week commencing 20/05/18:

Hooray – this is not a GDPR email!! The Chelsea Flower Show is back – although corporate invitations may not be next year – but you will find us enjoying traditional Bank Holiday weather and catching up on the industry highlights this weekend.

IUA establishes new cyber group for reinsurers
The International Underwriting Association (IUA) has formed a dedicated group for reinsurers along the lines of its existing Cyber Underwriting Group. External-link [Intelligent Insurer]

32% growth for direct cyber market in 2017
The direct cyber market grew by 32% last year, according to AM Best’s Special Report. Chubb led the way with a total of $284.4 million direct cyber premium written. External-link [Insurance Post]

Put your money where your mouth is: Insurtech funding soars
Q1 insurtech deals reached $724 million, a record high and up by 155% on the same period last year. External-link  [Insurance Post]

Huge rise in intangible assets to make IP “the next cyber”
Last year, intangible assets made up 84% of S&P 500 companies’ value. With such huge numbers in the balance, experts are predicting massive growth in the intellectual property (IP) market. External-link [Corporate Risk & Insurance]

Car insurers hit a bump in the road
Between falling premiums, regulators reviewing their charging models and increased scrutiny for accidental injury pay-outs, the nation’s car insurers are under considerable pressure. External-link [Financial Times]

Willis to be first licensed broker to enter Chinese market
Following recent legislation to open up the Chinese market to foreign operators, Willis has been approved as the first fully licensed broker to transact all insurance business in China. External-link [Commercial Risk]

European companies pile on the cyber claims
The number of cyber claims is climbing rapidly as European companies come under attack from an increasing volume of ransomware attacks. External-link [Financial Times]

Insurers holding back adoption of smart locks
Smart locks are spreading rapidly across homes in the US and South Korea, but adoption in the UK has been slow. The technology is trustworthy according to security industry bodies, but insurers’ fears over hacking are proving difficult to diminish. External-link [Financial Times]

It’s official: Lloyd’s will open in Brussels
With Vincent Vandendael at the helm, Lloyd’s has received approval for the new EEA subsidiary ahead of its July target and achieved a goal in its Brexit preparations. External-link [Insurance Insider]

It’s not all roses at Chelsea Flower Show
Whatever will the great and the good of the capital’s corporate world do? Regulators taking anti-corruption steps are increasingly restricting corporate entertaining at some of London’s social season staples over conflict-of-interest fears. External-link [Financial Times]


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