- April 16, 2021
- Posted by: lutherpendragon
- Category: Insurance news
week commencing 11/04/21:
As unlocked Britons flock to their Easter Airbnbs, those of us back at the ranch have been scouring the media for stories of note and interest. Here’s what we found.
Aon and Willis deal under pressure
Aon and Willis have proposed selling the Willis finpro, cyber and aerospace units to secure EU approval for their merger. . [Insurance Insider] The EU has now restarted the clock on its competition review. . [Insurance Insider].
Underwriters failing to tackle broker commission
Some underwriters in the Lloyd’s market “lack the appetite” to tackle unacceptably high commissions says Ascot CEO Andrew Brooks. . [Insurance Day]
Intangible assets challenge insurers
The fact that intangible assets account for nearly 70% of the total business value of the world’s 50 largest corporations is creating challenges for insurers, says broker Howden. . [Insurance Business US]
Suez claim disputed
A claim by the Suez Canal Authority for $916m over the canal’s recent blockage is being disputed by the UK P&I Club. The club argues that the P&I aspects of the claim are ‘relatively modest’. . [Insurance Insider]
Lloyd’s European CEO departs
The CEO of Lloyd’s European operation is to leave the business. Sonja Rottiers departs in June and will be replaced by Amélie Breitburd, formerly with AXA, KPMG and Allianz. . [Reinsurance News]
MS Amlin rules out Adani coverage
Lloyd’s syndicate MS Amlin has ruled out providing cover for the Adani Carmichael coal mine in Australia. CEO Johan Slabbert said that the (re)insurer recognised its responsibility to the environment. . [Insurance Business Aus]
Weather woes in March
Extreme weather in the US including hail, flooding and a total of 122 tornadoes, will cost the insurance market over $1 billion in March, broker Aon said. It was the worst month for tornadoes since 2017. . [Reinsurance News]
Busy Atlantic storm season predicted
Weather forecaster Tropical Storm Risk has predicted that this year’s Atlantic storm season will include 17 named storms, eight hurricanes and three major hurricanes. . [The Insurer]
LA Fitness sues over BI
Fitness International, the owner of the LA Fitness brand, is to sue insurers for $500m in a dispute over the non-payment of a business interruption claim hinging on Covid-19. . [The Insurer]
Brokers failing to make SMCR reports
Very few insurance intermediaries have reported any conduct breaches during the first year of the Senior Managers Certification Regime (SMCR) regulation. Warnings are being made of a ‘reporting gap’. . [Insurance POST]
Charity benefits from Covid vaccine scheme
Aon has announced an industry-wide initiative providing transparent cargo insurance coverage for Covid-19 vaccines combining sensor data and analytics. Aon said it will donate 100% of revenues to charity. . [Insurance Business US]
When is too much coverage too much?
By the beginning of this week, UK print media had generated 540 pages of coverage of the death of Prince Philip. Interesting to note that in a YouGov poll, 57% of Brits said there had been too much coverage. . [Press Gazette]
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