Insurance news – week commencing 22/05/22

week commencing 22/05/22:

Cyber is in the news again, but in a strangely rural context. Meanwhile at Luther Towers, our younger staff are still working out what that ringing sound from their desk means.

Hackers could sow chaos

The growth of ‘smart’ farm machinery that autonomously plants and harvests crops could leave farms and supply chains vulnerable to cyber attacks. External-link. [BBC News]

Insurers find climate testing

The Bank of England’s Climate Biennial Exploratory Scenario (CBES) test, which measures insurers’ exposure to climate risks, found that climate change could reduce the industry’s annual profits by as much as 15%. External-link. [The Insurer]

Under their own steam

Ships stranded in the Black Sea due to the war in Ukraine are increasingly deciding to self-insure as weekly marine premiums rise, meaning that underwriters’ premium income has been falling. External-link. [Insurance Insider]

Aviva cries foul

Aviva’s 2021 report on insurance claims found there were over 11,000 cases of fraud last year, collectively worth more than £120m. Motor fraud was the most commonly committed, representing 60% of cases. External-link. [Insurance Business]

Cyber market hits buffers

Aon’s Market Dynamics Outlook for Q1 2022 found that geopolitical events would exacerbate ongoing issues in the UK’s cyber market as well as complicating the landscape further. External-link. [Reinsurance News]

Conflict sparks offshore development

Germany, the Netherlands, Belgium and Denmark have agreed to cooperate to produce 65GW of electricity from offshore wind by 2030, turning the North Sea into a ‘green powerhouse’ and reducing their reliance on Russia. External-link. [S&P Global]

The wedding’s off

Brickell have accused Randall & Quilter of ‘material breaches’ of their acquisition and funding agreement and announced their intention to pull out of the takeover. External-link. [Global Reinsurance]

Leave a message

Is the cold call dying off? Covid certainly saw it decline, and young PRs are less and less keen to pick up the phone – preferring to text or email. Even the more experienced hands are finding that getting back into the habit is something of a struggle. External-link. [Financial Times]

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