week commencing 16/05/21:

In a week where people were permitted to enter pubs for the first time this year and contemplate in the warmth how long it would last before the Indian variant sends us all shivering outside again, we’ve remained clear-headed and focused to bring you our pick of the insurance headlines.

AXA Asia hit by ransomware attack

Asian branches of insurance giant AXA, which last week confirmed it would suspend policies that refund ransom payments, have been struck by a ransomware attack. The Avaddon ransomware group claimed on their leak site that they had stolen 3 TB of sensitive data. External-link. [Financial Times]

Adani mine contractor fails to obtain insurance

A contractor on the controversial Adani Carmichael coal mine in Australia has failed to obtain insurance for the project and may have to ask the government to provide cover. External-link. [The Insurer]

Jury out on ransomware remediation

Contrasting views this week on the state of the cyber market. Some commentators suggest there are reasons to be positive External-link. [Insurance Insider] while others believe major insurers could be poised to exit the class. External-link. [Insurance Day]

PI rate rises latest to slow

The international professional indemnity market is the latest to see a slowdown in rate hardening. While double digit increases are still expected this year, they will be less pronounced than in 2020. External-link. [Insurance Insider]

Lloyd’s highlights importance of insurance to safeguard employee value

New research from Lloyd’s and KPMG looks at how human capital drives organisational value and is a potential blind spot for firms failing to invest in their workforce in the wake of the pandemic. External-link. [Reinsurance News]

Scor upends succession plan and lines up Rousseau for CEO

Scor has reversed its plans for Denis Kessler to be replaced by Benoît Ribadeau-Dumas as CEO. Laurent Rousseau will instead take up the role, after Kessler announced he would step down earlier than planned. External-link. [Insurance Journal]

RenRe best performing Bermudian in Q1

RenaissanceRe outpaced its Bermudian peers Everest Re, Axis Capital and Arch Capital in the first quarter of 2021 recording the strongest underlying performance in the period. External-link. [Insurance Day]

Huw Evans to stand down from ABI

Huw Evans will move on from his role as Director General of the Association of British Insurers at the end of the year to join KPMG. A full recruitment process to appoint his successor will commence shortly. External-link. [Insurance Times]

How TikTok became a weapon of war

As the Israel-Gaza conflict rages on, this week’s edition of the BBC’s The Media Show podcast looks at how social media is being utilised as a weapon by both sides. External-link. [BBC Sounds]

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