week commencing 13/10/19:

This week the occupants of Luther Towers have been feeling a bit oppressed by autumnal darkness and rain, but now we recommend “noble glitters” as the answer to all our problems – the news agenda suggests that many in the insurance industry may need some too.

Hagibis loss will take time to develop

The record-breaking rainfall and widespread flooding caused by Typhoon Hagibis means that the scale of insured losses will take some time to develop. Insurance Day  External-link


War rates rise tenfold

The latest attack on an Iranian oil tanker means that shipowners operating in the Gulf are being faced with sharp rises in war risk insurance. Commercial Risk Europe External-link

Calls for Argo board resignation 

Voce Capital Management, an activist investor, has demanded that five directors “retire” from the board of Argo Group following a US Securities and Exchange Commission (SEC) subpoena related to “certain compensation-related perquisites” last week. The Insurer  External-link

Tesco goes shopping

Ageas and Tesco formed a joint venture in 2009 but the supermarket chain announced it will buy out the insurer’s 50.1% shareholding. Post magazine External-link

London calling

Recent IUA statistics show that London Market premium has grown by 16% in 2017.  Gross written premium was £18.331bn, with an additional £7.984bn identified as written in other locations but overseen and managed by London operations. Reinsurance News External-link

South Korea to be self-drive ready for 2024

The Korean government will revise regulations and set up traffic infrastructure for fully autonomous vehicles, as well as lay out insurance rules and drivers’ responsibilities, by 2024. Asia  External-linkInsurance Review External-link

Castel engineers entry into construction

Colin Rose, formerly class leader with Beazley, has joined London-based MGA Castel Specialty to build a new construction and engineering cell. The Insurer External-link

Brokers more attractive to investors

Profits drive multiples, says CIO Dan Topping, announcing that PE equity investor BP Marsh & Partners is seeing an increase in broker opportunities over MGAs and that more deals are imminent. Insurance Day External-link

Task force on terror

The International Forum of Terrorism Risk Re/Insurance Pools and the Geneva Association are launching a joint task force on cyber terrorism and cyber warfare. Tagged as an opportunity to explore how the industry and government pools can work more effectively together, the findings of the task force are expected to be published in the middle of 2020. CIR External-link

Jitters or glitters?

Galloping across a snowy wasteland toward the mythical mountainous home of the Korean people, most of the world thought Kim Jong-Un looked more than a little tense. But never under-estimate the power of a good spin doctor – not a case of the jitters, apparently, instead eyes “full of noble glitters”. New York Times External-link

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