Insurance news – week commencing 19/09/21

week commencing 19/09/21:

We are delighted to announce that this week has seen the LMG confirm our own Caroline Wagstaff as its permanent CEO, a role which she will continue to combine with her work for clients. Read on for the rest of this week’s top stories.

Targets with teeth

Lloyd’s has announced that one-third of new hires must be from ethnic minorities, as its Culture Dashboard reveals evidence the Corporation is making progress on key employee metrics. External-link. [Insurance Times]

Market turns bearish on cats

Loss inflation in losses is causing some to turn their backs on property cat. External-link. [Insurance Insider] Accounting accurately for climate change impact is a particular concern. External-link. [The Insurer]

Where have all the good risks gone?

Internet giants are now well positioned to hoover up insurance cross-selling opportunities by leveraging customer insights from their data, warns Bain Capital. External-link. [Reuters]

Playing with fire

Insurers have revealed a cautious willingness to underwrite fire safety risks on new projects to remove defective cladding from high rise buildings, according to IUA research. External-link. [Asia Insurance Review]

Cracking down on crypto

Working with the FBI, the US Treasury is calling time on cryptocurrency exchange SUEX, which it says allowed ransomware hackers to launder extortion payments from victims “for [its] own illicit gains”. External-link. []

Beware the activists

Insurers are on alert post-pandemic as activist investors increasingly target businesses pushing for better returns, cost cutting and a sharper focus on the core business. External-link. [Financial Times] Prudential’s moves into Asia and sale in the US come after sustained pressure from Third Point. External-link. [Financial Times]

M&A deal risk is rising

Disputes are rising as deals pick up momentum. External-link. [Insurance Day]

EU makes its move

The EU has proposed changing capital rules for insurers to release €120bn to support COVID economic recovery and to meet climate goals. External-link. [Reuters] But British regulators will not have the power to design and amend post-Brexit rules for the sector without parliamentary scrutiny. External-link. [Law360]

ESG D&O challenges

Growing expectation that companies will offer guidance on their environmental, social and governance (ESG) credentials threatens to be a new source of D&O claims. External-link. [Insurance Insider] Meanwhile, premiums more than double in H1 2021. External-link. [Commercial Risk]

How much fun is too much?

You might be looking forward to a foreign holiday before we’re back in lockdown land, but apparently five hours is all you really need. External-link. [The Guardian]

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