week commencing 07/04/19:

Booze, burglary and bias – Luther Towers is avoiding the other “B” word this week.

Nat cat totals reach global high

The latest Sigma report from Swiss Re makes grim reading, noting as it does that total global natural catastrophe liability reached $76 billion in 2018.  The rise comes as global climate change increases the frequency of disaster weather events. External-link. [The Insurer]

Lloyd’s bars its doors to those under the influence

Following negative press about market culture, Lloyd’s has announced that it will not allow onto its premises any passholders who are under the influence of alcohol or drugs. External-link. [CNN]

Business insurance prices rise across classes in US

US insurance prices in the first quarter of 2019 saw premiums rise through almost all commercial lines, including commercial property, fleet motor and general liability.  Only workers compensation cover pricing moved against the flow. External-link. [Business Insurance]

Gender pay gap narrows

The gender pay gap has narrowed across insurance over the last year, and in a further positive move, nearly as many women are now being recruited as men. External-link. [Insurance Insider]

Car insurance premiums fall as whiplash reforms take effect

Car insurance premiums have fallen an average of £100 over the last quarter, with whiplash reforms and a reduction in the number of new cars registered both having an impact. External-link. [Insurance Post]

Poor market structures harm consumers, warns FCA

The FCA has issued a warning to general insurers in the UK that products, particularly for personal lines and SME customers, may deliver little benefit or are overly expensive for the benefit they bring. External-link. [Insurance Business Magazine]

Lloyd’s business review will create new winners and losers

How will John Neal’s newly revealed business plan for Lloyd’s, including an analysis of how the concept of ‘leaders and followers’, impact the market? External-link. [Insurance Insider]

AI transforms the concept of ‘coverage’ but brings bias too

The use by insurers of big data may bring denial of cover to some groups in society.  If whole postcodes, age groups, or those at risk of certain health issues are deemed uninsurable, will a new sort of corporate bias become the norm? External-link. [New York Times]

Socialite’s $20m fraudulent claims funded lifestyle

‘Fraud of the month’ was executed by a US socialite this week. Claire Risoldi filed inflated claims for stolen jewellery and furnishings after multiple fires, claiming in total $20million before she was caught. External-link. [PropertyCasualty360]


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