Insurance news – week commencing 07/11/21

week commencing 07/11/21:

This week at Luther Towers ‘success bombing’ became a thing. With lots of COP26 promises and strong results stories this week’s news round-up gives lots of opportunities for those seeking validation and approval.

Storms leave many uncovered

Aon has published a new climate change report, which found that, in the last decade, less than a third of the $3 trillion of losses from extreme weather were covered by insurance. External-link. [Insurance Insider]

Product for Prince’s public-private partnership

The Prince of Wales’ Sustainable Markets Initiative Insurance Task Force published a framework for boosting disaster resilience in developing countries, in which private capital could help build agricultural resilience. External-link. [The Insurer] External-link. [Insurance Day]

Insurers risk looking like dinosaurs

During the process of the energy transition, fossil-fuel producing clients will remain an important part of firms’ underwriting. Insurers have a fine line to walk as they move toward sustainable business models. External-link. [Insurance Insider]

Parhelion rounds on polluters

The marine, aviation and fossil-fuel industries simply do not pass Parhelion’s screening process, according to CEO Julian Richardson, and the company will not invest in them. External-link. [The Insurer]

Firms look to acquire ESG

A report in which 21 industry experts were asked about the shifting due diligence requirements for mergers found that a strong ESG track record was just as important as financial health. External-link. [Commercial Risk]

Scores on the doors

The Executive Chairman of Conduit Re, Neil Eckert, says that he expects a universal approach to carbon scoring to emerge within the next few years, as the insurance industry starts evaluating the carbon intensity of their portfolios. External-link. [The Insurer]

Beazley sets race pace

Beazley easily overtook rivals Hiscox and Lancashire with a strong set of Q3 results, as premium growth beat forecasts. External-link. [Insurance Day]

McGill future looks bright

Having started just two and a half years ago, McGill and Partners is outperforming expectations and edging towards profitability at the end of the year with revenue doubling to $120 million. External-link. [Insurance Insider]

Investigation tempers profit celebrations

While Allianz will be pleased to have beaten its predictions for record profitability in 2021, there will be some sober thinking about a US investigation into possible misconduct by fund managers. External-link. [Reuters]

FCA drives hard bargain

The LMA has responded to the FCA’s Pricing Practices Rules by saying there was a risk they could ‘snowball’ to the point where they become an unbearable administrative burden on insurers. External-link. [Law360]

Disruptions supply opportunities

Analysis by DBRS Morningstar has found the limitations of business interruption insurance could provide insurers with opportunities, as policyholders could seek more comprehensive protections against supply chain issues. External-link. [Strategic Risk]

Regulators given new remit

Government reforms will mean that the PRA and FCA, as part of their duties, will have to consider how to facilitate growth and international competitiveness in the UK financial services industry. External-link. [CityAM]

Success bombs need diffusing

The practice of showing off one’s success constantly has been designated ‘success bombing’ and is apparently a sign of deep-rooted insecurities and a need for outside validation. External-link. [Pocket]

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