week commencing 24/05/20:

Whoopee – we can look forward to getting together in groups of up to six outside next week. Not enough for the Ship or the Lamb to hang out the bunting perhaps, but certainly a step in the right direction. In the meantime, here’s our update on some of the top stories for when we do meet again …

2021 and the silver lining
Analysts are predicting that the devastating losses of 2020 will translate into the hardest market conditions in well over a decade. External-link. [Slipcase]  Some are predicting conditions will persist for two or three years. External-link. [Financial Times]

3rd insurtech mega-raise this month

Pie is the latest insurtech start-up to raise venture funds amid the pandemic to form its own workers’ compensation insurer. External-link. [Insurance Insider]

AXA to appeal French Covid BI ruling

All eyes are on AXA which is contesting a Paris commercial court ruling that it must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, possibly opening the door to a wave of similar litigation. External-link. [Insurance Journal]

Lloyd’s Brexit transfer continues

Lloyd’s of London has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its European business to Lloyd’s Brussels. External-link. [Intelligent Insurer]

Will they, won’t they?

The decision on whether Baden-Baden will take place has been pushed back to the end of July. The event is a key date for 1.1 renewals planning, particularly since the cancellation of the 2020 Monte Carlo Rendez-Vous. External-link. [Reactions]

SCOR takes action

Chairman and CEO Dennis Kessler has proposed a 30% reduction in his compensation and the firm is cancelling its fiscal 2019 dividend so income for the year can be allocated to distributable earnings. External-link. [Asia Insurance Review]

Pandemic responses taking shape 

The US federal pandemic bill has been introduced in Congress External-link. [Insurance Day] and FERMA has set out plans for a non-damage business interruption pool. External-link. [Insurance Day]

Floridians aren’t flush

Aggregate pricing may move 30% higher as Florida insurers struggle to fill the gaps in their towers ahead of the 1 June renewal. External-link. [The Insurer]

Reinsurers will not wash their face in 2020

Rating agency Fitch has warned reinsurers will not earn their cost of capital this year because of COVID19. External-link. [The Insurer]

Brit goes upmarket

Brit has hired Tara Parchment to spearhead its launch into HNW. External-link. [Insurance Age]

Healthcare musical chairs

The healthcare market in London has seen intense competition in the past year, with Beazley, CNA Hardy, Coverys and French specialist broker BEAH among those competing for top talent. External-link. [Insurance Insider]

The allure of alliteration

As we emerge from economic lockdown, it’s apparent sub-editors can’t resist a bit of alliteration. Better a Zoomer than a Zero or a Zed? The pandemic isn’t helping with creativity or social mobility. External-link. [The Economist]

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