week commencing 20/10/19:

While commuters sing the praises of school half-term’s near-magical ability to free up a double seat on the 7am from Reading, here at Luther Towers we’ve been scouring the press with the intensity of an MP speed-reading Boris Johnson’s WAB legislation. Here’s what we discovered nestling in the small print.

Opioid manufacturer and distributors pay to prevent legal action

An Israeli manufacturer of opioid drugs and three distribution companies have paid $260m to two US county authorities to halt what would have been ground-breaking federal opioid trials. External-link. [New York Times]

Hong Kong businesses count the cost of unrest

Businesses based in Hong Kong are facing significant bills for damage caused in the recent troubles as few have purchased riot insurance. Hong Kong-based insurers are now anticipating a surge in demand. External-link. [Reuters]

Insurers prepare for future shock

Facebook, Google and Apple could soon be insurers’ major competitors. In this comment piece, the FT’s Oliver Ralph examines how insurers are reacting to the growing threat from tech companies. External-link. [Financial Times]

Lloyd’s welcomes AIG syndicate

AIG is expanding its HNW business to include a box at Lloyd’s. After five years of growth, this expansion is seen as the logical next step to engage with the right brokers. External-link. [GlobalRe]

Reinsurance rides again

The trend of the first half of the decade not to buy large volumes of reinsurance protection has fallen out of favour recently and insurers are embracing the reinsurance industry like a long-lost friend. External-link. [Insurance Insider]

Reinsurers turn up heat on hidden cyber

The search for so-called silent cyber exposures has found new impetus as reinsurers begin to apply pressure to cedants. So far, they’ve not ‘played hard ball’ with coverage and capacity, but that could change. External-link. [Insurance Day]

Profits exceeding Munich Re’s hopes

Munich Re is increasingly optimistic that it will beat its 2019 profits forecast of €2.5bn. The company said this was due to operational performance, strong currency gains and a very positive investment result. External-link. [Xinhuanet]

Lloyd’s green-lights growth

As part of its 2020 business planning process, Lloyd’s has granted approval to a number of major players in the market to increase their capacity. External-link. [The Insurer]

Market pummelled by Texan hail claim

A claim for $70m–$80m will hit Lloyd’s insurers as a result of a hailstorm damaging a Texan solar farm in May. Twenty-two Lloyd’s capacity providers back GCube, which underwrote the farm 100%. External-link. [Insurance Insider]

End fossil fuel support, young professionals tell insurers

Young Americans starting careers in the insurance industry have launched a petition calling on insurers to stop investing in coal and fossil fuels and end their underwriting of associated risks. External-link. [Insurance Business US]

Podcast: Sam White’s Human Business

If your listening tastes lean toward the passionate, gritty and unconventional – and you don’t mind the odd expletive – listen to insurance entrepreneur Sam White, who speaks to business friends about their experiences and workplace issues. External-link. [Human Business]

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