Insurance news – week commencing 05/12/21

week commencing 05/12/21:

This week at Luther Towers the word “party” has been excised from our vocabulary – much like most of Westminster and Whitehall, while the omicron variant is doing its best to stop anyone from having one.

Allianz plots its course

Allianz has set out its three-year strategic plan and is hoping to move on from its remediation efforts at Allianz Global Corporate & Specialty. The strategy anticipates that growth will be sustained by improving market conditions. External-link. [Insurance Times]

Keeping it real

Simon Cooper of Aegis London argues that insurers need to think about how technology and data are going to shape the industry but be realistic about the extent to which machines can take over underwriting. External-link. [Insurance Day]

European D&O reaches limit

D&O insurers have warned that there are few opportunities for growth in Europe. Buyers are reluctant to accept rate rises and are purchasing less cover as a cost-saving measure. External-link. [Insurance Day]

New Sharia-compliant broker

Howden has unveiled a Shariah-compliant broker in Malaysia, Howden Takaful Brokers. The team of 30 will offer insurance solutions across Howden’s product range as it targets growth in Asia. External-link. [Intelligent Insurer]

Insurers stressing over climate

Petra Hielkema, chair of European regulator EIOPA, said that she expects European insurers to face a climate-related stress test within the next two to three years. External-link. [Intelligent Insurer]

Syndicates’ capacity growing

Lloyd’s stamp capacity is predicted to increase by 7.3%, which amounts to a rise of £2.7 billion. The growth is perceived by some as a signal that rate increases will slow down in 2022. External-link. [Insurance Insider]

AIA calls time on coal

AIA has sold off its investments in coal mining and coal-fired energy businesses, worth almost $10 billion. It has also committed not to make new investments in businesses directly involved in mining or burning coal. External-link. [Insurance Journal]

Lloyd’s List weighs anchor

Informa’s reorganisation will involve the sale of its Intelligence division and Lloyd’s List. Informa chief executive Stephen Carter said that the assets for sale had already attracted “significant” interest. External-link. [Financial Times]

The consumer is king

The FCA will introduce a new consumer duty, forcing financial services firms to avoid foreseeable harm and preventing them from exploiting behavioural biases or presenting information in a confusing manner. External-link. [Law360]

Lloyd’s China dropped

Argenta has announced that it will cease underwriting business relating to the Lloyd’s China platform with immediate effect in a move to simplify operations. External-link. [Reinsurance News]

It’s my party and I’ll cry if I want to……

When the PR becomes the story, it rarely ends well! External-link. [The Guardian]

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