Insurance news – week commencing 20/02/22

week commencing 20/02/22:

This week, the UK looks to take full advantage of Brexit by reforming insurance regulations, but all is not well for insurers as they pick up the tab after recent storms. Meanwhile, we’re still waiting to access the alternative to Twitter that we never knew we needed.

Low-hanging fruit

Jacob Rees-Mogg, the newly made Minister for Brexit Opportunities, has said that the EU’s Solvency II rules put the London insurance market at a ‘competitive disadvantage’ and are ‘ripe for reform’. External-link. [Financial Times] However, Helen Thomas questioned the rush to change the rules, arguing that the emphasis on speed was politically motivated rather than based on good regulatory decision-making. External-link. [Financial Times]

Allianz board takes a hit

Allianz has put aside €3.7bn to deal with investor lawsuits as it awaits the results of a US investigation into its funds arm. CEO Oliver Bate agreed to cut his and the rest of the board’s bonuses to show his regret. External-link. [FX Empire]

D&O past its peak

The D&O market appears to be slowly softening after three years of rising rates. Aon found that rates increased 3.7% in Q4 2021, continuing a downward trend that started in early 2020. External-link. [Business Insurance]

Coalition unveils Draper

Tom Draper, head of cyber and tech at Gallagher London, has been appointed head of insurance at Coalition. He will be responsible for growing the US-based MGA’s European operations. External-link. [Insurance Insider]

Blow to UK insurers

Storms Dudley, Eunice and Franklin will cost UK insurers £400m in claims, according to Moody’s estimates, with broader European losses for re/insurers expected to run into billions. External-link. [Reinsurance News]

Insurers rate court nine out of ten

The Full Court of Australia’s Federal Court upheld an earlier decision that business interruption policies did not apply to pandemic coverage in nine out of ten cases. External-link. [Asia Insurance Review]

Lancashire retreats from Mexico

Lancashire has withdrawn from Gulf of Mexico wind business having posted a loss of $56.8m in 2021 on the back of heavy cat losses. External-link. [Insurance Insider]

Trump can’t handle the Truth

In something of a comms disaster, the launch of former president Donald Trump’s new social media platform ‘Truth Social’ has been glitchy and the first casualty of truth in this social media war has been British solar panel seller, Trailar, which claims its logo was stolen by the network. External-link. [Washington Post]

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