week commencing 18/02/18:

While Luther Towers is turning up the heating and reaching for more woollies to deal with the Beast from the East, 2018 is hotting up in terms of activity with gender pay gap reporting, innovation and insurtech on everyone’s to do list and the consequences of last year’s tragic hurricanes still being felt across the industry. Read all about it!


Insurance gender pay gap at about 27%
Data from some of the industry’s major players including the UK branches of Zurich and Axa as well as Aviva and Lloyd’s of London tells us something about the representation of women in senior management across the industry with a gender pay gap of around 27%-28.5%. External-link [Insurance Day]


Industry coalition to drive British insurtech forwards
London is set to receive a major boost to its status as an insurtech hub as the government joins forces with insurers, brokers, market bodies and tech start-ups.  External-link [Insurance Day]


Chasing innovation to give major players a $375 billion boost
According to a new report, the most innovative and adaptable insurance firms will be able to exploit emerging areas such as cyber security and autonomous vehicles to enjoy potentially huge new revenues over the next five years. External-link  [The Actuary]


Surprise climb-down on hurricane losses
After a re-evaluation of likely claim payouts, reinsurers are now anticipating taking on a much more manageable share of the industry bill than first thought. External-link [Insurance Day]


Hope on the horizon for firmer D&O pricing
Although still weak, Directors’ and Officers’ (D&O) insurance pricing is firming up slowly and sporadically. External-link [Insurance Insider]


Significant rise reported in global credit and political risk capacity
BPL Global has reported 30% growth for political risk insurance capacity in three years as the maximum coverage has increased to $2.4 billion since 2015. External-link [Insurance Insider]


Zurich to begin working with ‘innovators’
A new initiative named ‘The Innovation Foundry’ will focus on forming exciting partnerships with businesses of all sizes to drive the introduction of new technology. External-link [Insurance Post]


Slice and Legal & General creating on-demand products together
As demand for on-demand products rises in an increasingly convenience-driven world, the high-powered partnership has incorporated big data, AI and machine learning into new products launching as soon as Q2 this year. External-link [Insurance Post]


Is Masayoshi Son the next Warren Buffet?
The “maverick” Softbank boss’ move on Swiss Re is reminiscent of Berkshire Hathaway, and parallels have been drawn between the two empires.  External-link  [Financial Times]


The future of finance according to Jeremy Corbyn
Finance chiefs reacted scathingly as Jeremy Corbyn warned of radical change in the event of a Labour government, predicting the ruin of a key British industry. External-link [The Times]


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