week commencing 10/11/19:

In a week when most people we speak to seem pretty immune to ‘election fever’ there’s been plenty going on in the real world to capture our attention – not least the opening of impeachment proceedings against President Trump, floods in the UK and bush fires in Australia. It’s a topsy turvey world and insurance is at the heart of it.

Asia set to dominate

Emerging markets in Asia are set to drive global insurance industry growth of around 3% in real terms in 2020 and 2021, according to a report from the Swiss Re Institute (SRI). External-link. [Asia Insurance News]

TMK makes all the wrong headlines

The lawyer who blew the whistle on sexual harassment at Tokio Marine Kiln now intends to sue his employer for “a campaign of racial discrimination, victimisation and harassment.” External-link. [Business Insurance]

BIBA lobbies to plug flood funding gap

In the wake of flooding across northern England, BIBA is demanding that any future government should use funds raised from the increase in IPT be used to underpin flood defence and resilience measures. External-link. [Insurance Age]

Shot in the arm for government terror pools

Pool Re is taking steps to move away from a facultative-style placement towards a catastrophe treaty-type structure, which will require HM Treasury approval. External-link. [Insurance Day]

In other news, the US government terror pool, TRIA, has been renewed for another seven years. External-link. [International Programme News]

IAG most exposed as fires take hold in Australia

Devastating wildfires raging across New South Wales and Queensland are expected to incur hundreds of millions of dollars in losses over the next week. External-link. [Insurance Business Australia]

Boxing clever

Lloyd’s has now received 80 applications to open a syndicate in a box following the lead set by Munich Re, which was the first to set up a remote syndicate focusing on newer insurance areas including renewable energy. External-link. [Reuters]

Zurich highlights changing global D&O trends

More cross-border claims and a rise in new emerging risks e.g. cyber-attacks, data breaches, violations of privacy and confidentiality and climate change are increasing directors’ liabilities and duties of care. External-link. [Commercial Risk Online]

Time called on parametric product

Axa has announced it is no longer selling its blockchain-enabled flight delay product. External-link. [Insurance Post]

Government steps in as Thomas Cook PI comes up short

The government pledged to set up a statutory compensation scheme after it emerged the self-insured travel company had only taken out cover for the “very largest” personal injury claims. External-link. [MoneySavingExpert.com]

New broker believes clients want choice

At a time of intense M&A activity within the broker market, new broker Newman Pearce is banking on client demand for smaller, specialised, customer-focused service. External-link. [Insurance Insider]

Rates for reinsurance remain unimpressive

Speaking at S&P Global Ratings 2019 Bermuda Reinsurance Conference, a number of CEOs expressed disappointment at the response to industry losses so far but are hoping for better in 2020. External-link. [Artemis]

Can the concept of “community” be a bit creepy?

Companies are increasingly adopting the ideology and language of community to encourage belonging but it should be handled with care. External-link. [FT]

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