Insurance news – week commencing 27/03/22

week commencing 27/03/22:

Hands up those who thought the Will Smith slap was an early April Fool? As our last story says, it’s all about the greeting…….

Chubb caught in green tape

The SEC has ruled that Chubb must stop underwriting new fossil fuel projects after Green Century Capital, an investor, filed a resolution arguing that otherwise the insurer would miss targets for net zero by 2050. External-link. [Insurance Business]

Tough climate for directors

New SEC rules on climate disclosure could have implications for D&O cover by adding to compliance costs for policyholders. The new regulations are unlikely to affect premiums or policy wordings, however. External-link. [Business Insurance]

Leased aircraft go off the radar

Irish aircraft lessors, who collectively account for more than 60% of the world’s leased aircraft fleet, have cancelled their contracts with Russian airlines, but are struggling to recover their aircraft. External-link. [Insurance Journal]

Neal injured in car accident

Lloyd’s CEO John Neal suffered ‘serious injuries’ after a collision with a car while on his bike. He is being treated in hospital and is expected to make a full recovery. External-link. [Reinsurance News]

Hurricanes blowing over

A study by Geophysical Research Letters found that the trend has been towards fewer hurricanes since the 1990s. Rising damages from hurricanes were due to population growth and the increased value of coastal assets. External-link. [Insurance Insider]

Cyber crashes casualty results

The Lloyd’s casualty market was the only line to report a loss for 2021, of £17m. Lloyd’s said that adverse developments in cyber and D&O were responsible, and that concerns about social inflation were adding uncertainty. External-link. [Insurance Day]

Clyde & Co and BLM merge

Partners at both firms voted in favour of the merger, which will go live in 2022 and will operate under the Clyde & Co name. The majority of BLM’s staff will join Clyde’s casualty insurance practice. External-link. [Insurance Business]

Blackrock to manage AIG funds

Blackrock has agreed a partnership with AIG in which it will manage up to $60bn of the global AIG investment portfolio and $90bn of the AIG Life & Retirement investment portfolio. External-link. [Reinsurance News]

Flood barriers inadequate

Research from Swiss Re highlighted the coverage gap for flooding, finding that just over a third of severe flood losses were insured in advanced economies, and only 5% in emerging markets. External-link. [Insurance Edge]

London’s modernisation on track

The LMG announced that the Data Council has agreed the content of the Core Data Record (CDR), and will align with ACORD’s commercial standards. External-link. [Insurance Insider]

Don’t forget to say hello

We have all had them – the salutation free email! According to the FT, this appears ‘jarring, confusing and sometimes plain rude’, as well as making it much less likely an email will be read. A reminder, then – and it’s hardly believable this is necessary – to begin emails with a greeting. External-link. [Financial Times]

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