week commencing 04/10/20:

Proving that face to face beats Zoom hands down, this week saw the first visit to London for the residents of Luther Towers since March. Great therapy ahead of no-doubt more pandemic panics, Trump’s greatness in adversity and a smattering of good and bad insurance news. Read all about it…

Will this wind (be so mighty)?

All eyes are on Hurricane Delta as it barrels towards the US Gulf Coast, threatening Louisiana’s levées in a season that has proved more active than most. External-link[The Insurer]

Brexit takes a chunk out of London market income

Brexit has seen £4.5bn in premium shift to Europe, increasing costs, adding to inefficiency and impairing services for customers, according to the IUA. But income for London was up 10%. External-link. [Insurance Day]

Lloyd’s targets 13% growth in 2021

Lloyd’s CEO John Neal has upgraded earlier forecasts and expects to sign off on business plans allowing growth of up to 13% in 2021 and $15bn of new business. External-link. [Reinsurance News]

Mariners in choppy waters

Underwriters agree that COVID-19 is not helping a class that was already under stress from reduced premia and increased claims costs. External-link[Reactions]

What’s worse than the pandemic?

COVID19 has been an object lesson in ‘mind the gap’ risk thinking but Axis president and CEO Albert Benchimol warns that cyber accumulation would be worse – more like “Covid on steroids”. External-link. [Insurance Insider] Meanwhile, the World Economic Forum suggests unemployment is the new top risk for businesses globally. External-link. [The Insurer]

Pandemic is ‘huge shove’ toward digitisation and efficiency

Chubb COO, John Keogh, says the pandemic is forcing re/insurers to embrace digital ways of working and collaborate more effectively with government so capital is better aligned to client needs. External-link. [Slipcase]

Samsung gets both barrels from investors for investing in coal

Foreign investors have lambasted South Korean Samsung’s insurance businesses after revelations that it has made fossil fuel investments to the tune of $14bn, undermining its green credentials. External-link[Financial Times]

Price rises will not save the industry

Sean McGovern, CEO of UK and Lloyd’s at Axa XL, has warned that rate rises will not be enough to survive the economic fallout. He says businesses will need to become “very, very good at risk selection.” External-link. [Insurance Insider]

QBE welcomes new CEO

Jason Harris has joined QBE this month as Chief Executive Officer, International Division, ahead of the retirement of Richard Pryce in Q1 2021. He joins from AXA XL. External-link. [Reactions]

Solicitors’ PI rising fast

Rising claims, in part due to errors made during home working, a rise in contentious property deals and more complex probate and family matters have doubled premiums for some law firms. External-link. [Financial Times]

Be afraid?

Is Trump leading by conquering fear? We leave it to you to judge. External-link. [American Thinker]

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