continuously manages the risk management, insurance and employee benefits of more than 200 companies, and has already served more than a thousand companies during its 35 years of operation. We’ve got you covered!

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