Insurance Jottings
Laura to add further momentum to energy hardening: Gallagher
The impact of Hurricane Laura will provide further momentum to the already hardening energy market, coming on top of the challenges presented by Covid-19, Arthur J Gallagher has commented.
Marine insurance cannot innovate in a vacuum: IUMI’s Turner
The Covid-19 pandemic has presented the marine insurance industry with the opportunity to innovate and rethink the coverage it offers but this cannot be done by the sector alone, International Union of Marine Insurance (IUMI) president Richard Turner has said.
He warned the marine insurance market it needs to “reimagine” the products it offers.
Mr Turner said carriers needed to ensure sufficient funding was provided to marine segments to ensure investment can be made in products so that they meet client’s evolving needs.
Lloyd’s advises employees to WFH but remains open as tougher Covid rules rolled out
The Corporation of Lloyd’s has responded to revised government guidance in the UK by advising employees to work from home but will remain open to the market.
Brokers chose Belgium to prepare for Brexit
In getting ready for Brexit, Belgium has emerged as the preferred location for an EU entity so that London brokers are able to continue to support their European clients. A survey by the London and International Insurance Brokers’ Association has found nearly a quarter of broking houses have chosen Belgium as the location to launch an EU entity. Ireland and France were the next most popular locations, each accounting for 16 percent.
The trade body cited Aon, Miller and Tysers as just three of the UK-based brokers that had set up a European Union-based shop in Belgium to support their clients on the continent in the wake of Brexit.
Mining insurance rates on the rise despite stable capacity
Mining property insurance capacity levels appear to have been stable for the past 12 months with just a slight contraction as some carriers cut back the lines they offer but pricing in the market continues to soar as underwriters seek to claw back losses.