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NewsBriefing: We are all now worried about the FCA
Brokers are losing faith in the FCA amid rising fees and levies against a backdrop of carrier failures
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Climate change is the ‘biggest single investment opportunity’ for sector – Lloyd’s John Neal
Climate change is not a threat - instead it is the “biggest single investment opportunity” for the insurance sector in this lifetime, according to Lloyd’s of London’s chief executive John Neal.
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Class of 2020-21 start-ups propel Abir to record membership
Conduit Reinsurance, Canopius Reinsurance and Mosaic Insurance are the newest members of Abir, expanding the organisation’s membership to 29, the highest total in its 28-year history.
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Varney Re launches in Bermuda
The Bermudian-based reinsurer has been launched by Varney Insurance Agency, a family-run business based in Maine that serves clients and retail brokers across North America, including Puerto Rico to Canada.
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As Tesla takes the plunge, wary insurers watch crypto craze from the sidelines
If Elon Musk’s Tesla wanted to insure all of its recent $1.5 billion bitcoin investment against the myriad of pitfalls it could encounter, like hacks, theft and fraud, it would be out of luck.
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U.S. rolls out first update to flood insurance pricing in 50 years
The agency said that, over the coming year, it will phase in a price-setting method that marks an epochal shift in the National Flood Insurance Program (NFIP), which was set up in 1968 to cover property in flood-prone areas.
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WEF: Scenario planning for Industry 4.0
The rapid pace of technological change and pandemic crisis is accelerating trends; making risk forecasting more challenging
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What does the UK’s economic rollercoaster means for the property market – Tokio Marine HCC
After what has been a year like no other for the property market, many insurers, brokers and clients will be questioning what challenges the year ahead will bring, Tokio Marine HCC’s underwriting manager Marc Brewer reviews the latest government initiatives and the being risks faced, read more in Insurance Times’s ...
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Failing to prepare for emerging risks has led to ‘resilience death’ – Marsh
Business models pre-coronavirus were too focused on efficiency and growth, leading to a “resilience death” when companies were then faced with new and emerging risks, such as Covid-19
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Why more data is not always better – InsTech London
More data is not always better, InsTech London has warned in its latest report on location intelligence.
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Ardonagh announces new international arm following US acquisition
Chief executive David Ross says the move signals ’an exciting new chapter in our story’
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Lloyd’s accentuates the positives despite cloud of Covid-19
Although Covid-19 payouts blew a £6bn hole in Lloyd’s of London’s reported 2020 performance, the market’s chief executive John Neal emphasised that below the surface, progress was continuing.
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Inigo – the London market startup with ‘people and data’ at its core
At the end of 2019, when Richard Watson retired and stepped down from his role as chief underwriting officer at Hiscox, he realised that a startup culture was very appealing to him.
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Briefing: Pandemic impact on financial results is not over yet
Insurers’ 2020 full-year financial results show an economic landscape strewn with losses and colossal Covid claims costs. This will undoubtedly carry over into 2021 in some capacity, wrecking further trouble on balance sheets
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Suez Canal blockage leaves ‘(re)insurers significantly exposed to business interruption risks’
As the Suez Canal reopens, the insurance industry is bracing itself for huge losses ‘made up of compensation for delays’ and covering ‘potential damage to cargo’
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Q Underwriting announces renewal deal with long-term insurance partner
As Q Underwriting celebrates its’ second birthday, the MGA has announced a renewal deal with a long-term A rated partner.
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Insurtech partners with Amazon on small business insurance proposition
Insurtech Next Insurance has partnered with Amazon Business in a bid to provide eligible members with the opportunity to access customised small business insurance.
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Aspen reports results for the twelve months ended December 31, 2020
Mark Cloutier, Group Executive Chairman and Chief Executive Officer, commented: “COVID-19 meant that 2020 was a year more challenging than many of us can remember with both profound human and economic consequences.”
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Lloyd’s of London sees ‘large loss’ due to Suez Canal blockage
The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.
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Lloyd’s reports 2020 full year results
Lloyd’s today announced an aggregated market loss of £0.9bn for 2020 (2019: £2.5bn profit), including net incurred COVID-19 losses of £3.4bn after reinsurance recoveries.
