week commencing 17/01/21:

In a week where President Trump exited the White House to the sound of “My Way” we have managed to distract ourselves from the many memes that followed (84) My Way Donald trump – YouTube to bring you our pick of this week’s insurance news.

Supreme Court rules against insurers in BI test case

The UK Supreme Court ruled that insurers should pay many business interruption claims from the COVID-19 lockdowns, dismissing appeals by six insurers. External-link. [Reuters] At least some of the losses are expected to be covered by reinsurance panels. External-link. [Artemis] The judgement was variously described as a “judicial cat for the insurance sector” External-link. [Insurance Insider] and a “dangerous legal precedent”. External-link. [Insurance Day] It is expected to have ramifications beyond the UK. External-link. [CRE] Litigation is likely to continue over exactly how much insurers are willing to pay out External-link. [Law 360] although ratings downgrades are not expected. External-link. [Reactions]

City bosses wary of de-regulation as Sunak hints at “big bang”

After the UK Chancellor hinted at a new era of de-regulation for financial services post-Brexit External-link. [Bloomberg] City of London bosses have urged caution, while welcoming a thawing of relations with government. External-link. [Financial Times]

Allianz and WEF reports address Covid-19 related risks

Business interruption, pandemic outbreak and cyber incidents are this year’s top business risks on the Allianz Risk Barometer. External-link. [Intelligent Insurer] Meanwhile, the WEF Global Risks report highlights four key areas for building resilience. External-link. [Strategic Risk]

Canopius plans £2bn London IPO

Canopius Group is planning a flotation on the London Stock Exchange that could value it at more than £2bn. External-link. [Insurance Insider]

Renewable energy market facing further hardening

The renewable energy market is facing further hardening as insurers seek to capitalise on last year’s pricing increases, according to a new report by Willis Towers Watson. External-link. [Insurance Business]

Axis Capital rules out insuring Arctic oil and gas projects

Axis will not provide insurance coverage or investment support to projects related to exploration, drilling, or the production of oil and gas in the Arctic National Wildlife Refuge. It is the third international insurance firm, after AXA and Swiss Re, to make such a commitment. External-link. [Insurance Journal]

Swiss Re more than doubles 2020 loss estimate to $389m

Swiss Re is likely to report a net loss of $389m for 2020, mainly due to Covid-19, with its P&C reinsurance and corporate solutions operations booking pandemic losses for the year of $2.7bn, according to analyst Berenberg. External-link. [Reinsurance News]

BGC Insurance renamed ‘Corant Global’

BGC Partners, the NASDAQ-listed brokerage and fintech group, has rebranded its insurance interests as Corant Global Ltd. External-link. [Insurance Age]

Is creativity the latest Covid casualty?

While the pandemic has forced many organisations to innovate, there are concerns about its lasting impact on collaboration and creativity. External-link. [Financial Times]

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