Insurance news – week commencing 19/06/22

week commencing 19/06/22:

While the Ukraine conflict continues to unsettle markets, insurers are being warned off further rate rises by threats of a switch to captives. Meanwhile, at Luther Towers we’re considering adding some new ‘Lynchian’ techniques to our media training.

Time will tell

The war in Ukraine is forcing insurers to reassess their global insurance programmes, according to AM Best director Erik Miller. Losses sustained by international groups have so far been minimal, but are likely to develop over time. External-link. [Commercial Risk]

Collins hands over reins

Miller has announced that James Hands will take over from Greg Collins as CEO from the beginning of next year. Until then, Hands will serve as CEO Designate. External-link. [Artemis]

Tough on crime

JLT Specialty Holdings has been fined nearly £8m by the FCA for financial crime control failings. This was a 30% reduction on the original penalty due to JLT settling at an early stage. External-link. [Money Marketing]

Lloyd’s revises syndicate guidelines

Lloyd’s of London has revised its guidelines on Catastrophe Exposure and Line Sizes to prevent syndicates exposing the market’s Central Fund to disproportionate risk. Managing agents will require a dispensation to operate outside the guidelines. External-link. [Reinsurance News]

Captive market

Although rate increases are slowing across most lines of business and market conditions are easing, insurers have been warned that clients may turn to captives for cover if rates continue their upward trend. External-link. [Commercial Risk]

Protection racket needs harmonisation

Petra Hielkema, chair of the EU’s insurance watchdog, has called for insurance protection schemes to be harmonised across the EU, as policyholders in certain countries are receiving more protection than in others. External-link. [Reuters]

FCA under increased scrutiny

The Treasury Select Committee has announced that its new Sub-Committee on Financial Services Regulations will scrutinise regulators’ approach to retained EU regulation. External-link. [Insurance Insider]

Patronising scoff versus patronising toff

Mick Lynch, general secretary of rail union RMT, has been praised by media commentators for his robust performance on a range of news programmes. So far, he seems impervious to journalists’ questioning. Sky News’ Kay Burley was on the receiving end of a series of scoffs, sneers and snorts as her accusations bounced off him, while Richard Madeley was dismissed as talking ‘twaddle’. Prepare to learn some Lynch-inspired techniques the next time you do media training. External-link. [The New Statesman]

Tonight’s headlines courtesy of TikTok

Finally, the social media statistics you’ve been waiting for: who are the most-followed news outlets on TikTok? External-link. [Press Gazette]

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