week commencing 12/07/20:

To mask, or not to mask – that is the question. Whether tis nobler in the mind to introduce a regulation and abide by it, or to ask people to observe good manners and suffer the slings and arrows of outrageous press coverage when you forget the very next day. We leave it to you to judge. As you can tell – it’s been a long week at Luther Towers.

Lloyd’s retreats on US admitted business

The Corporation will refocus on surplus lines business and reinsurance in the US, giving up its licences in Kentucky, Illinois and the US Virgin Islands. External-link. [Insurance Day]

Non-life premiums to rise above pre COVID levels by next year

Swiss Re predicts a full recovery for the insurance markets next year as the impact of COVID-19 raises risk awareness levels and demand for protection. Rates are expected to harden in commercial lines. External-link. [Commercial Risk Europe]

Aon stands by pay cut decision

CEO, Greg Case, defended the decision to cut staff pay by a fifth in response to the pandemic. Hope apparently is not a strategy – all decisions are made on facts. External-link. [Financial Times]

The business of planning

As Lloyd’s business planning season looms, so the battle goes on between growth and remediation. Where the capital will come from is the subject of fierce debate. External-link. [Insurance Insider]

Tunnicliffe rejoins Aon

Andrew Tunnicliffe will start as UK chairman of the global and specialty segment of Aon’s commercial risk solutions, health solutions and affinity business at the end of July. External-link. [Reactions]

A lorra lorra losses

This week has seen a steady flow of stories putting a value on the losses from COVID-19. Moody’s goes with an additional EUR50bn ($57bn) to EUR80bn of claims worldwide. External-link. [Asia Insurance Review], Travelers expects to report coronavirus-related losses of $114 m when it publishes its second-quarter results next week. External-link. [Business Insurance]

Pandemic proofing

After many businesses found themselves without cover, insurers are creating products for a post-pandemic world where virus outbreaks could become the new normal, adding new products to existing coverage. External-link. [Reuters]

Marine losses fall but rises expected longer term

The Allianz Global Corporate & Specialty Safety & Shipping Review said that large losses fell by 20% year on year to a record low. However, the pandemic could endanger long-term safety improvements. External-link. [Insurance Business]

The rattling of skeletons

Skeleton arguments for both the FCA and the eight insurers in the High Court were published this week. The insurers focused on the key battlegrounds of contractual construction and causation. External-link. [Insurance Insider]

Howden names new chair  

Barnaby Rugge-Price has been appointed chair of Howden Broking Group, ahead of the merger of Howden’s retail network and RKH’s reinsurance business in October. External-link. [Insurance Business]

Hacked off?

Here at Luther Towers, we are feeling a little aggrieved that the Twitter hackers overlooked our massive social presence for their bitcoin fraud. So, here’s what to do if you were “on the list”. External-link. [Sprout Social]

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