week commencing 07/02/21:

In a week where the country has been hit by the deepest ‘extreme freeze’ in a decade, we’ve wrapped up our pick of the insurance news to bring you some fire-side reading.

Ministers and business leaders discuss concerns over cost of D&O insurance

With the cost of directors’ and officers’ insurance having doubled in the past 12 months, government officials are talking to industry leaders amid concerns that costs could rise even higher. External-link. [Financial Times]

UK reviews SII but capital reduction not expected

The Bank of England has told insurers not to expect any reduction in capital requirements as part of a post-Brexit review of Solvency II requirements. External-link. [Reuters]

London cyber market in line for sharp correction

A multi-year correction in cyber rates is forecast as insurers push back against growing ransomware claims. External-link. [Insurance Insider]. Beazley expects rate increases to be greater than in any other line in 2021. External-link. [Insurance Insider]

Investigation into Aon-Willis deal suspended

The proposed mega-merger between Aon and Willis Towers Watson has hit a snag as EU anti-trust regulators have suspended their investigation into the deal while the US insurance broker provides the required data. External-link. [Reuters]

Insurers express confidence despite losses

Beazley’s share price rose despite reporting a loss for 2020 as CEO Andrew Horton offered a positive outlook for the year ahead. External-link. [Financial Times] Zurich also reported a loss but expressed confidence about the year ahead. External-link. [Intelligent Insurer]

HAG close to securing first set of BI payments; Irish court follows UK lead

Richard Leedham of the Hiscox Action Group believes it is close to securing its first set of business interruption payments from the insurer. External-link. [Insurance Business] Meanwhile, following a ruling in the Irish Hight Court the country’s central bank pledged to act against insurers who don’t pay COVID-19 claims. External-link. [Carrier Management]

Lloyd’s launches platform to drive resilience to world’s systemic risks

Lloyd’s is launching Futureset, a new global platform and community dedicated to driving greater societal and economic resilience to the world’s largest and most complex risks. External-link. [Reinsurance News]

P&I clubs seek double-digit rises at renewals, but may settle for less

Protection and indemnity clubs are looking for premium rises in the region of 5% to 10% in the current renewal round but may lower their demands ahead of the deadline. External-link. [Insurance Day]

Why social media matters to reporters

If you want to promote and strengthen your brand, here’s why you need to embrace social media. External-link. [Entrepreneur]

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.