Insurance news – week commencing 12/09/21

week commencing 12/09/21:

It’s been a week of shake-ups. Emma Raducanu served notice to the tennis old guard. Boris Johnson shuffled his Cabinet and China’s feathers were ruffled by a new US, UK, Australia security pact. Luther Towers by contrast has been all swan-like serenity in our search for the best of this week’s insurance news.

Insurers call for Solvency II overhaul to aid green transition

Insurance executives told an influential group of MPs on Monday that the UK should make urgent reforms to the EU’s Solvency II capital rules in order to free up cash for green investments.

External-link [Law 360]

Ida losses could reach $30 billion

Insured loss estimates from Hurricane Ida have increased to between $20bn – $30bn after adding the impacts of inland flooding, according to AIR Worldwide.

External-link [Commercial Risk]

Vitruvian starts selling off CFC stake

The process for private equity house Vitruvian to divest its 40% stake in CFC has formally begun, with interest in the cyber specialist MGA expected to be keen.

External-link [Insurance Insider]

Cat rates expected to climb

Following the severe summer floods and wildfires, European cat rates are expected to rise at the 1 January renewals, according to Guy Carpenter’s Europe CEO Massimo Reina.

External-link [The Insurer]

LMA adds six to its board

The Lloyd’s Market Association has highlighted its diversity efforts with the appointment of six new board members to support the market in key areas.

External-link [The Insurer]

US considers “cyber bullets” in war on hackers

The US government is considering proposals to use cyber weapons as part of a comprehensive strategy to dissuade adversaries, according to National Cyber Director Chris Inglis.

External-link [Bloomberg]

Bermuda pay-outs to UK top $35 billion

The Bermuda Monetary Authority reported that during the five-year period from 2016 to 2020, Bermuda (re)insurers paid out US$35.2 billion to UK policyholders and cedants.

External-link [Reinsurance News]

Dale Underwriting owner granted approval for managing agency

Lloyd’s has granted Dale Underwriting Partners (DUP) parent Dale Partners in-principle approval to form its own managing agency, Dale Managing Agency.

External-link [Insurance Day]

Would you take financial advice from a FinTok?

Almost 20 million people in the UK trust financial advice shared on social media platforms from so called FinTok influencers, including Kim Kardashian.

External-link [City AM]

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