week commencing 14/07/19:

Embracing the momentum of Super Sports Sunday, we were quick off the grid to hit this week’s round up of insurance news for six.

EY analysis highlights concerns over reserving in Lloyd’s syndicates

Concerns are rising that recent underwriting years have been less adequately reserved in response to weaker pricing as the number of syndicates with adverse reserve development has doubled. External-link. Insurance Day

Hiscox issues profit warning on losses from storms

Reduced first-half pre-tax earnings were announced by Hiscox, highlighting a $40mn of reserve strengthening to cover Typhoon Jebi and Hurricane Michael losses, as well as its risk excess book. External-link. Insurance Insider

Insurers shocked by change to discount rate

The Ministry of Justice announced changes to the Ogden Rate which are likely to leave the industry facing higher payouts for accident victims. External-link. Financial Times

Gallagher predicts challenging environment for small, non-specialist brokers

Market consolidation will limit the “survival days” for generalist brokers, particularly the nearly 50% of US businesses owned by baby boomers who need to be actively considering what they do next. External-link. The Insurer

EIOPA chair highlights silent cyber risk

In a wide-ranging Q&A, Gabriel Bernardino warned of the dangers of waiting to implement “silent” cyber plans until problems materialise. External-link. Insurance Insider

90% of Saudi insurers will be hit by higher capital requirements

S&P Global Ratings highlighted the fact that 9 out of 10 insurers will need to raise new capital, consolidate or exit the market when minimum capital requirements are raised. External-link. Middle East Insurance Review

KCC estimates losses from Hurricane Barry at $300m

Catastrophe risk modelling specialist Karen Clark & Company (KCC) said Hurricane Barry losses stem from an accumulation of small losses over a large area. External-link. Artemis

Allied World CEO moves on to role at Fairfax

Scott Carmilani will leave his position as CEO of Allied World and work on promoting organic growth and collaboration initiatives across Fairfax’s insurance and reinsurance operations worldwide. External-link. Reactions

Non execs’ pay 20% higher in Lloyd’s market

Research from London-based insurance head-hunter Damhurst, suggests that company market and MGA non execs receive significantly less in remuneration than their counterparts in Lloyd’s businesses. External-link. The Insurer

Blockchain needs hearts and minds

John Carolin, recently appointed CEO of B3i, said that the challenges they face are not in the technology but in shifting behaviours in an industry that is often conservative in its outlook and reluctant to change. External-link. Insurance Day

Finding your gobbledegook gang

In trying to appeal to their target audiences, business can go too far and just end up just sounding silly. External-link. Financial Times

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