week commencing 27/05/18:

Fraudsters caught running an illegal ghost-broking operation from a launderette in Tottenham supplied Luther Towers with pun-tastic conversation this week. Clearly, fraud doesn’t wash with the IFB who put them through the ringer and hung the dirty linen out to dry. For more (largely pun-free) industry news, read on.


LMG: Part VII transfers not the answer to Brexit
Malcolm Newman of LMG warned of ‘significant disruption’ to come from Brexit, saying that Part VII transfers will not solve the problems facing the commercial insurance market. External-link [Insurance Insider]


AIG deal makes Berkshire third-largest insurer
Berkshire has taken a place on the podium in a rare shake-up of leading insurers, surging forwards from its previous spot at number six following its risk-sharing deal with AIG. External-link [Insurance Post]


Maersk launches world-first insurance blockchain facility
Shipping company AP Møller-Maersk claimed a groundbreaking first this week with the launch of its marine insurance blockchain facility after a year of development with EY. External-link [Commercial Risk]


Global premium volume set to almost double by 2030
Munich Re has released analysis stating that worldwide insurance premium volume will hit €7.9 trillion in 2030, up from €4.2 trillion in 2017. External-link [Insurance Insider]


Regulator approves Brussels QBE subsidiary
QBE took a step forward in its Brexit preparations this week as the National Bank of Belgium issued a license for a European subsidiary. The approval means QBE’s passporting rights will continue. External-link [Insurance Post]


Cyber-extortion could rise in the wake of GDPR
Insurers and security experts have warned of a rise in cyber-extortion following the implementation of GDPR last week. Fears abound that criminals may seize on poorly-protected data and hold it to ransom. External-link [The Times]


Marsh raises capacity to $750 million with new terror facility
Global broker Marsh has raised its capacity by $250 million, a 50% increase, with its new flagship terror facility. External-link [Insurance Insider]


Investors increasingly choosing green
According to Amundi SA, Europe’s largest asset manager, the investment landscape is at a tipping point with the world’s richest investors making climate-conscious investment choices at a rapidly increasing pace. External-link [Bloomberg]


Kidnapping insurance is holding ransom prices down. How?
Insurers guarantee to reimburse the cost of the ransom but they also provide seasoned negotiators. With kidnappings a commonplace occurrence in many of the world’s poorest and most lawless countries, a club of insurers works together to provide cover. External-link [The Economist]


Insurance fraudsters hung out to dry in launderette scam
A launderette in Tottenham has been found to be a front for a ghost-broking operation offering fraudulent motor insurance. Fraud always comes out in the wash. External-link [Insurance Age]


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