week commencing 24/01/21:

In a week that saw much future-gazing, the big guns at virtual Davos dished out the usual PR soundbites and closer to home Stephen Catlin predicted the market may harden for up to five more years.  At Luther Towers we folded away our ski gear with a sigh of longing and settled in for yet another online conference session.

Cancellation of Tokyo Olympics could bring largest ever event loss

The IOC and the Japanese government have been debating this week what to do about this summer’s Tokyo Olympics.  As full cancellation looks more and more likely, insurers could see the largest single event cancellation claim in the history of the market, estimated at a $2-$3bn US. External-link. [Insurance Business]

Regulator urges prompt payment of BI claims

Following last week’s High Court judgement on COVID-related business interruption claims, the FCA has written to affected firms, urging them to take rapid action on assessing and paying the claims involved. External-link. [Insurance Day]

Market hardening could continue “for up to five years”

Convex CEO Stephen Catlin has stated that $400bn of gradually creeping COVID losses over 2020 has brought a unique market, which he believes will continue to harden as COVID losses and related underwriting challenges evolve over time. External-link. [Insurance Insider]

Chinese insurance market to grow 9.8% as solvency reforms take effect

Swiss Re’s Sigma report has set expectations that China’s insurance market will grow almost 10% in the coming year, in the same week that AM Best highlighted the advantages for all sides of China’s new solvency regime, due to come into force next month. External-link. [Asia Insurance Review] External-link. [AM Best]

Aon team to dominate executive following WTW merger

Greg Case has announced his new post-merger executive team, with Aon representatives outnumbering WTW alumni 16 to 8.  Case said: “this talented team draws on the best of both from each organisation”. External-link. [Insurance Day]

Lloyd’s recruits for shadow board to advise on diversity

Lloyd’s has announced that it is seeking applications for up to twelve members of the market to sit on a shadow board and advise on diversity and inclusion issues, including the Dive In festival.  Applications are welcomed from all levels of experience and close on February 5th. External-link. [Insurance Insider]

Ascot brings in delegated casualty team

Ascot has announced that it will begin to underwrite delegated casualty business, with the hire of an ex-DTW team headed by Ben Warren. External-link. [The Insurer]

RenRe posts $77.7m Q4 loss

Renaissance Re reported its second consecutive quarterly operating loss in Q4, driven by a spate of natural catastrophe and Covid claims. External-link. [Business Wire]

Ki targets $400m in first year

The CEO of Ki outlined how the innovative follow syndicate plans to reach premia of $400m in 2021, setting out his ambition to create “a technology-driven business with a human heart”. External-link. [Insurance Insider]

Howden posts strong organic growth as it integrates business

Howden has reported revenue growth of 7% in a year which also saw the firm acquire A-Plan and integrate all parts of the business under a single management team. External-link. [Reinsurance News]

It’s official: end of the world is nigh

The World Economic Forum has launched its 2021 External-link[Risk Report] as part of virtual Davos, chillingly predicting “an existential threat to humanity”.

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