Weekly News Update – 2nd February

Patrick Tiernan, Lloyd’s chief of markets, has been speaking about the market’s “ambitious but achievable plans” at a recent Fitch Ratings event. PFAS (forever chemicals) are in the news as a campaign seeks to ban them throughout the European Union – a relief for insurers? Amazon’s insurance exit may just be a sign of things to come (and not in a good way).

Bullish Lloyd’s expects to be in the top quartile – Tiernan (Source: Global (Re)Insurance)
Despite “combined ratios comfortably sat at 95%”,  Lloyd’s chief of markets acknowledged that “uncertainty…continues to cloud the underwriting outlook across classes of business, despite recent gains”.

6 months on from Consumer Duty: Fairer Finance’s James Daley looks at what’s changed and what’s to come (Source: IFA Magazine)
Fairer Finance highlights which lines of business could be called out by the regulator in 2024 for failing to provide customer value.

Top European Leaders Test Positive for Cancerous ‘Forever Chemicals’ (Source: Insurance Journal)
PFAS (or so-called forever chemicals) have been dubbed the next asbestos and have already resulted in a large litigation issues. No-one is immune to their effects as shown by a recent campaign which tested top politicians.

What to learn from Amazon’s failure (Source: Insurance Thought Leadership)
Following last week’s announcement, this thought leadership piece flags how Amazon’s insurance play “showed that there are gaps that other markets and other businesses will continue to look to fill”.

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