NewsEmissionsLMA and IUA publish sustainability data standard for underwritersThe Lloyd’s Market Association and the International Underwriting Association have partnered to launch a new data standard for underwriters when collecting sustainability data from clients.Wed 24 Jul 2024
ExclusivePeople MovesLockton Re lures Gallagher Re’s Norris to build out cyber ILS offeringLockton Re has appointed Theo Norris as head of cyber ILS as it continues to bolster its capital markets offering, The Insurer can reveal.Wed 24 Jul 2024
NewsLossesCrowdStrike insured loss bill for Fortune 500 companies could top $1bn: ParametrixInsured losses among Fortune 500 companies impacted by the CrowdStrike outage are likely to be between $540mn and $1.08bn, according to cyber modelling firm Parametrix.Wed 24 Jul 2024
NewsTransitionAnnual renewal is “biggest Achilles’ heel” of insuring the transition: panellistsLloyd’s CEO John Neal has described insurance as “everything other than a one-year issue”, with fellow panellists at the De-Risking Summit affirming calls to move beyond an annual cycle to issue long-term insurance cover as part of the transition to net-zero.Wed 24 Jul 2024
NewsResilienceHowden calls for sovereign mechanisms and accessibility in small island statesIndustry veteran David Howden has called for the insurance industry to exercise its capabilities beyond “just picking up the pieces in the event of a climate disaster” and to facilitate investment capital into climate-vulnerable small islands developing states (SIDS) to enable resilient mitigation and adaptation strategies.Wed 24 Jul 2024
NewsParametricLangdale: Social impact and building trust through parametric policiesParametric insurance mechanisms for smallholder farmers and local communities in emerging markets can provide advantages beyond indemnity, including psychological peace-of-mind, social impact and greater trust, according to Howden’s Charlie Langdale.Wed 24 Jul 2024
NewsRenewable EnergyRenewables can be growth “accelerator” despite pricing inadequacy: Aviva’s KentAviva has added a green energy capability to its onshore renewables team to explore more nascent technologies such as green hydrogen and biomass, with head of renewables Victoria Kent providing an optimistic outlook for the whole division’s future growth trajectory.Wed 24 Jul 2024
NewsESGStepping up insurers’ social impact with the just transitionThe insurance industry must undergo a reconceptualisation in order to facilitate a just transition that addresses the disproportionate physical and economic impacts of climate change and new energy infrastructure on vulnerable socioeconomic groups, according to Crowe’s Nerine Wright.Wed 24 Jul 2024
NewsResilienceASR eyes further expansion to close specialty capacity gap across AfricaExpansive pan-African reinsurance group Africa Specialty Risks is looking to expand into aviation and marine business as its new Lloyd’s platform underlines the value of understanding local insurance markets and investment flows, as well as promoting the social role of insurance.Wed 24 Jul 2024
NewsFloodAon builds climate scenarios into European flood model updatesAon’s Impact Forecasting has completed a 10-year project updating its European flood models, which now include future climate scenarios and the ability to provide a pan-European view of event losses.Wed 24 Jul 2024
NewsPeople MovesWestfield Specialty names Cousins PV and war class underwriterWestfield Specialty International has promoted Joanna Cousins to class underwriter for political violence and war.Wed 24 Jul 2024
NewsLossesInsurers cannot afford to ignore the peril of real-life TwistersMS Amlin’s Ed Pope examines the risk of tornadoes to the (re)insurance sector…Wed 24 Jul 2024
NewsPeople MovesWTW names Torresan to lead M&A practice in APAC within finex divisionWTW has bolstered its regional capabilities with the appointment of Steven Torresan as head of M&A within the financial and executive risks (finex) business for Asia Pacific and Africa.Wed 24 Jul 2024
NewsResultsChubb Q2 P&C UW income flat as CR ticks up 1.4 points on catsChubb ended Q2 2024 with P&C underwriting income of $1.42bn that was essentially flat while its combined ratio ticked up by 1.4 points to 86.8 percent on increased catastrophe losses and slightly lower favourable prior period development.Tue 23 Jul 2024
NewsM&AApplied Systems acquires AI company PlanckApplied Systems, a private equity-backed provider of agency and brokerage management systems, has acquired Planck, a New York-based AI company, in a reportedly $300mn deal.Tue 23 Jul 2024
NewsCapital raisingLiberty Mutual Strategic Ventures launches $200mn venture capital fundBoston-based Liberty Mutual Strategic Ventures has launched its second venture capital fund, committing $200mn to support entrepreneurs who are “reshaping the future” of the property and casualty insurance industry.Tue 23 Jul 2024