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]


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