week commencing 29/09/19:

In a week when Dina Asher-Smith executed her strategy for success to perfection, but BoJo’s recipe for Brexit was greeted with scepticism, in the insurance world all eyes were on Lloyd’s blueprint for modernisation.

Lloyd’s releases 2020 modernisation plan

Lloyd’s has published the first blueprint for its market modernisation strategy, detailing how it will begin to deliver proposals it consulted on earlier this year. External-link. [Insurance Insider]

Chubb stops writing wholesale international liability in London

Reports suggest that Chubb is offering renewals on a short-term basis, but no new wholesale business is being written out of London. The insurer declined to comment. External-link. [Insurance Insider]

Allianz CEO criticises ECB monetary policy

Oliver Bate, head of Allianz – Europe’s largest insurer – speaks out over the “politicisation” of European monetary policy in a side-swipe at outgoing ECB President Mario Draghi. External-link. [Financial Times]

MS Amlin will discontinue nine classes of businesses

MS Amlin has announced a new underwriting strategy to support its ongoing transformation plan. It will discontinue classes including corporate property, real estate, casualty and aviation. External-link. [Reactions]

Typhoon Faxai losses could hit $US9b

RMS’s most recent projections put insured losses from Faxai, which hit the Tokyo area as a category 2 storm, at between $5bn and $9bn. External-link. [Asia Insurance Review]

Better war risks cover requires less siloed approach

Eliminating silos in the credit and political risk insurance market’s coverage of war risks will allow insurers to provide more effective cover, according to Charles Berry, chairman and co-founder of BPL Global. External-link. [Insurance Day]

Ivory Coast gets parametric payout

The Ivory Coast has received its first payment from the ARC risk pool, following a drought in the central region of the country during the 2019 agricultural season. External-link. [Commercial Risk]

Lloyd’s to pilot 2020 ILS trade

Lloyd’s has committed to executing at least one ILS transaction next year under its soon-to-be-developed capital solutions platform as part of its “Blueprint One” paper. External-link. [Artemis]

LMG shuts down TOM

The board of the London Market Group has confirmed that its market modernisation programme, the London Market Target Operating Model (LM TOM) will cease to operate in its current form. External-link. [Insurance Business]

Does AI = P45?

The potential impact of automation on the employment market is significant across a range of sectors, some of which will surprise you. Find out if your job is one of those at risk. External-link. [Financial Times]

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