Insurance news – week commencing 26/06/22

week commencing 26/06/22:

Losses in Ukraine don’t seem to be as bad as some feared, however Pool Re CRO Ed Butler still has concerns about global instability and what it means for the industry. Either way, the likelihood is that you won’t be in the office when disaster strikes.

Ukraine losses narrow

Swiss Re have estimated Q1 losses from the Ukraine-Russia conflict at $10bn, lower than initially feared, down from the $15bn quoted in a Goldman Sachs report for Q1. External-link. [Reinsurance News]

Zero-sum game

The Head of Broking at Willis Towers Watson has suggested that corporate buyers will soon select insurers based partially on their ESG credentials, and there is a growth opportunity for insurers as companies transition to net zero. External-link. [S&P Global]

D&O market weighs up ESG

D&O underwriters are split in their approach to their clients’ ESG strategies, with some giving clients credit for having strong policies, and others considering it a basic requirement and offering no credit at all. External-link. [Insurance Day]

PPL hails new chief

Joe Gordon will become the new CEO of PPL, as incumbent Sue Jakobek retires at the end of the year. Gordon will take the charge of delivering PPL Next Gen, which missed its September target. External-link. [Insurance Insider]

Time is of the essence

Chancellor Rishi Sunak said that he wants to reform Solvency II quickly, as the Treasury consults on rule changes that the industry argues will be vital to maintaining London’s competitiveness as a financial centre. External-link. [Reuters]

Choppy waters ahead

Pool Re CRO Ed Butler called for the (re)insurance sector to work together to build resilience. He argued that innovation is needed to address increasingly complex global issues that are adding to instability. External-link. [Reinsurance News]

Insurtech revolution slows

Research found that global insurtech funding fell to $2.5bn in Q1 2022, compared to its all-time high of $4.7bn in Q3 2021. The research suggested that Q2 2022 would show even more of a slowdown in investment. External-link. [Insurance ERM]

Let’s get physical

Physical damage from cyberattacks is a growing risk for critical infrastructure due to rising geopolitical tensions, a report from Lloyd’s found. It added the physical cyberattacks were becoming increasingly common. External-link. [Commercial Risk]

New alliance funds Coalition

Coalition, the US provider of ‘active’ cyber insurance, will enter the UK market backed by capacity provided by Allianz. Coalition’s UK cyber programme is due to launch in September. External-link. [Insurance Times]

Employers bending over backwards

Despite many of them giving a firm stance on returning to the office, many employers are finding that they need to be flexible and are rowing back on the number of mandated days in the office, if they mandate them at all. It’s clear people like the flexibility of hybrid working, and need a convincing reason to be in the office. External-link. [Curbed]

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