Insurance news – week commencing 06/06/21

week commencing 06/06/21:

… was all about climate – and not just because Luther Towers was basking in summer sunshine.  The global journey towards climate change reform for insurance saw an intervention from the UN, and new climate-risk related disclosures for all companies. So, it’s good news that London’s underwriters have begun to develop their first ESG business models, with two launched this week alone.

LMG launches 5-point plan for reform

The LMG launched a campaign this week targeting regulatory and government reform in five areas which it believes could help the London market become more competitive globally. External-link  [Financial Times]

Algorithmic underwriter Vave launches as MGA

Canopius has repositioned its existing algorithmic platform Vave, which has already quoted on over 1.2m risks, relaunching it as an MGA to spur further growth and widen the portfolio. External-link [Insurance Day]

FBI recovers pipeline ransom

The FBI announced this week that its teams had recovered most of the $2.4m bitcoin ransom paid to the gas pipeline hackers in the US last month, a significant win for the good guys. External-link [Insurance Journal]

G7 backs taskforce on nature-related risk

The G7 has given its backing to the Taskforce on Nature-related Financial Disclosures (TNFD), which aims to push organisations to report on evolving nature-related risks in a bid to improve biodiversity. External-link  [Insurance Insider]

Activist investor takes stake in Aviva

Swedish activist investor Cevian Capital AB became one of Aviva’s top three shareholders by buying 4.95%, saying that Aviva aim for “at least” £500m in cuts by 2023 to boost its share price and dividend. External-link  [Insurance Business]

EU cautious on pandemic insurance scheme

The EU has urged caution about a mooted state-backed pandemic insurance scheme.  Its head of Financial Services pointed out that some states might not be able to support the costs of the scheme. External-link [Reinsurance News]

UN backs “net zero” underwriting

The Secretary General of the UN has called on all insurers to stop underwriting thermal coal, and to align their ESG approaches across both underwriting and investments, as part of the UN’s “net zero” campaign. External-link [The Insurer]

India leads the world in data encryption attacks

Indian companies suffer more ransomware attacks than those in any other country around the world, and 67% of attacks result in the payment of the ransom in order to get data released. External-link [Asia Insurance Review]

Beazley and Howden launch first dedicated ESG business

In a race to capitalise on a growing market area, Beazley and Howden Group both announced they were launching new ESG-only insurance vehicles this week. External-link [The Insurer]

Loss adjusters can help bring back trust to insureds

Loss adjusters have a critical role in helping claimants feel that they’re treated fairly, helping to repair the insurance industry’s reputation post-covid, with technology a key factor, according to Crawford & Co. External-link [Insurance Day]

No life insurance for Bezos brothers in space

As Jeff Bezos announced that he and his brother will travel into space next month, Business Insurance pointed out that his current life insurance probably won’t cover the trip.  External-link   [Business Insurance]

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