Insurance news – week commencing 17/10/21

week commencing 17/10/21:

As we all come to the City more often, body language is apparently the new worry according to our final story – so maybe Zoom did have its advantages? More seriously, the FCA Chair voted with his feet, Cedants are feeling serene and SCOR has gone green.

FCA Chair to step down

Charles Randell announced he will quit his position as Chairman of the Financial Conduct Authority in spring next year. The announcement comes as the FCA has been criticised for its handling of consumer compensation. External-link. [The Times]

Cedants have renewed hope   

The brokers expect that renewals in January will be orderly, despite a considerable large loss activity in Europe in the second half of the year due to flooding and storms. External-link. [Insurance Day]

A Scor for the planet

Scor has joined Willis Towers Watson’s climate transition pathway solution, which promotes sustainable underwriting by measuring the effectiveness of businesses’ decarbonisation programmes. External-link. [Insurance Insider]

Business interruption pays off

New statistics from the FCA show that just over two-thirds of insureds whose BI policies were accepted have received at least an interim payment. However, some insurers lag well behind this average. External-link. [Reinsurance News]

Beazley gets green light

Lloyd’s of London have approved Beazley’s launch of a new syndicate, specialising in ESG. Syndicate 4321 will offer businesses extra capacity if they meet the standards of the ESG rating criteria. External-link. [Law 360]

Coal gets cold shoulder

Axis has committed to phasing out thermal coal from its portfolio within the next 20 years and will invest $20 million in BlackRock’s Climate finance Partnership. External-link. [Insurance Insider]

FCA’s jargon criticised

Biba has criticised the FCA’s new governance rulebook for having too much jargon and being difficult to understand. The criticism comes after the FCA wrote to brokers saying they had not understood the impact of the new rules. External-link. [Insurance Post]

Bermuda’s tax status hit

The international minimum tax rate of 15% will reduce the tax advantages to re/insurers of basing themselves on the island. Fitch, the ratings agency, nonetheless predicted that the benefits of remaining in Bermuda would endure. External-link. [Reinsurance News]

Reporter sends wrong signal

Hadley Gamble, a reporter for CNBC has been accused of flirting with Vladimir Putin while interviewing him at an energy summit. Body language experts said that it was clear Mr Putin was not interested. External-link. [Daily Mail]

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