week commencing 19/05/19:

In a week dominated by Brexit, the Chelsea flower show and the promise of a good read outside the world of insurance – read on for the stories that have caught our eye.

Global commercial insurance rates enjoy biggest hike since 2012

In the first quarter of 2019, average commercial insurance prices globally enjoyed their biggest increase for seven years, according to Marsh’s Global Insurance Market Index. External-link. [Commercial Risk]

Major European reinsurers post flat Q1 results

Despite favourable conditions in the first three months of the year, the scale and delayed reporting pattern of Typhoon Jebi has caught out the big four European reinsurers. External-link. [Insurance Day]

Boeing crashes leave $450 million bill for European insurers

Some of Europe’s biggest insurers – including Munich Re, Swiss Re, Hannover Re and Zurich – are on the hook for as much as $450 million from a pair of airline crashes involving Boeing 737 planes. External-link. [Insurance Business]

Huawei ban puts political risk and trade credit in the spotlight

President Trump’s moves against technology company Huawei may lead to a spike in volatility that will impact some businesses’ ability to continue operating. External-link. [Insurance Asia News]

Lloyd’s proposes major governance shake-up

Lloyd’s Chairman Brue Carnegie-Brown has proposed merging its two governing bodies – the Council and the Franchise Body – into a single entity, as part of its efforts to modernise. External-link. [Reuters]

Korean Re sets up European reinsurance hub in Switzerland

Seoul-based reinsurer Korean Re has launched a new reinsurance subsidiary in Zurich, Switzerland as part of its expansion strategy in the European market. External-link. [Reinsurance News]

Outlook for Florida’s cat renewal remains uncertain

With just a week to go before the June 1 renewals, the market is still no clearer whether key Bermudian writers will continue to push for aggregate rate increases of over 20%. External-link. [Insurance Insider]

Lloyd’s syndicates settle allegations of rigging US market

A group of Lloyd’s syndicates including Hiscox, Atrium and Talbot Underwriting has agreed to pay around $22m and make changes to their business practice to settle allegations they conspired to rig the US commercial insurance market, in a long-running case filed a decade ago. External-link. [Insurance Insider]

So now get up

Yes, it’s coming. 2020 will see the publication of the Mirror and the Light to complete the Hilary Mantel trilogy. One for the carry-on bag next summer maybe? External-link. [BBC]

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