week commencing 06/10/19:

We were reminded of the film Cool Runnings this week as a series of increasingly improbable events dominated the news channels. President Trump laid claim to ‘great and unmatched wisdom’. Parliament recognised it would have to sit on a Saturday to get Brexit un/done. The Jamaican stock market became this year’s world’s best performing exchange. Happily, the insurance news agenda threw up a few ‘bobsleigh moments’ of its own to keep us entertained.

Carnegie-Brown can cuvva it

Bruce Carnegie-Brown says he is confident he has time to chair specialist car insurer Cuvva and that he will learn much about ‘the ways of the digital market’ whilst overseeing a transformation at Lloyd’s. Financial Times External-link

Cry me a river

Insurer James River has announced it is cancelling all policies to its biggest customer, Uber, at year end due to profitability concerns. Its stock fell 22% following the announcement. Reactions External-link

Brexit bites brokers

Lloyd’s is moving to ensure that brokers and coverholders have made arrangements to trade in the EU27 after a hard Brexit – the view seems that no EEA authorisation means no licence to trade with Lloyd’s Brussels after 31 October. Insurance Insider External-link

Industry welcomes extra time on dual pricing

The FCA interim report on general insurance pricing practices has seen established players call for more time to manage ‘unintended consequences’. New entrants, of course, want to move more quickly. Insurance Age External-link

India pioneers in combined parametric cover

Snappily named BICSA (Bundled Solutions of Index Insurance with Climate Information and Seed Systems to manage Agricultural Risks) has been launched in Bihar, India. 600 households are involved in the pilot, supported by Reliance General Insurance, a private insurer, and the public sector. Asia Insurance Review External-link

Arch’s Conservative Q3 loss estimate sends chill ahead of reporting season

Arch has substantially upgraded its Q3 cat loss estimate to $75b – raising concerns the rest of the market may also tread carefully to head off future loss creep. Insurance Day External-link

Improve or remove remain the watchwords at Lloyd’s

Insider sources suggest Lloyd’s will be just as tough on syndicates’ 2020 planning as it was in 2019 when £7bn of under-performing business was jettisoned. Meanwhile syndicates are keen to profit from rate hardening across most London specialty classes. Insurance Insider External-link

Convex makes its move

Convex is the largest ever new entrant in the upstream energy market but pricing impact is expected to be muted, at least in the short term. Insurance Day External-link

EU warns of rising cyber attacks by state-backed entities

A report prepared by EU member states warns cyber security risks to next-generation 5G mobile networks could limit the EU’s ability to compete in an increasingly networked world. Slipcase External-link

Insurance press makes its priorities clear

The headline says it all: “Typhoon Hagibis threatens England rugby match and Formula 1 in Japan”. Sport first. Economic loss second. Intelligent Insurer External-link

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