Insurance news – week commencing 28/11/21

week commencing 28/11/21:

As Luther Towers opens its Advent Calendar this week, hoping  that Christmas will not be crushed by the Omicron variant, the insurance market gears up for 1/1 renewals and insurers struggle to make head or tail of digital currencies.

Tough line from D&O insurers

Capacity in the European D&O market is tightening as insurers look to de-risk their portfolios. Concerns about ever greater exposures have meant that providers are placing caps on maximum line sizes. External-link. [Insurance Day]

Lloyd’s makes measure of progress

Chairman Bruce Carnegie-Brown has set out Lloyd’s plan for achieving net zero. A reporting regime will be piloted in 2022, which will measure the market’s progress towards a net zero underwriting position by 2050. External-link. [Insurance Times]

Swiss Re spies cyber opportunity

Swiss Re Corporate Solutions is growing its cyber portfolio in a hardening market, although is doubtful that the market will stabilise in the near future. External-link. [Commercial Risk]

Manufacturers can’t take orders

A survey by trade body Make UK found that around half of manufacturers had problems fulfilling orders due to the supply chain crisis, and that just under a third had their growth plans restricted by the pandemic. External-link. [Commercial Risk]

Platform providing ‘public motorways’

InsurX, a ‘capacity exchange’ that will provide digital follow-only capacity, has been launched. The founders, former employees of MS Amlin, have said InsurX will provide “public motorways” between brokers and carriers. External-link. [Insurance Insider]

FCA gets assertive

The FCA will give its senior management more decision-making powers as part of its drive to become more assertive. Managers can now take decisions on commencing criminal and civil proceedings. External-link. [Insurance Business]

D&O Covid fears go viral

Research by insurer QBE found that nearly a third of senior leaders fear that they could be held responsible for decisions taken during the pandemic, and that half feel their personal liability within their role has increased. External-link. [Strategic Risk]

Storm surge

UK Insurers have seen claims volumes increase by as much as 15 times above normal levels as a result of Storm Arwen. Most claims so far have been domestic, with damage to roofs being the most common cause. External-link. [Insurance Post]

Gallagher seals the deal

AJ Gallagher has completed its $3.25 billion acquisition of Willis Re, which makes it the third-largest reinsurance broker. Gallagher’s CEO said that the combination would deliver “tremendous value” for clients. External-link. [Reinsurance News]

Successes building up

A study by Allianz Global Corporate & Specialty has predicted a period of strong growth for the construction industry, due to rising populations in emerging economies and the demand for infrastructure necessary to achieve net zero. External-link. [Strategic Risk]

Insurers in bits over cryptocurrency

Cryptocurrencies are complicated, unpredictable and volatile but insurers are wrestling with them as an emerging risk exposure. With a short history and a lot of regulatory risk, many underwriters are perplexed about whether to take the plunge or risk missing out. External-link. [Commercial Risk]

External-link. External links are being provided as a convenience to relevant content; they do not constitute an endorsement or an approval by Luther Pendragon of any of the services or opinions of external content. Luther Pendragon is not responsible for the accuracy, legality or content of these external sites. Please also note that some external content may require a subscription to view.