week commencing 30/03/19:

It was April Fools’ Day and sometimes it’s hard to tell the fact from the fiction – so here’s the definitive guide to what’s true, plus a round-up of the best pranks.


Thai goldmine sees political risk claim paid

After the closure of its goldmine in Chatree, Thailand, which employed more than 1,000 employees, Kingsgate Consolidated has received a $55m payout from a political risk policy.  External-link[Commercial Risk]


Growing in softening market underpins poor performance

Richard Trubshaw, active underwriter at Managing Agency Partners, said that the admission of “foreign owned syndicates” and an encouragement to grow despite a soft market had led to the poor performance of the Lloyd’s market. External-link[Insurance Insider]


Business plan limits will drive rate increases in upstream energy

Lloyd & Partners has recommended that risk managers looking to protect upstream energy assets buy “longer-term policies where possible” as prices rise in response to reduced capacity. External-link [Insurance Day]


Over 100 brokers sign up for PPL

Adoption of electronic placement is growing across the market as the London and International Insurance Brokers Association announced that over 100 of its members had now signed up ahead of the 1 June deadline. External-link [Insurance Journal]


Family is first to sue Boeing after crash in Ethiopia

The family of Jackson Musoni has filed the first liability lawsuit alleging a defect in the Boeing design of the automated flight control system on the 737 Max 8 aircraft that was involved in the incident. External-link [Reinsurance News]


Orange juice slip and trip case first of its kind

A ‘slip-and-trip’ fraudster has been given a 21-month suspended sentence, after a case brought by Aviva in what is thought to be the first private prosecution of its kind in the UK. The claimant pretended to trip over a crate of orange juice cartons and then tried to claim for her injuries, which could have cost Aviva £60,000. External-link [Insurance Times]


D&O insurers see sharp rise in lawsuits

The number of federal securities actions has doubled in the last decade as shareholders hold public companies to account for #MeToo issues and data privacy issues. This is significantly impacting insurers who specialise in the sector. External-link [FT]


Climate change concerns cause QBE to remove cover

To help encourage a low carbon economy and combat climate change, Australia’s QBE Insurance Group Ltd will cease to offer new policies for thermal coal mines and coal-fired power stations. External-link [Reuters]


EIOPIA issues guidelines for outsourced cloud providers

The EU’s leading insurance regulator will be giving insurers guidance on how they should be interacting with third party providers of services. External-link [Law360]


Surely you did not believe it?

It’s that time of year again when you read the news and wonder what’s reality and what’s an April Fool – the best of which are gathered here.  External-link  [The Grauniad]


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