week commencing 02/05/21:

As the UK’s voters make their way to Covid-secure polling stations and French trawlers mob Jersey, the eagle-eyed newshounds of Luther have done their own trawling – for news coverage, that is, and the best of this week’s catch.

Covid-19 robs ships of Indian crew

The huge surge in Covid-19 cases in India has reduced the number of nationals available to the global shipping industry. The maritime industry relies on South East Asian countries for crew members. External-link. [Financial Times]

D&O rate rise

Premiums for Directors and Officers cover rose 41% year on year in 2020. According to experts, the volume of corporate litigation is one of the driving forces behind the increase. External-link. [S&P Global]

Use of captives booms

As Marsh’s Global Insurance Market Index records the highest use of captives since 2012, Marsh’s Jim Swanke says that the use of captives by corporates is booming. External-link. [Insurance Business UK]

Suez was warning to marine insurers

Marine insurers should view last month’s Suez blockage as a shot across the bow. Years of unprofitable underwriting and potentially catastrophic claims like the Ever Given could easily destabilise the sector. External-link. [Insurance Insider]

Cannabis market could open up

The US market for the insurance of legalised cannabis businesses could open up if two new bills in the Congress are successful. Most insurers currently avoid the sector due to conflicting federal and state laws. External-link. [Insurance Day]

AXA launches environmental index

The AXA For Progress index was unveiled at the company’s annual shareholder meeting in Paris as a new measure of the company’s progress towards environmental and diversity goals. External-link. [Insurance Business Australia]

EC extends Aon-WTW deadline

The European Commission has delayed its decision on the legality of the Marsh-Willis Towers Watson merger by five working days till 3 August. External-link. [Insurance Insider]

Premiums up for Hiscox

Hiscox has reported a 6.3% increase in gross written premiums in Q1 2021 and no change to its Covid-19-related loss estimates. Those losses are $475 million net of reinsurance. External-link. [Reinsurance News]

Rate rises slowing

In contrast to Hiscox’s good news, data from 2020 shows that insurance premium rate increases began to decelerate in the last quarter of the year in the US P&C market. The question now is how that tapering off will impact on the London market. External-link. [Insurance Insider]

New Australian pool launched

Insurers in Australia have welcomed their government’s $10bn reinsurance pool for the impact of cyclones. In additional to damage, the pool will cover flood risk and small business policies. External-link. [Insurance Business]

Joke currency now worth more than Ford

A digital currency that began life as a joke is now theoretically worth more than BP, Tesco or Ford Motors. Dogecoin – a cryptocurrency based on an internet meme about dogs – has surged 14,000% in value since the start of the year because of Elon Musk’s very public support. External-link. [The Guardian]

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