week commencing 21/07/19:

As BoJo praises the UK’s pluck – a word very close to the one used by many on hearing of his appointment – we’ve thrown off the shackles of self-doubt and drawn on the depths of our nerve and ambition to bring you our pick of the week’s insurance news.

Beazley underwriting result dented, but pricing drives higher growth target

Beazley’s first-half results reveal a dent in underwriting profits due to continued impacts from catastrophes and loss creep, but improved pricing should flow through over the course of the year ahead. External-link [Insurance Day]

Equifax facing multimillion-dollar payout following data breach

Equifax has to pay affected clients as much as US$700 million following a major data breach incident in 2017 that exposed the information of over 143 million people. External-link  [BBC Online]

Gulf tanker incidents may raise shippers’ costs and cut traffic

Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway. External-link  [Insurance Business]

Directors and officers face increased risk of climate change litigation

AIG has seen an increase in climate-related litigation claims – a trend that could be expected to rise – according to its  first climate-related financial disclosures report. External-link  [Insurance Insider]

Social media helps drive surging demand for health insurance in China 

China’s technology giants are helping to fuel demand for health insurance products in a country that is still chronically under-insured. External-link  [Financial Times]

Optimism building among Bermuda’s executives

Rate increases at mid-year renewals, ILS capital demanding higher returns and reinsurers holding firm on pricing point to signs of genuine market hardening in Bermuda. External-link  [Insurance Day]

Insurers lag reinsurers and Asian giants in embracing tech

Insurance is moving too slowly to embrace technology – the sector comes second to last in an innovation ranking – and insurers in the West are lagging behind reinsurers, ambitious Asians and digital entrepreneurs. External-link   [The Economist]

Guess what – tech isn’t actually ruining writing ..

Rather than heralding the death of ‘real’ language, the internet is creating tools that are enhancing writing. External-link   [The Economist]

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