Insurance news – week commencing 17/04/22

week commencing 17/04/22:

This week there’s good news if you’re looking for a job in insurance, less so if your speciality is aviation or insurtech. Here at Luther Towers, we’re having a channel review, so watch out for next week’s update by Text.

Aviation leads Ukraine losses

The Property Claims Service (PCS) estimates that insured losses from the war in Ukraine will hit $20.6bn but could go as high as $23bn. The PCS expects insured losses in aviation lines to account for half the total, at $10bn. External-link. [Global Reinsurance] S&P Global Market Intelligence found that the impacts of the war, in conjunction with claims inflation and catastrophe events, could offset strong price rises and year-on-year increases in demand for P&C cover. External-link. [S&P Global]

Bermuda sanctions data call

The Bermuda Monetary Authority has asked insurers and reinsurers to disclose their exposure to events in Ukraine, and the effect the war has had on their assets and underwriting. Firms have until 31 May to submit their data. External-link. [Reinsurance News]

Insurance bills could sink P&O

The downrating of P&O’s safety to the ‘riskiest bracket’, after it replaced its workers with low-wage agency staff, will leave it with sky-high insurance bills that could bankrupt the company. External-link. [Insurance Business]

Lloyd’s committed to delivery

Lloyd’s has assembled a committee of senior industry figures to aid the implementation of the Blueprint II reforms and drive the adoption of new technologies. External-link. [The Insurer]

War policy gaps widen

Companies are a regular target when it comes to geopolitical squabbles. Politically motivated sanctions that fall short of war have exposed a protection gap that has left insurers ‘scrambling’ to update the definition of war. External-link. [Financial Times]

Cyber surge to continue

Brokers and insurers expect that rate increases will ease in most lines of business, but warned that cyber could be the exception to the rule and will likely remain a difficult market. External-link. [Business Insurance]

Insurance given the boot

One in ten people polled said that the cost-of-living crisis forced them to cancel an insurance policy within the last six months. Non-compulsory products, such as gadget and pet insurance, were the most popular picks for cancellation. External-link. [Insurance Post]

FCA targets diversity

The FCA has set new rules requiring listed companies to disclose information on the diversity of the board and senior management, as well as any targets they have set. Companies that fail to meet targets will have to explain why. External-link. [Money Marketing]

Tokio Marine bucks trend as insurtech funding plummets

Tokio Marine Holdings launched its new California-based venture capital fund, the Tokio Marine Future Fund, which will invest in start-ups in areas such as insurtech, cybersecurity and artificial intelligence. External-link. [Reinsurance News] Good news given that the first quarter of 2022 saw insurtech funding drop by 58% compared to the last quarter of 2021. This matched a trend across fintech more generally, which saw a reduction in funding of 18% across the same period. External-link. [Insurance Journal]

Vacancies climb higher

The start of 2022 saw a record number of vacancies in the insurance industry as firms seek staff to help with the deluge of claims from flooding and the impacts of the pandemic. External-link. [CityAM]

Left on read

Texting etiquette remains a controversial topic, not least because the rules seem to change daily. As more and more types of conversation become appropriate for text, this creates some potential hazards in the workplace. External-link. [Washington Post]

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