Insurance news – week commencing 16/01/22

week commencing 16/01/22:

Regulation was the big focus this week, as a Lords inquiry into the London Market’s regulatory framework and competitiveness kicks off. Here at Luther Towers, we’re waiting for hell to freeze over now that the world’s richest people have asked to pay more tax.

Lords investigate market regulation

The House of Lords Industry and Regulators Committee has launched an inquiry into the regulation of the London Market. External-link. [Insurance Business] Sean McGovern, UK and Lloyd’s CEO at Axa XL argues UK regulators needed to speed up their decision-making to support new business models. External-link. [Insurance Insider]

Proportional regulation for captives

FERMA has argued that captives should fall under Solvency II’s new category of ‘low-risk profile undertakings’. The Federation said there was work to do to make regulation of captives ‘truly risk-based’. External-link. [Reinsurance News]

Green light for sustainable energy

A new report from Lloyd’s argues that the insurance industry must work to protect ambitious, international green energy projects, and that the industry can play a role in supporting ‘Green Globalisation’ and cooperation. External-link. [Insurance Insider]

Insurers expect interruption

Allianz’s Risk Barometer found that the three greatest global business risks were cyber, business interruption and natural catastrophes. AGCS CEO Joachim Mueller predicted ‘business interrupted’ would be the theme for 2022. External-link. [Artemis]

Lloyd’s may jump ship

Lloyd’s decision on whether it will remain in the iconic Lime Street building is capturing national interest. Changing work patterns have led many to question whether the space is still justified. External-link. [Daily Mail]

No hand on the tiller

Mitsubishi has successfully completed the world’s first automated ship trial in Japanese waters. External-link. [Trade Winds]

Turkeys call for Christmas

‘Patriotic Millionaires’, a group of 100 millionaires, have called on their governments to make them pay more tax so they can contribute more towards the global recovery from the pandemic. The request was made in a letter sent to the World Economic Forum, although it’s not clear what other Davos attendees will make of the proposal… External-link. [BBC News]

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