week commencing 22/03/20:

Now we’ve all downloaded a panoply of comms apps for work, rest and play, including: Teams, Zoom, Houseparty, Scrabble Go and of course Linkee … it seems the coronavirus crisis may have embedded digital working in the insurance market in a completely unexpected way. While we ponder this and the likely fallout from the Olympic postponement, here is our roundup of the week’s news.

Insurers’ reputations badly damaged by pandemic response

Some in the industry are concerned that insurers may become ‘hate figures’ over initial public communications around the COVID 19 pandemic that focused on coverage gaps and were perceived to lack empathy. External-link. [The Times]

Olympics postponement brings commercial challenges

With the Tokyo Olympics postponed to 2021, what are the implications for athletes and commercial sponsors? External-link. [Sports Illustrated] And does postponement mean policies may not respond, thus lightening the estimated $2bn loss? External-link. [Reuters]

Insurance market will work differently from now on

Remote working, electronic placement and digital servicing of clients will become forever embedded in the insurance market as a result of COVID 19, hastening changes to working practice and culture that were long overdue. External-link. [Insurance Day]

Threats encircle (re)insurers as pandemic calls mount up

Operational challenges, mammoth investment losses and claims on books from contingency, to directors’ and officers’, trade credit and personal accident were daunting enough, but political and legal incursions make this a particularly challenging time for the industry. External-link. [Insurance Insider]

BIBA conference cancelled

The British Insurance Brokers’ Association has announced that the BIBA conference has been cancelled due to the coronavirus. External-link. [Post Magazine Online]

Lloyd’s reports £2.5bn profit, but will continue focus on costs

Overall, the Corporation posted a profit of £2.5bn last year, despite an underwriting loss and combined ratio of 102.1%.  While the coming year will all be about supporting the market through the fallout from coronavirus, Lloyd’s will continue to look at cutting costs in 2020, as it delivers its Future at Lloyd’s plan. External-link. [Insurance Insider]

Richard Dudley to become new LIIBA chair

Richard Dudley, CEO of Aon UK Broking Centre, has been announced as the new Chair of LIIBA, succeeding Roy White after his two-year term. External-link. [Reinsurance News]

Sompo International loses Reinsurance CEO

Stephen Young has resigned as CEO of Sompo International, citing a desire to ‘pursue other interests’.  He will be replaced by his deputy CEO, Christopher Donelan, subject to regulatory approval. External-link. [Intelligent Insurer]

BMS acquires Spanish broker Jurado Mata

BMS Iberia has agreed a deal to buy outright the Spanish broker Jurado Mata, with the firm’s CEO, Juan Mata, set to join the BMS Iberia board once the acquisition is complete. External-link. [Reactions]

Social media brings reputation risk to financial services

Boardroom risk has moved from desktop to smartphone as banks and insurers find themselves exposed by employee use of (or monitoring by) social media. External-link. [Financial Times]

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