Insurance news – week commencing 01/05/22

week commencing 01/05/22:

This week, London’s insurance market is busy calculating the impact of the Net Zero transition while Lloyd’s is hoping to limit aviation claims pay outs. Meanwhile, at Luther Towers we’re debating whether we’d avoid the commute if it meant a pay cut.

London eyes Net Zero opportunity

The transition to Net Zero will create business opportunities that could double the size of the London insurance market, LIIBA CEO Christopher Croft told the All-Party Parliamentary Group on Insurance and Financial Services. External-link. [Carrier Management]

Lloyd’s finest hour?

Lloyd’s is readying itself for a battle over claims potentially worth £8bn for aircraft seized by Russia. It has instructed lawyers to advise on whether it can deny the claims, with lessors arguing their losses are covered. External-link. [Yahoo!]

Cyber insecurities

Some in the cyber market are concerned that it is losing relevance, and that big corporations view captives as the best way to manage their risk. Increasing cyber ILS capacity could help the market avoid this, if the idea gains traction. External-link. [Insurance Insider]

AIG beats expectations

Insurer AIG beat predictions with its results for Q1 2022, as net earnings rose 9.9% to $4.25bn. Its North American commercial lines business was the main driver of the improvement. External-link. [Insurance Business]

FCA staff are out-of-office

FCA staff represented by trade union Unite have gone on strike over a deal that will give most a 12% pay rise over the next two years. Fewer than one-in-ten FCA staff support the call for industrial action. External-link. [CityAM]

Mind the gap

The insurance industry’s gender pay gap has worsened compared to last year, despite some encouraging results among brokers. External-link. [Insurance Post]

Talking ‘bout my generation

PPL’s decision to renege on its plan for an autumn release of its Next Gen build project has many questioning why they committed to such a tight deadline in the first place, as well as the company’s credibility. External-link. [Insurance Insider]

It pays to commute

Law firm Stephenson Harwood has decided to move with the times and allow its staff to work from home full time. The only catch is that accepting the offer means a 20% pay cut. The firm was at least very honest about how it expected this to play out, saying that the chances of people deciding to work from home were “very slim”. External-link. [BBC News]

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