week commencing 29/03/21:

After watching the Ever Given pull itself free of the Suez Canal, the occupants of Luther Towers spent the rest of the week celebrating our own relative freedom while making socially fraught decisions about who we should meet up with first. The consensus was, if in doubt, just lie down with a lot of Easter eggs …


Covid claims storm rages on

A year since the start of the pandemic, this week saw another rush of loss-making results from across the market. Lloyd’s is expecting to be hit with more than £6bn from Covid-19 claims, while AXA Syndicate 2003 went with a punchy combined ratio of 134% and Aspen came in with a modest 107.3% – an improvement of 6.6 points on the previous year. External-link [The Financial Times] [Insurance Day] [Insurance Insider]


New regulations harden a concrete D&O market

Recent renewals of companies’ D&O liability policies have been somewhat traumatic, and with new board-level regulations raising company director risk, the experience will likely worsen. External-link [Insider Engage]


Aviva disposes of Polish business

Allianz has agreed to buy Aviva’s life and non-life Polish insurance operations for €2.5bn. The move will “further strengthen visibility of the Allianz brand” according to Allianz CEO Oliver Bäte. External-link [Insurance Insider]


Booming digital health and wellness industry demands cover

This high-risk sector saw exponential growth during the pandemic, but with 90% of businesses predicting further growth in 2021, business leaders are concerned about the lack of cover available for existential risks. External-link  [Insurance Business Magazine]


Disruption on interruption

More than six months after the initial ruling, the FCA has found that only a fraction of claims have been paid by insurers. Is it possible this sluggish response will inflict more reputational damage on the insurance sector? External-link [Reinsurance News]


Good mental health: the foundation of operational resilience?

After a year in which positive mental health and wellbeing has been in the spotlight, organisations are changing how they operate, understanding that by nurturing an employee’s mental health it can become one of their strongest assets. External-link [Insider Engage]


P&I clubs face the brunt of Suez claims

The Suez gridlock represents a worst-case scenario for protection and indemnity clubs, with the size of the bill already exceeding the UK Club’s $10m retention layer and likely to go beyond the International Group’s $100m pool scheme cover. External-link  [Insurance Day]


US attitudes shifting fast on carbon

AIG, Berkshire Hathaway, Chubb, Liberty Mutual and Travelers have all been asked by four US senators to explain how their fossil fuel underwriting and investment policies align with their sustainability commitments. External-link [The Insurer]


Voltswagen April fool backfires

Volkswagen’s prank announcement it would rebrand to Voltswagen spectacularly misfired by wrong-footing investors, analysts and journalists who welcomed it as a smart move. Tricky times when comms undermine creds. External-link [The Times]


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