Weekly News Roundup – 5th January

According to various sources, the January 1 renewals were more “stable”, “balanced” and “smooth” – a stark comparison to last year’s season. Japan experienced its deadliest earthquake since 2016 on New Year’s Day. Due to the number of homes that were still made from “traditional timber construction” and thus vulnerable to damage, it is expected residential property losses will contribute to a significant portion of the anticipated $6.4 billion total. Lloyd’s won’t be moving HQ any time soon as they sealed a deal on their lease extension of 1 Lime Street at the end of 2023.

Total insured losses from Japan earthquake set to reach $6.4bn: KCC (Source: Reinsurance News)
Residential losses from the 7.5 magnitude earthquake will account for more than two thirds of the total insured losses.

Merck settles $1.4 billion cyberattack case against insurers (Source: Insurance Business Magazine)
The pharmaceutical giant has reached a last-minute agreement with insurers in a controversial case in which Merck claimed that war exclusions should not be applicable to their claim following the 2017 NotPetya malware attack on their systems.

Lloyd’s of London to stay at distinctive HQ until at least 2035 (Source: Reuters)
The insurance landmark, owned by Chinese insurer Ping An, will be renovated to be more energy efficient.

January 1, 2024 reinsurance renewals reflect a motivated market with increasing capital (Source: Guy Carpenter)
According to Guy Carpenter, 1/1 renewals were responsive “reflecting ample capacity and a commercial approach to trading partnerships, albeit with continued underwriting rigor”.

1/1 renewal stable, showing stronger supply dynamics – Howden (Source: Global Reinsurance)
Reinsurance renewals in January 2024 saw a market adjusting to a period of extraordinary cyclical and structural change, according to Howden’s briefing.

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