week commencing 17/11/19:

“Room for improvement” or “beyond reproach”? Wherever you stand on Prince Andrew’s actions, there seems to be unanimity on one fact – that interview was certainly not in his best interests. Fortunately, the insurance world has generated some of its own headlines this week, almost none of which are scandalous.

The problem of building scale

This week has seen a flow of announcements about businesses exiting the Lloyd’s market because of the challenge of achieving critical mass. Is reform required? External-link. [Insurance Day]

A big bet on insurtech

Aon announced the acquisition of CoverWallet, providing access to the fast-growing, $200+bn premium digital insurance market for small and medium-sized businesses, and the opportunity to develop innovative digital client experiences. External-link. [Reactions]

Crunch time in retro

The hardening of the retro market has made Neon stop writing property treaty reinsurance and close its Bermuda platform. External-link. [The Insurer]

Feeling the chill on returns

Sub-zero interest rates are driving insurance companies to drop their normal caution in their search for returns – and the regulators are taking a keen interest. External-link. [New York Times]

Improving risk management in Egypt

Calls have been made for legislation that would make it mandatory for merchants across Egypt to have P&C insurance and for information on safety and security to be provided as part of the package. External-link. [Middle East Insurance Review]

2020 outlook negative for insurance

Moody’s outlook reflects growing profitability and solvency pressures at a time of ultra-low interest rates, macroeconomic uncertainty, and rising environmental, social and governance (ESG) risk. External-link. [Moody’s]

Insurers increasingly at risk from US juries

Verdicts over $10m from US juries have tripled in number in the past three years, increasingly exposing the insurance industry to the cost of “social inflation”. External-link. [FT]

A casualty of Casualty

Hiscox Re announced its withdrawal from the reinsurance casualty market from 1 January 2020, blaming an unsustainable pricing environment. External-link. [Insurance Insider]

Climate costs nearly $8 trillion

The fallout of warming temperatures could shave 3% off global GDP by 2050 according to the Economist Intelligence Unit’s Climate Change Resilience Index which measures the preparedness of the world’s 82 largest economies. External-link. [Phys Org]

Time to speak out

Ahead of the party season, Lloyd’s launched a market-wide campaign to encourage employees to speak out on harassment. External-link. [The Times]

What your PR is really thinking

Sometimes it’s hard to be a PR, particularly when you’re working with someone who doesn’t take advice. Here’s a light hearted look at how that conversation might go. External-link. [YouTube]

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