Insurance news – week commencing 06/02/22

week commencing 06/02/22:

The courts are getting it wrong, salaries are going through the roof, D&O rates are down and cyber cover could become unaffordable, but at least we can comfort ourselves with a Gregg’s sausage roll while shopping for t-shirts.

Going for broke

Firms are struggling to find brokers and underwriters with the requisite levels of experience so are offering higher and higher salaries to recruit as well as keep staff. External-link. [Insurance Insider]

Lloyd takes hotseat

Richard Lloyd OBE has been appointed interim chair of the FCA while the regulator searches for a permanent replacement for Charles Randall. Lloyd is the Senior Independent Director of the FCA Board. External-link. [Finextra]

Law firm tells it straight

Joshua Mooney and Judy Selby, partners at law firm Kennedy’s, said they believe the Superior Court of New Jersey’s decision in the Merck NotPetya attack is simply “wrong”, and “looks backward to a century past”. External-link. [Insurance Journal]

Insurers cool on GBA

A report commissioned by the FSDC in Hong Kong found that the insurance sector does not see much benefit to operating in the Greater Bay Area, as it is already well established in mainland China. External-link. [Asia Insurance Review]

D&O prices flatten

Aon reported that price rises in D&O cover have continued to ease, rising only 3.7% in the last quarter of 2021. An influx of capacity means most expect that rates will remain stable over 2022. External-link. [Insurance Insider]

Hannes leaves Hiscox

Beazley has hired Meghan Hannes, formerly cyber product head at Hiscox. She will lead underwriting management across Beazley’s US cyber & technology portfolio. External-link. [The Insurer]

New cyber platform launched

DeNexus has launched the latest version of its DeRISK platform, which predicts likely cyber breaches, assesses their impact on businesses, and provides guidance on risk mitigation. External-link. [CIR Magazine]

Not buying it

Cyber experts have warned that a hard market could start influencing buyer behaviour. As insurers make increasingly prohibitive demands of their clients, they risk preventing them from purchasing cover at all. External-link. [Insurance Day]

WTW channel Kelly Clarkson

CEO Carl Hess has said that WTW has started the new year strongly, after 2021 was plagued by staff losses and a failed merger. He said the company was through the worst and that “What doesn’t kill you makes you stronger”. External-link. [Slipcase]

When it rains, it pours

Gallagher Re found that insured losses from natural catastrophes in 2021 have hit $116 billion so far – the third highest loss in the last decade. The findings also showed a trend towards greater losses over the last ten years. External-link. [Reinsurance News] The Financial Times reported on how the insurance industry gets to grips with the new reality created by climate change, and how this is affecting the availability of cover in places such as California. External-link. [Financial Times]

Fast fashion meets fast food

It’s a collaboration we never knew we needed. After customers noticed Greggs sausage rolls surreptitiously placed in Primark mannequins’ clothes, the two announced they will produce a limited-edition clothing line. In addition, the world’s most ‘instagrammable’ Greggs (!) will open inside Primark’s Birmingham branch, replete with a doughnut swing. External-link. [The Guardian]

External-link. External links are being provided as a convenience to relevant content; they do not constitute an endorsement or an approval by Luther Pendragon of any of the services or opinions of external content. Luther Pendragon is not responsible for the accuracy, legality or content of these external sites. Please also note that some external content may require a subscription to view.