week commencing 08/04/18:

Data is definitely the flavour of the week with Mark Zuckerberg helping the US Senate get to grips with Facebook, while the Chinese state takes data hoarding to new heights with its new Black Mirror-esque ‘social credit’ system. Counting down the days to GDPR with this week’s pick of the insurance industry news.


Lloyd’s on insurance in the sharing economy
A new Lloyd’s report on sharing economy businesses like Airbnb and Uber showed that whilst consumers like their intrinsic convenience, they think of them as risky and prefer ones that offer insurance. External-link [Insurance Business Magazine]


London Market boosted by vote of confidence from important industry figures
Bronek Masojada and Andrew Horton, CEOs of Hiscox and Beazley respectively, sent a strong pro-London message and quietened Brexit fears this week by taking on senior roles at significant London market bodies. External-link [Insurance Insider]


Cost pressure drives London market outlook down
Fitch issued a stark update this week saying that the pressure on underwriting this year remains intense, with high costs and thin margins contributing to a negative outlook on the London market. External-link [Insurance Day]


Full extent of FCA’s wholesale broker investigation revealed
The Financial Conduct Authority’s (FCA) investigation into conflicts of interest at the top of the industry’s largest intermediaries is ongoing, and the full scope of the probe was revealed this week in Reinsurance. External-link [Reinsurance]


Energy industry cyber attack wake-up call
American lawmakers are reviewing how the pipeline industry handles cyber threat following an attack on a US natural gas pipeline that the owners were not required to report. The results of the inquiry could have huge implications for the energy industry. External-link [Bloomberg]


Marsh announces first step in restructure
The broker’s plan for a global restructure will see its Middle East and African ops combine to become one unit. External-link [Reinsurance]


New state-sponsored ‘social credit’ system comes to China
In a move eerily reminiscent of an episode of dystopian tech show Black Mirror, the Chinese state is implementing a mandatory ‘social credit’ system to rank and monitor every single one of its citizens. A person’s social score will affect every part of their life including travel, internet speeds, education and work. External-link [Business Insider]


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