Insurance news – week commencing 15/05/22

week commencing 15/05/22:

Catastrophe cover has dominated the headlines this week, as reinsurers prepare for what is looking like a tough season of summer renewals. Meanwhile, who would have anticipated that Excel influencers would prove the ideal distraction on TikTok?

FCA in no rush

The FCA confirmed in an email to a broker that a high volume of M&A notifications means it is taking two months to assign a case officer. The regulator added it was looking to recruit additional officers. External-link. [Insurance Times]

Insurers moody after forecast

Ratings agency Moody’s warned that prolonged inflation will hurt European insurers’ profits by restricting economic growth and reducing demand for insurance. It also expected higher claims costs will have to be countered with rate rises. External-link. [Insurance Day]

ESG accelerates

Beazley’s ESG-focused Syndicate 4321 is at the forefront of the insurer’s drive to change industry behaviour and is part of an attempt to encourage everyone to move ‘up a level’. External-link. [Insurance Insider]

Climate catastrophe hurting insurers

A report from consultants Capgemini found that insured losses from natural catastrophes had increased 250% in the last 30 years, and that only 8% of insurers were preparing adequately for the impact of climate change. External-link. [Insurance Journal]

Allianz makes final plea

The US Department of Justice announced that Allianz will pay $6bn and a subsidiary unit will plead guilty to fraud after the collapse of a group of multi-billion dollar funds. The case hinged on Allianz’s misrepresentation of the risk posed by the funds. External-link. [Business Insurance]

Aviation sees heightened uncertainty

In a speech, Lloyd’s Patrick Tiernan said that although the market was facing uncertainty, losses were concentrated in specific classes such as aviation. He added that Lloyd’s continues to support the market’s growth ambition of 15%. External-link. [Insurance Insider]

Bermuda avoiding catastrophe this summer

Bermudian reinsurers have made their intention to pull back from catastrophe risk during this summer’s renewals plain. Arch chief executive Marc Grandisson said social inflation had hurt bottom lines and predicted a ‘difficult’ summer. External-link. [Insurance Day]

What pandemic?

A Bank of England survey found that the financial sector no longer views the pandemic as one of the top three risks it faces. Instead, cyber, geopolitical and inflation-related concerns are at the top of the industry’s agenda. External-link. [CIR Magazine]

Reinsurers disappear into sunset

A ‘flash point’ is developing in the Florida reinsurance market, as reinsurers pull back from property risk before summer renewals. Primary insurers may go into hurricane season with more risk than anticipated. External-link. [Artemis]

Football clubs launch counterattack

A coalition of eight Premier League football clubs has filed a lawsuit against six major insurers after the Supreme Court’s ruling that businesses could recover losses suffered from the pandemic. External-link. [CityAM]

Howden eyes up TigerRisk

Broker Howden is in talks about a possible takeover of broker TigerRisk, which is expected to surpass $200mn in revenue this year and is part-owned by private equity firm Flexpoint Ford. External-link. [Insurance Insider]

Australia even more unliveable

As Australians prepare to go the polls, they are making their concerns about climate change and its impact on the cost of living clear. The country is facing an insurability crisis, with 1-in-25 homes set to be uninsurable by 2030. External-link. [BBC News]

Influencers excel at spreadsheets

It’s doubtful that TikTok’s creators thought their platform would be used by 20-somethings practising Microsoft Excel, but the rise of the ‘Excel influencer’ is proving them wrong. In the world of remote working, will TikTok become the new home for professional development? External-link. [Financial Times]

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