Insurance news – week commencing 03/07/22

week commencing 03/07/22:

Given this week’s headline-dominating political circus, it would have been easy to lose track of any other news. Fortunately, at Luther Towers we’ve managed not to be distracted by the on-going farce in Downing Street to bring you our regular pick of the insurance stories.


Cyber heist rocks Graff Diamonds

British jeweller Graff Diamonds paid an $11mn ransom to a Russian cyber-attacker and has launched legal action against Travelers Syndicate 5000, after they avoided settlement of the insured risk. External-link. [Insurance Journal]


Clock ticking for central banks

At the annual meeting of the Geneva Association Economic Forum (GAEF), global insurers called for central banks to take decisive action to tame rampant inflation and repair their damaged credibility. External-link. [Global Risk Manager]


Under pressure

Gallagher Re’s latest 1st View report found that reinsurance buyers are facing significant stresses, as economic pressures have resulted in sustained rises in prices. External-link. [Artemis]


PPL’s new schedule in place

PPL has revealed plans for the two-stage launch of its updated NextGen platform. Following a market consultation in Q4, details on APIs will be made available from summer 2023 as part of NextGen 2.0. External-link. [Insurance Day]


Consultation on revised MRC

The LMG’s Data Council has launched a consultation on Intelligent Market Reform Contracts (iMRC), which will provide for standardised data across the entire insurance transaction lifecycle. External-link. [Insurance Edge]


NSW on brink of catastrophe

The Insurance Council of Australia (ICA) declared the New South Wales floods a significant event, with estimated insured losses of $4.8 billion. The ICA may assign it catastrophe status if the number or complexity of claims increases. External-link. [Insurance News]


Disasters come in threes

The three major storms that hit Europe in February 2022 are the largest international catastrophe loss event of the year so far, closely followed by the flooding in Australia. External-link. [Artemis]


China’s resilience rises

A report from Swiss Re found that China’s resilience to natural catastrophes has risen on last year, reflecting a growing non-life market and increasing collaboration between governments and insurers. External-link. [Reinsurance News]


WEF finds a risky world

The changing global environment is forcing governments and businesses to re-evaluate many of the dangers that they face, according to the latest study form the World Economic Forum. External-link. [World Economic Forum]


Cabinet consult on reviled PM

It would be fair to say that it’s been an interesting week in Westminster. The Chris Pincher debacle, and the Prime Minister’s handling of the fallout, was the straw that broke the camel’s back and Sajid Javid and Rishi Sunak resigned, starting a trickle of resignations that ended as a deluge. Boris, bless him, dug in, beginning a bizarre circus where Cabinet groupings consulted with the Prime Minister on whether or not time was up. The message did eventually get through, and now it is the overly familiar joy of a Tory leadership election that awaits us. External-link. [The Guardian]


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