week commencing 26/07/20:

At Luther Towers this week we are feeling deeply envious of those who managed to get in some foreign sunshine before the risks rocketed again – but like our European friends we are still going to “staycation” for August. Our weekly round-up will be back in September.

Insurers respond as COVID-19 BI test case nears conclusion

Lawyers defending insurers in the test case brought by the UK FCA have rejected the argument that it should be treated as a single cause of lost income. External-link. [Financial Times] Meanwhile, the ABI urges the FCA to demonstrate impartiality following the conclusion of the case. External-link. [Insurance Insider]

Insurtech investment soars in Q2 driven by ‘mega’ funding rounds

Investments in insurtech ventures soared in the second quarter of 2020, after a slow start to the year largely because of the COVID-19 crisis, according to the latest analysis from Willis. External-link. [Insurance Business]

Geneva Association proposes new cyber term to promote insurability

With the COVID-19 crisis highlighting the need for precise policy wordings, the Geneva Association has proposed a new term to clarify the language used to describe cyber risks and promote insurability and cyber resilience. External-link. [Insurance News]

Risk manager backs pan-European pandemic plan

A pan-European pandemic insurance plan announced by Italian insurer Generali has been supported by FERMA and both the German and Spanish national risk management associations. External-link. [Commercial Risk]

COVID-19 losses pass US$20 billion

Data from Peristrat and Artemis suggests that insured losses and reserve setting stemming from the pandemic have now passed US$20 billion. External-link. [Artemis]

Ethiopian Airlines fire could be aviation market’s largest ever hull loss

The loss from the Ethiopian Airlines 777 freighter that caught fire last week at Shanghai airport could cost up to $200m, which would make it the most expensive hull loss in the history of the aviation market. External-link. [Insurance Insider]

Hurricane Hanna makes landfall

Hurricane Hanna, the first of the 2020 north Atlantic hurricane season, made landfall as a category one storm on July 25. Insured losses are expected to be close to $350m. External-link. [Reinsurance News]

Baden-Baden reinsurance conference cancelled

The Baden-Baden reinsurance conference has been cancelled due to ongoing logistical challenges posed by the COVID-19 pandemic. External-link. [Insurance Day]

Miller sale back on

Up to 20 interested parties have signed non-disclosure agreements as its parent Willis Towers Watson looks to divest itself of Miller Insurance ahead of its acquisition by Aon. External-link. [The Insurer]

Happy 180th Birthday, Insurance POST

Post Magazine, which first appeared on Saturday 25 July 1840, was the first publication anywhere in the world to be sent by post. This review of its 180-year history reveals some other interesting facts. External-link. [Insurance POST]

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