Insurance news – week commencing 09/01/22

week commencing 09/01/22:

Is this the week we update an old phrase? The PM seems to have an issue not just in managing a work-related event (in a garden) but in recognising one. We can only hope WTW does a better job transforming tomorrows, but if not, we can always turn to the ever-cheery WEF Global Risk report for solace.

Wake-up call on ESG

Insurance Insider has made eight predictions for the New Year, including the continuation of the ‘ESG Awakening’ which it suggests may still be a case of form over substance. External-link. [Insurance Insider]

Hunger for D&O risks

A report by Gallagher found that the D&O market stabilised in the second half of 2021 but predicted that there would be further rate reductions in 2022 as new entrants bring ‘fresh appetites’. External-link. [Insurance Times]

Hard times to pass

David Croom-Johnson, Aegis London CEO says reinsurance rates will reach a peak in 2022. External-link. [Insurance Day]

Munich counts cat costs

Munich Re said that insured losses from natural catastrophes hit $120bn in 2021 – the second costliest year on record. Ernst Rauch, Chief Climate and Geo Scientist warned worse is to come as the climate continues to warm. External-link. [Reuters]

Transformative name change

CEO Carl Hess announced in a company memo that Willis Towers Watson is to rebrand as WTW, short for “we transform tomorrows”. He also unveiled a new logo to be used on the company’s website and social media channels. External-link. [Insurance Business]

Bumpy road ahead

The WEF’s Global Risks Report 2022 found that the pandemic recovery will be precarious and uneven, worsening global inequality. It predicted this will make cooperation on challenges such as global warming more difficult. External-link. [Reinsurance News]

Bottlenecks in good supply

Oxford Economics expects that issues with transportation bottlenecks will persist well into 2022. While shipping rates are well up from their pandemic lows, short-staffed ports mean supply chain pressures will continue. External-link. [Commercial Risk]

Lloyd’s provides blueprint

Lloyd’s, DXC Technology and the IUA have signed a joint-venture agreement, with support from the LMA, to digitise its services. Lloyd’s said it was a key moment for implementing Blueprint Two. External-link. [Insurance Business]

When sorry seems to be the hardest word

Boris Johnson’s somewhat implausible excuse that he thought a boozy gathering in Downing Street was work related has been roundly derided by the papers, with the Mirror for once capturing the popular mood with the words Nation in Outrage. On the opposite side of the political divide, the Sun merely asks BO-ver and out? External-link. [The Guardian]

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