week commencing 14/06/20:

After a frenzy of fund-raising last week, this week the world of insurance went back to its COVID concerns – the looming £1bn court case over BI claims during the pandemic, and the horror of plastic screens in the rearranged Lloyd’s underwriting room.


FCA and PRA weigh in ahead of £1bn COVID action

In a six-hour, virtual case management conference, the FCA’s lead counsel locked horns with Hiscox’s representatives over whether the case should centre on the value of possible losses or the blanket issue of total non-payment of claims. External-link. [Insurance Day]  Meanwhile, fellow regulator the PRA has also warned that the potential payouts for BI claims could bring significant uncertainty to the capital positions of the insurers involved. External-link. [The Insurer]


Insurers exposed to difficult bond market

The outlook for corporate bonds is currently less than positive. Regulatory quirks mean that life insurers do not yet have to ‘mark to market’ their investments, masking the losses they may face. External-link. [Financial Times]


Typhoon season forecasts

Guy Carpenter’s Asia Pacific Climate Impact Centre has forecast a quiet season for typhoons in Japan and Korea, between now and September, but bigger storms are likely to be seen in the Philippines. External-link. [Insurance Day]


SCOR searches for successor to Kessler

SCOR is reviewing both internal and external candidates in the search to replace long-time Chairman and CEO Denis Kessler as the group seeks to finalise a succession plan ahead of its AGM. External-link. [The Insurer]


Aon forms coalition with clients to mitigate COVID impacts

Aon has brought together a group of heavy-hitting corporate clients to work  on ways to help push forward economic recovery in North America. External-link. [Reinsurance News]


LV sale marks end of the mega-mutuals

LV has put itself up for sale, as part of a wider strategic ‘review of options’.  The former Liverpool Victoria is currently the largest mutual insurer remaining in the UK. External-link. [Financial Times]


Cargo market hardens rapidly through Q2

Events including a tornado in Nashville and COVID-19 have increased the determination of underwriters to push for tightened terms and tougher renewal pricing, bringing a ‘truly hard market’ for cargo. External-link. [Inside P&C]


Rob Brown becomes CEO of Charles Taylor

Charles Taylor has appointed Rob Brown as their new CEO, following the departure of David Marock in April. External-link. [Reactions]


WeWork: a very shiny unicorn falls over

How did WeWork, darling of private equity investors, become WeCrashed, a lesson in everything that could go wrong with unicorn investing? External-link. [Wondery]


New Lloyd’s ‘ticket desk’ goes viral

A casually snapped photo of new arrangements for seating inside the Lloyd’s room has gone viral on LinkedIn, with multiple underwriters and brokers wondering if they would now be selling tickets at the cinema, and why their chairs needed to be labelled. External-link. [LinkedIn]


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