Insurance news – week commencing 10/10/21

week commencing 10/10/21:

The ABI fired a warning shot at the Treasury, an Australian court ruled against BI payouts for Covid, and Chubb has gone east. At Luther Towers, we have been having a whip round to support our favourite band.

Stealth tax spotted

The Association of British Insurers has warned the Treasury against increasing a tax on insurance premiums in the autumn budget, saying that any rises would have to be passed onto consumers. External-link. [Law360 UK]

Australian court finds for insurers 

A federal court in Australia found that all but one of the nine business interruption policies put before it were not triggered by the Covid-19 pandemic. The Insurance Council of Australia welcomed the decision. External-link. [Asia Insurance Review]

Chubb expands Asian presence

Chubb has acquired Cigna’s businesses in Turkey and six Asian markets in a deal worth $5.75 billion. The transaction is expected to be completed in 2022, subject to regulatory approval. External-link. [Asia Insurance Review]

Agricultural insurers uprooted by state

State-owned China Agro Re’s mandatory quota-share cession has shaken up the Chinese agricultural reinsurance market, forcing commercial insurers to change tack. External-link. [Insurance Day]

Experts twitchy over cyber

In the aftermath of Twitch’s cyber security breach, which leaked the website’s source code, a survey of experts by Axa found that they consider cyber risks as their single biggest concern for this year. External-link. [Financial Times]

Live events cover on pause

A £750 million government insurance scheme has been criticised by event organisers for delays, and by brokers for a potential conflict of interest. The scheme is to be administered  by  Oliver Wyman but delivered by Marsh. External-link. [Financial Times]

Losses rise with floods

Chinese insurers suffered their biggest ever catastrophic event loss in July this year, when floods in the Henan province caused claims of $1.9 billion. External-link. [Strategic Risk]

Parhelion ready to roll

The new ‘fully sustainable’ insurer, backed by Howden, is ready to launch in 2022 and currently in discussions over strategic partnerships. It is looking for partners who can provide platforms in Europe and America. External-link. [Intelligent Insurer]

London premium income soars

The International Underwriting Association’s latest statistics showed premium income for 2020 increased by a fifth on the previous year, to more than £28 billion. Almost all sectors saw an appreciable rise. External-link. [Insurance Insider]

Hard rain for US insurers

2021 was an “unprecedented” year for natural catastrophes, with 18 in the first nine months of the year all causing over $1 billion worth of losses each. Hurricane Ida was the costliest, with total losses standing at $60 billion. External-link. [Commercial Risk]

Apollo strikes gold

Apollo has reached an investment deal with Alchemy Special Opportunities Fund worth $90 million. Apollo Chief Executive David Ibeson said the deal was evidence of clients benefitting from an “experienced and talented team”. External-link. [Insurance Business UK]

Howden acquires Aston Lark

The takeover puts Howden in a position where they can “absolutely” be a challenger to the largest brokers, according to CEO David Howden. He also said there were “huge opportunities” for the company internationally. External-link. [Financial Times]

Show must go on

Prog rock band Marillion has asked fans to underwrite the costs of their upcoming tour. Fans have been asked to contribute to a £150,000 pot that will be refunded if the tour goes ahead without any Covid-related interruptions. External-link. [Financial Times]

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