week commencing 04/07/21:

It was a week where things that had been stuck started to move.  The Ever Given finally left the Suez Canal.  Manufacturers restarted plants post-Covid, and experienced unusual maintenance issues as a result.  Even holidaymakers got the green light to go abroad again. About the only thing that wasn’t moving was the Aon-WTW merger, which got stuck once again, this time in New Zealand. 

Insurers must push for increased pricing

Fidelis CEO Richard Brindle has called on insurers not to be complacent about pricing models. He says that there are five “C’s” that will challenge the industry and push up pricing: climate change, Covid, casualty (due to under-reserving), cost inflation and cyber. External-link. [Insurance Insider]

ABI sets out climate change roadmap

According to the new climate change roadmap issued by the Association of British Insurers, by 2035 £900bn could be invested into green investments by its members. External-link. [The Insurer]

PPL update delayed

It has been revealed that PPL’s contract with CGI to modernise the London market’s e-trading platforms has been dissolved. It is unlikely that the next significant upgrade to PPL will now take place before summer 2022. External-link. [Insurance Insider]

Safety net explored for live events

The government is considering a new scheme that would insure live entertainment in the event of further coronavirus outbreaks. Last year sector revenues dropped by 90%. External-link. [Insurance POST]

Cyber attacks surge in size and cost

As the number of ransomware attacks grows, businesses are looking at increasing their cover. However, increasing claims are spooking underwriters, which may lead them to pick and choose who they insure. External-link. [Financial Times]

Howden eyes European expansion

Howden has said is looking to grow its European business through acquisitions and in countries where it currently has little exposure. It will focus on providing cyber and warranties and indemnities insurance. External-link. [Insurance Day]

AON-WTW merger delayed in NZ

The decision on the AON and Willis Towers Watson merger has been delayed for a third time in New Zealand and is now likely to be announced in August. The only regulator to have approved the merger so far has been South Africa, with the mega-deal also still on hold in the US and Singapore. External-link. [Insurance Business]

Ever Given on its way

The Ever Given is finally on its way out of the Suez Canal as a settlement has been reached between the Suez Canal Authority (SCA) and the ship’s owner Shoei Kisen. It has been reported that the SCA initially demanded $916m but that this was lowered to $550m. External-link. [BBC News]

Poor maintenance costly for underwriters

The restarting of manufacturing operations post pandemic is causing a challenge for industrial insurers as poor maintenance of facilities is hiking up claims. External-link. [Insurance Day]

Emoji or nod?

Digital miscommunication is causing a huge decrease in productivity, but we can use our digital body language to express what we mean. An approving smile or nod of a head is difficult to replicate online but don’t be afraid to use an emoji. 😉 External-link. [BBC News]

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