Weekly News Roundup – 21st October

As for many other industries, the rising interest rates, the continuing recovery from the Covid-19 pandemic and other world crises are making for challenging times for the insurance world. Munich Re explains what effect this will have on the market in 2023 and beyond. In other news, as businesses ramp up their ESG efforts, MS Amlin’s recent fine demonstrates why it needs to be at the forefront of business strategy.

World crises driving virtually unprecedented complexity for insurers – Munich Re (Source: Insurance Business Magazine)
Economic uncertainty is creating great concern for insurers. Munich Re explains why, highlighting how skyrocketing inflation can “trigger a decline in re/insurers’ capital bases and affect their capacity”.

Insurance Business: What the recent Lloyd’s mandate actually means for the cyber insurance market? (Source: CFC)
The recent mandate issued requires that “cyber policies written in the insurance market have an exemption for state-backed attacks”. CFC’s head of cyber explains more.

Reinsurance demand continues to rise ahead of Jan renewals say industry leaders (Source: Reinsurance News)
At the recent Baden-Baden industry meeting, expectations for a supply-demand imbalance was discussed by experts. Jean-Jacques Henchoz, Chairman of the Executive Board at Hannover Re said; “If we consider the long-term trends, climate change is a challenge for our industry, but also creates huge potential…. the challenge for us is to push the frontiers of insurability.”

MS Amlin Underwriting fined $11m for risk management failings (Source: Insurance Journal)
Over the course of 5 years, the insurer resolutely ignored failings in its governance, controls and risk management.

And one more thing….

Following on from his successful Insurance Day article, our very own A&H underwriter Alexis Fehler features in a Reuters article ‘Ukraine insurance costs surpass Iraq war levels, industry sources say’.

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