week commencing 27/06/21:

With North America experiencing a record-breaking heatwave this week, there can be no doubt that this was the right moment for Prince Charles to visit Lloyd’s to launch a joint initiative to tackle climate change. 

HRH launches climate change partnership at Lloyd’s

The Sustainable Markets Initiative (SMI) Insurance Task Force, launched by Prince Charles at Lloyd’s, will encourage senior executives to commit to “climate-positive” financing and risk management solutions. External-link. [Insurance Day]

IG faces tough reinsurance renewal

A recent spate of large claims has driven significant (re)insurance losses for The International Group of P&I Clubs leading to speculation that a 20% re-rating would set the contract straight. External-link. [Insurance Insider]

Customer expectation and BI cover don’t match

The mismatch between insurers’ expectations and those of their customers can be blamed on the spike of coronavirus-related business interruption disputes, says rating agency Moody’s. EMEA insurers will need to focus on product innovation and risk prevention to rebalance the resulting loss of reputation. External-link. [Reinsurance News]

Hiscox vs. Hiscox (Action Group)

The Hiscox Action Group advised by Mishcon de Reya, has settled with Hiscox. The carrier stated that the matter has been resolved “to the satisfaction of all parties” but no settlement details were given. External-link. [Insurance Insider]

Covéa on the hunt for new (re)insurer

Having explored a deal to buy PartnerRe a year ago, French insurer Covéa is now investigating, under the auspices of investment bank Rothschild, whether Axa XL is a suitable (re)insurance target. External-link. [The Insurer]

Weather main cause of people displacement

The Internal Displacement Monitoring Centre reported that tropical storms, hurricanes, cyclones and wildfires were just some of the catastrophes that displaced over 40.5 million people in their own countries in 2020. External-link. [Artemis.bm]

North American ‘heat dome’ precipitates huge water demand

This week’s heatwave in the Pacific Northwest of the US has been described as a one in 10,000 year event. External-link. [WEF]

Private sector cannot go it alone

The economic losses associated with a pandemic event can only be met through collaborative public-private partnerships according to Zurich Insurance’s Global CEO. External-link. [Insurance Business]

Insurers should not support cybercriminals

There was a warning this week that insurance pay-outs on ransomware demands could be considered direct funding of cybercriminals and therefore illegal under UK legislation. External-link. [Law 360]

Pandemic throws South China ports into disarray

Delays at the Chinese ports of Guangzhou, Yantian, Shenzhen, Shekou and Nansha, caused by the pandemic, could last for months and will impact the shipment of critical goods worth more than $40bn, according to the Russell Group. External-link. [Global Reinsurance]

In honour of England beating Germany…

Where best to watch England vs Ukraine? External-link. [Daily Telegraph]

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