week commencing 31/01/21:

After a year of every day feeling like Groundhog Day, Luther Towers was thrilled to learn that this week really was Groundhog Day! Sadly, Punxsutawney Phil saw his shadow…so it’s six more weeks of winter and a return to the burrow for this week’s insurance news.

Insurers’ value linked to fossil fuel stance

Analysts have determined that an insurer’s position on coal underwriting and investments can impact its stock market valuation by a range of -3% to +9%. External-link. [Bloomberg]

New chair for IUA

The Head of Commercial Insurance at Zurich UK, Robert Kuchinski, has been elected as the new Chairman of the International Underwriting Association. External-link. [Reinsurance News]

Pandemic costs reduced

New analysis suggests that losses resulting from the pandemic for the re/insurance industry will cost $40bn–$60bn. Analyst firm Berenberg says this is down on previous estimates. External-link. [Insurance Day]

Clock ticking on the hard market?

The hardening of the international reinsurance market is good news for reinsurers but already pundits are beginning to debate how long the uptick in rates will continue. External-link. [Insurance Insider]

Aviva gets tough on coal

Aviva Investors, a leading asset manager, says it will divest itself of shares in 30 of the world’s biggest fossil fuel businesses unless they do more to protect the environment and address climate change. External-link. [Financial Times]

Marsh increases bonus pot with increased savings

Broker Marsh & McLennan has increased its projecting savings from the acquisition of competitor JLT to $425m. The company’s bonus pot for staff has also benefitted. External-link. [Insurance Day]

Corant hunts talent

Broker Corant, which rebranded from BGCI last month, has grabbed a number of high-profile brokers from around the market including from RFIB and Willis Towers Watson. External-link. [Insurance Insider]

Circular economy cuts warming

A new report, launched at Davos, argues that by adopting an economic system designed to prevent waste and the destruction of natural resources, global warming can be kept below 2oC this century. External-link. [The Ecologist]

FCA launches BI policy checker

Following the Covid-19 business interruption dispute with thousands of small businesses, an online BI policy checker has been launched to confirm whether pandemic-related BI losses are covered. External-link. [Insurance Business UK]

Ascot’s Brooks issues reserving warning

Ascot’s CEO Andrew Brooks has raised concerns over whether the industry has its “head in the sand” over the full potential of losses from COVID-19. External-link. [Insurer TV]

Hi, it’s your salad here

It’s the technological development we were all crying out for: spinach that can send an email. Yes, that’s right, scientists have hooked up spinach roots to email in order to overcome the ‘plant-human communication barrier’. External-link. [Euronews]

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