Insurance news – week commencing 21/11/21

week commencing 21/11/21:

In a testing week in which insurance leaders pledged to do better post COP 26, questioned cat limits and beat the insurtechs at their own game, it is reassuring that absolutely no-one is asking the industry if it feels ok.

Industry won’t cop out

Jerome Haegeli, Group Chief Economist at Swiss Re, said that the pledges made at COP26 were insufficient, but the insurance industry is at the “centre of the race” against climate change and will boost its efforts. External-link [InsuranceERM]

Enoizi steps down

Pool Re CEO Julian Enoizi has announced that he will leave his role in the spring of 2022. In his eight years in the role, Enoizi has grown the pool from £5bn to £12bn. External-link [Insurance Insider]

Agents want more cat exposure

A study by Aon and the Lloyd’s Market Association found that LCM5 restrictions, which regulate syndicates’ catastrophe exposure, were seen as restrictive by managing agents wanting to grow this part of their book. External-link [Intelligent Insurer]

Investors don’t buy insurtech promise

Publicly listed insurtech companies have performed poorly on the markets. VC appetite is cooling as companies that took on riskier policyholders saw profitability plummet in the pandemic. External-link [Financial Times]

Gallagher given all-clear

The Competition and Markets Authority announced it would not investigate Gallagher’s acquisition of Willis Re’s treaty reinsurance business any further, clearing the takeover to go ahead. External-link [Commercial Risk]

Policies isolate pandemic

A study by Marsh found that just under half of UK SMEs have seen an increase in pandemic-related exclusions to their policies. Regulators have warned of a growing protection gap as businesses struggle to find appropriate cover. External-link [Law360]

Winds of change

Lloyd’s has launched an autonomous cyclone insurance product in northern Australia, led by Beazley. Alex Hardy, head of property covers at Beazley, said it was an “innovative and client-centric approach”. External-link [Insurance Day]

Supply chain strain

An FM Global report has identified six key factors that are putting unprecedented stress on supply chains. Among these were the pandemic, increased cyber risk and flooding. External-link [Strategic Risk]

Sustainability regs driving product recall risk

Changing European regulations plus new sustainability requirements are driving manufacturers’ product recall risk ever higher. External-link [Commercial Risk]

How (not) to do speeches

We’ve all lost our place mid delivery, some of us may have ad libbed a bit, but car noises and Peppa Pig anecdotes?  Even The Spectator found this piece of communication “confused and shambling”. External-link Spectator The Guardian chose simply to quote the Downing Street release verbatim: “arum arum aaaaaaaaag”. External-link Guardian

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