week commencing 17/05/20:

Despite the warm weather and the lure of beaches in Devon and Cornwall, the Luther Team has stuck to its post and observed social distancing guidelines to bring you our pick of the week’s insurance news.

London market in good shape says LMG report
The London Matters 2020 report finds the London Market in good shape. Aggregate market share is steady, maintaining London’s global dominance, although some underlying challenges remain. External-link. [Insurance Insider]

Reinsurance pricing hardening with US leading the way

US prices at renewal are expected to see double-digit increases across most lines, although most international markets are some way behind. External-link. [Insurance Insider]

Beazley in $300m capital raise

Beazley is to raise equity capital to take advantage of rising rates and to protect its balance sheet in the wake of the COVID-19 pandemic. External-link. [Reinsurance News]

COVID-19 could lead to spike in legacy deals

As insurance carriers look to maintain solvency, the sale of non-core books of business in run-off to a legacy acquirer is one option in the search for capital optimisation. External-link. [Reactions]

QBE and Aviva face legal action over COVID-19 BI claims

QBE and Aviva are facing a group action over the denial of COVID-19 business interruption claims for the UK hospitality sector. External-link. [Financial Times]

FCA seeks BI test case input from policyholders

The UK Financial Conduct Authority is calling on brokers and insurance clients to provide information on issues they want a High Court business interruption test case to address. External-link. [The Insurer]

WEF COVID-19 report identifies main areas of concern

A new report from the World Economic Forum identifies the headline risks, challenges and opportunities the world is facing as a result of the COVID-19 pandemic. External-link. [Strategic Risk]

Lloyd’s and top UK insurers commit to £100m COVID-19 support fund

Lloyd’s, Aviva, Zurich UK and RSA are among those contributing to a new COVID-19 fund to support people and communities hardest hit by the on-going crisis. External-link. [Insurance Times]

ABI hits back following open letter from pub industry

The Association of British Insurers has responded to a letter from a coalition of pub businesses and brewers that described the response of the insurance sector to the pandemic as “deplorable”. External-link. [Insurance Times]

Are brokers living on borrowed time?

Personal lines insurance buyers are increasingly adopting a “millennial mindset to source information and purchase insurance products direct, according to a new report. External-link. [Insurance Business]

First rule of comms – when it’s broke, fix it
After criticism that its “Stay Alert” message was too vague, the government has quietly rolled out a new one. External-link. [Daily Mail]

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