Insurance news

Read more: Aviva introduces broker-sought insurance product in the UK

The insurer recently announced a $10 million investment into the Anthemis Female Innovators Lab Fund – financing that will specifically support UK-based fintech firms which are founded by women. Discussing how the partnership came about, he highlighted that the fund, which was created in 2019 and already has some investment from Barclays, is focused on investing in pre-seed and seed stage female founders in fintech.

“We came across it because the fund is run by the venture capital fund Anthemis and we’ve actually invested in a couple of their other funds,” he said. “So, we knew the business, we knew the teams and we got to know how they work. When they opened up this fund earlier this year to additional investment, we started that conversation. And we’re very excited to back it because I think it’s just an absolutely brilliant fund and thesis.”

Aviva is very conscientious about the investments it makes, and Luckett noted that three key elements made this partnership the right opportunity. Firstly, he said, it very much aligns with the company’s broader strategic investment appetite. Aviva makes investments into funds, and directly into startups, where it sees a good opportunity for a strategic and financial return, and where it can work closely with the funds to deliver powerful insights for its business and support its portfolio businesses in their growth.

“Secondly, and probably most importantly, there is a significant gap between the funding that goes to male and female founders,” he said. “We’ve noticed this and we signed up to the ‘Investing in Women Code’ a few years ago and started seeing that data and it was clear that the whole VC market needed to change. And of course, this also aligns to our broader agenda at Aviva in terms of both supporting diversity and women in finance.”

Aviva did evaluate several other initiatives focused on female founders, Luckett said, but this fund really stood out not least for its exceptional team. When he had the opportunity to meet with the founders and spend time with those running the fund, the broad alignment of their values and ethos became very clear – supported by Aviva’s existing relationship with Anthemis.

“And then thirdly, the opportunity for us to learn and work with some of the portfolio companies was also very strong,” he said. “So beyond investing, we are keen as Aviva to make sure that we’re understanding and seeing new technologies and new propositions coming through to both support broader financial services and also to think about ways that we can collaborate with the new and different to support our customers.

“My philosophy is very much one about collaboration and partnership. And we try and do that with the broader startup ecosystem and this gave us another opportunity to meet, to understand, and to work with emerging propositions and technology. So, it has all been very exciting and I’m delighted that we’ve made the investment.”

In an ideal world, there would be no need for investment into funds specifically relating to any single quantifier, but as it stands the market does need catalysts to create a fair and equitable environment. It is necessary for people to take a stand, Luckett said, and not just to talk about equality but to take action and make investments into the ecosystems capable of creating real change.

Such funds are critical in raising awareness of the gap that exists in the investment community, he said, because a lot of people are simply not aware of the extent to which it exists. These investment opportunities are essential to moving conversations forward and to role-modelling what can be done.

Read more: Aviva unveils which employee benefits attract and retain talent

“This is also critical to inspiring a younger generation,” he said. “And I think part of the challenge that I see, particularly with women in technology, is that it can start at such an early age – that you get this imbalance between… boys and girls and what they’re focused on. This is why we support that Code First Girls piece because it really needs to start at an earlier age – enabling people of whatever gender to see the whole range of opportunities available and not just assume that the boys are the ones who can go and learn computer science.”

The companies that embrace the full spectrum of talent will quickly find what a win-win situation that represents – with role-modelling what’s possible being reflected in a diverse and fulfilled talent pipeline. Looking across Aviva, Luckett highlighted how senior leaders such as Amanda Blanc [group CEO], Charlotte Jones [CFO] and Andrea Montague [CRO] are leading that conversation, and doing incredible jobs in championing and representing the range of opportunities in insurance.

Aviva will serve as a strategic partner to the fund, he said, which goes far beyond just a financial contribution. Getting the investment signed, sealed and announced is just the beginning, and the team at Aviva is looking forward to working with Anthemis on the ground to support its portfolio companies where it can add value. The fund is looking to make more investments in the UK, which Aviva will be on hand to support.

“[In addition], we will work with them to understand the pipeline of technologies and propositions that are coming through so we can think about how to reflect them in how we’re thinking about serving customers,” he said. “And we will potentially look at some of these companies for direct investment as well.”

For Aviva, effective investment is not about a once-and-done approach but rather active and strategic partnerships, he said, and with that in mind the insurer will continue to arrange events and networking activities to bring these portfolio companies together. Across Aviva, Luckett noted that there are so many people who would love to increase their exposure to such opportunities and vice versa – and he relishes the opportunity to bring those entrepreneurially minded people together to build that community.

“To date, it’s really been my team and the Anthemis team working together to get the deal done, but now it’s done, we can open that up to our colleagues and they can see this work firsthand which I think is really exciting,” he said. “Working and partnering with [these entrapreneurs] is just a great part of my job. And I’m regularly humbled and inspired by the entrepreneurs we work with because they’re so fantastic, driven and passionate – and that’s great to see.”

Source

Speaking during the online Dive In panel session, Beale likened tactics used by some groups on social media to “guerrilla warfare”.

She also disclosed that she felt pressure from multiple sides, including “top down”, particularly when looking to tackle culture in the market while in post.

“I had abuse from all sorts of people, but actually also top down a little bit,” Beale said. “I had them saying ‘you shouldn’t be talking about that so much’.

“They sort of did it politely, but I felt pressure from everywhere to sort of want to put me back in my little box and fortunately there was enough movement and support that enabled me to move forward.”

Beale, who is bisexual, was out during her time in the Lloyd’s market – she served as CEO from 2014 to 2018 – and has previously disclosed abuse and harassment that was directed at her while in post.

Read more: Inga Beale on resilience, her legacy, and harassment in the industry

In the Dive In session, she described being sent anonymous letters – “some handwritten, typed, once a person cut the letters out of a magazine, they said I should kill myself, I didn’t deserve the job, very terrible things” – as well as receiving comments on social media.

“I deleted Twitter,” Beale said. “I wanted to be out there, because the younger generation said to be a part of everything you need to be online.”

The former Lloyd’s boss acknowledged that she was in a “privileged” position, with a communications team able to “keep track of things and make it not visible to me”.

This did not, however, “stop people from being abusive,” Beale said.

Abuse was not limited to platforms like Facebook or Twitter, Beale said, recalling a response to one of her LinkedIn posts in which a professional had responded “vomit, vomit, vomit”. During her tenure at Lloyd’s, multiple fake LinkedIn accounts were set up in her name, Beale said

As for how she dealt with the abuse she received, Beale said it was a case of keeping “work and personal life very separate”.

“I wasn’t quite prepared for it, because before I took the role I wasn’t on social media and I didn’t have [such] a high-profile role,” Beale said.

“[Had I stepped into the role today] I would be so much better prepared, had my armour on, if you will – [at the time] I felt like Arnold Schwarzenegger, feeling like I had to keep going, no matter what comes at you, just keep going.”

Looking forward, the former Lloyd’s CEO, who serves as a director and non-executive director for businesses including WTW, Clyde & Co and Crawford & Company, said she had hopes that the Online Safety Bill will make it harder for anonymous perpetrators of abuse.

“Hopefully, that new bill, when it comes out, will also give extra powers about preventing online abuse or taking action against abusers, because at the moment, there seems to be a lot around ‘well, it’s not illegal to say something so you can’t take any action against them’,” Beale commented.

Read more: Online Safety Bill – what changes could mean for insurers

Beale was joined on the panel by moderator Eva Echo, a trans woman, Gender Intelligence spokesperson and Birmingham Pride head of communications and engagement, and Max Slack, a trans man, content producer and self-styled influencer.

Both shared their experiences of online hate and abuse – and the difficulties they had faced in getting content taken down or users sanctioned.

“When I first came out as trans, I experienced a lot of unwanted attention from men, and they’d be sliding into my DMs and leaving really inappropriate comments,” Echo said. “And it wasn’t until I started following more like trans men or gender non-conforming people that I realised that it’s not just trans women; it affects all of our community.”

Social media platforms were typically unhelpful, according to Echo.

“When it comes to platforms, I’ve reported comments, I’ve reported death threats of all sorts,” she said. “And sometimes I do wonder, why do I even bother? Because nothing really happens. And if anything, they turn it around on you.”

For Slack, who said he no longer uses Twitter due to the lack of “nuance” offered by its 140-character post limit and users who “just want to be angry”, Instagram has become more of a “safe space” with algorithms directed at finding users with similar interests. However, he pointed out that in some ways this could create an “echo chamber”.

Slack also disclosed that receiving abuse on video platform TikTok that had led to him turning down paid jobs.

“If you work in marketing at all, you will see people saying TikTok is the new Instagram, TikTok is the new Google – TikTok, TikTok, TikTok, all your money should be here,” Slack said. “And I’m looking at it as a trans creator, who, every time one of my videos goes viral, or gets more than a couple of thousand views, I get a torrent of hate.”

To tackle online abuse, panellists suggested better education was needed, as well as legal reform and action by social media platforms.

Businesses and the corporate world could also have a role to play, according to Slack.

“The only way that they [platforms] are going to start taking that seriously is if they start getting pressure from people, but also companies and groups of people like this, who are saying: actually, this isn’t acceptable, and we don’t feel comfortable using a platform that allows people to experience this kind of abuse,” Slack said.

As for what those receiving abuse can do to try to mitigate the impact on themselves, Slack said: “It’s OK to take a break.”

“The other thing I would remind people is that if there is ever a brand, or a company involved, raise it to them, because people have a lot more respect, particularly when it can come into their role,” Slack said. “If you’re in a work environment, for example, do raise it to HR, raise it to the people team, or raise it to someone who you know is an ally in the environment that you’re in, because people will help you.”

Source

In a Press release, the insurer noted that the sale follows its decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business. The transaction will see Ascot offering renewal terms on the portfolios, while existing back book policies will remain with QBE.

Commenting on the deal, Cécile Fresneau, managing director, insurance, said the group is “very pleased” with this outcome, having spent several months investigating the most suitable home for the business. Together with Ascot, she said, QBE is committed to working closely with its broking partners on the renewal of the portfolios in order to minimise disruption for existing customers.

Andrew Brooks, CEO of Ascot Group, also commented on the deal and said: “We’re pleased to assume the renewal rights for this business from QBE. We believe this provides the best possible outcome for clients and brokers who will benefit from a consistent and smooth transition to Ascot. We welcome these new insureds to Ascot, and look forward to providing them with the high-quality underwriting and service for which Ascot is known.”

QBE highlighted that it will continue to manage and provide ongoing services across all policies until Ascot offers renewal terms.

Source

Read more: EDII CEO reflects on one-year anniversary

The showcase saw a real range of ideas presented – from a chat about translating insurance acronyms, to an ESG newsletter assembling news and updates from the wider market. But despite the variety of ideas on display, each was connected by a clear thread – that innovation is a team sport and that it doesn’t happen in a vacuum. It’s a key message that EDII is looking to deliver, Bedford said, as the firm looks to develop and nurture the ‘insurance intrapreneur’ of the future.

Discussing the role of the intrapreneur, Paul Willoughby, a coaching director with EDII, highlighted that an intrapreneur is usually an employee working within a company on an innovation concept, whether it’s their own idea or something they’ve been asked to deliver.

“The idea really is to make the company better by increasing the organisation’s effectiveness or its competitiveness within the industry, but [it’s] generally motivated by a bit of freedom to innovate,” he said. “Intrapreneurs don’t really like to be locked down into sort of specialist roles. But being a specialist can help them because if it’s a subject matter that’s close to your heart, and you’re an expert, you can drive it forward.

“On the other hand, being a generalist in this position is normally a pretty good position to be in. [As an intrapreneur] you need to secure collaboration and buy-in internally. And you generally have to pitch your life away… You’re always pitching ideas, trying to get buy-in, and trying to get the energy levels up so you can shift the dial and move them forward.”

Read more: EDII names new non-executive director

Intrapreneurs thrive today, Willoughby said, but they’re only going to become more critical going forward because the leaders today have so much on their shoulders. As a market, insurance is facing its relevance being challenged – which means it needs to invest wherever it adds value. There are huge capital distribution pressures, with new entrants to the market all the time while the industry is also facing a significant talent crunch.

The responsibility for how a business is run tends to fall to the executive board, he said, but with so many new considerations impacting how a business, and indeed the wider market, is faring, do the c-suite have the capacity and skills to consider all these new factors as well? And is it solely their responsibility?

“Well, it’s not,” he said. “It’s you. Everybody within an organisation has a passion, everybody has an interest, everybody can take an idea, and they can move it forward. And actually, this is what the execs are looking for. They’re looking for you to do that. If they’re not, in my mind, they shouldn’t be the execs. They need to give you the space, to be able to organise your thoughts, to build up and test the desirability of your idea, and test your viability.”

No good executive will throw findings back in the face of an intrapreneur who has done their research, he said. For those looking to develop their intrapreneurial spirit, Willoughby highlighted that key characteristics define an intrapreneur – including curiosity, passion, motivation and resilience.

To be an intrapreneur, there are several critical questions you must ask and answer for yourself, he said, and the first is how far you are willing to push your ideas. And you can’t just be the person who’s always off doing the next shiny, new idea. There has to be real structure to your ideas and how you drive them forward. The ideas need to fit with your company and its defined business strategy.

“So, the second question. Can you do it alone?… I don’t think you can take one idea from start to finish alone,” he said. “Even entrepreneurs don’t do that – they use friends, family and knowledgeable communities. [And ask] ‘will it impact my day job, have I got the time to do it? What am I not going to be doing while I’m concentrating on this new idea?’”

Unless you’re fortunate enough to have your role as an intrapreneur become your day job, he said, for most people, this will have to at least start as a ‘side of the desk’ activity. Another thing for intrapreneurs to consider is how to request funding for an idea, particularly when a budget has already been approved elsewhere. Think about what the CFO will consider, what information will help them make the decision and what justification you can bring for a budget change.

“Show empathy to the people that you’re going to need to take with you on the journey,” he said. “And bring others on the journey. If you’ve got that skill set within your organisation, approach people – beg, borrow or steal their time… It helps shift the dial because you won’t have all the expertise you need to be able to move an idea from start to finish.

“[…] Above all else, make sure you’re enjoying it. It will get tough. People will shoot down your ideas, people will try to disrupt you. That’s jealousy in my mind, and it happens all the time. But if you have a good foundation and a good team behind you, then you’re on the journey so make sure you enjoy it.” 

Source

This disparity between new and existing customers was particularly acute for older consumers who were less likely to have the IT skills to shop around for insurance regularly and with confidence.

In 2018, two insurance trade associations, representing insurance companies and brokers, published a code designed to address these issues.

Despite these measures, the UK’s insurance conduct regulator, the Financial Conduct Authority, intervened in 2020.

The City watchdog announced its intention to introduce a new requirement for insurers to ‘require firms to offer a renewal price that is no higher than the equivalent new business price for that customer through the same sales channel’ in the retail home and motor insurance market at the same level as the rates for new customers.

These rules came into force at the beginning of 2022 but as headlines in national newspapers show – consumers are less than convinced that the profession is no longer penalising those who fail to shop around.

The Chartered Insurance Institute’s Public Trust Index started collecting data on consumers’ views on renewal pricing in 2018.

The results over the different waves of surveys for the index demonstrated consistent concern over renewal pricing, relative to other key factors.

For retail consumers, it is clear the 2018 code agreed by the insurance bodies had little impact on the reputation of insurers over the two years.

It is also clear that the introduction of the FCA’s new rules has not had a huge impact either.

Since the introduction of the FCA’s rules, the opportunity scores for loyalty have not improved.

There could be three reasons for this.

Firstly, the FCA rules have not had time to bed in.

Secondly, claims inflation is putting upward pressure on prices, increasing premiums for both new and existing customers, leaving existing customers with an impression that nothing has changed.

The third reason the FCA rules have failed to turn around the public’s perception of whether the profession can be trusted is because the regulator’s requirements simply do not go far enough to address consumers’ expectations of rewards for loyalty, rather than simply an absence of penalties.

Throughout the last four years, responses to the CII’s Public Trust Index have shown that existing customers not only want fair treatment in relation to new customers, but they also want better treatment than new customers, as reward for their loyalty.

For example, in the last wave of the survey the statements that had the two biggest gaps between expectation and reality were: ‘My premium doesn’t increase because I’m not a new customer anymore’ and ‘I got a discount for staying with the same company.’

As Alan Vallance, the Chartered Insurance Institute’s new chief executive, pointed out at our recent Shaping the future of insurance conference, insurance professionals should see the price walking rules and the FCA’s Consumer Duty as an opportunity for them “to take greater control of our destiny.”

With the new Consumer Duty, the FCA has said it wants to measure outcomes rather than inputs.

This means that professionals who can demonstrate the value they are providing for consumers could win the freedom to do what works rather than being micro-managed by prescriptive regulation.

I think there is a real opportunity here for us to take greater control of our destiny, prove the value of the profession for the consumers and corporates it serves, or be passive and wait for the regulator to act.

Source

Read more: Allianz Claims announces two key promotions

“The workforce and its opportunities are no longer limited by geography,” he said. “The fact that a lot more organisations, such as ourselves, are offering hybrid working is great from an attraction point of view. It also means that a lot more people now have access to other jobs, which is a good thing and something that should be welcomed.

“So, we are seeing more volatility in terms of people considering opportunities. I think post-COVID as well, it has been well documented that people reassessed their careers, their professions. And we’ve certainly seen people who have decided, quite rightfully, to actually go and follow different passions completely outside of the industry – some into really different professions entirely as a consequence, and again, that’s to be supported.”

From Allianz Insurance’s perspective, he said, this has been seized as an opportunity to open up the horizons of where new talent can come from. The firm’s flexible working policy allows it to access skillsets and talent from further afield than has historically been the case where this was also a geographical consideration. With regards to talent attrition in the wake of COVID, he highlighted that he has seen this stabilise in recent months.

That period of people reconsidering what they want to do is a clear sign to the insurance market that the time is right to better articulate the value proposition of the industry, he said. Insurance collectively needs to get better at having those conversations in order to attract and retain the levels of skills and talent required to thrive.

As head of claims operations, Stait heads up a team of about 550 claims staff across three key claims sites in Birmingham, Milton Keynes and Trivandrum, India. Though it’s a role that keeps him busy, he said, it’s good fun and he’s proud to work alongside a committed team. And as somebody who started his insurance career with Allianz 14 years ago via a graduate programme, he has seen for himself what constitutes a great proposition equipped to draw in fresh talent.

“Since I joined one of our graduate programmes, I’ve moved around lots of different opportunities,” he said. “So when I speak passionately about Allianz, it’s on the basis that I’ve lived a lot of these experiences. I think, first and foremost, what sets our value proposition apart is that we’re a global organisation. And with that comes real opportunity, both cross-functionally and [geographically].

“We have a fantastic number of people on international assignments or secondment elsewhere, as well as internal movements. So, we offer opportunity, which is a key part of our value proposition. We’re also very committed to supporting [our team’s] personal and professional development. We have an array of internal talent development and skills development programmes across our business.”

These programmes, he said, span from foundational entry-level learning and development opportunities right the way through to more specialised areas. As the claims landscape has evolved over the last few years, so too have the skills required from a claims workforce and it is with this in mind that Allianz is increasingly offering skills and support packages that better support the forward trajectory of its claims talent.

From data and analytics, to digitalisation, to robotics and automation – these types of skills simply didn’t exist in the market in the same way back when he started, Stait said, and neither did the roles that go alongside them. So, now Allianz is actively investing in the future of its people by offering them opportunities to develop those skills through support packages which are resonating well both within existing teams and across the external market.

Read more: Navigating the cost-of-living crisis – how you can help out

“Obviously, pay and benefits is important as well,” he said. “We continuously look at our offering to ensure it remains competitive, which it remains so. In fact, in quarter four, we’ll be increasing salaries again, and we’ve revisited our benefits packages.

“That’s on top of a salary increase that we gave across the organisation in Q2 of this year. And it is in recognition of the cost-of-living crisis, [and the] pressure it’s putting on our people. But it’s also in recognition of the fact we’ve got really good people doing a really good job, and it’s only right and proper that we remunerate accordingly.”

Whether it’s the option for unfettered opportunities, the chance for meaningful professional development or a matter of being remunerated fairly, many of the same qualities necessary to attract great talent are also critical in creating an environment that encourages them to stay.

Allianz’s strong track record of supporting both professional and personal development plays an essential role in its retention figures, Stait said, and he believes the insurer’s heavy investments in its people are a crucial part of its USP. So, while the wider market has seen a higher number of people leaving insurance over the last 18 months or so, he can see the opportunities this is creating in terms of opening up vacancies as internal promotion prospects.

“I think, again, that speaks to that part of our own value proposition and the fact that there are numerous career paths that people can follow and develop at Allianz,” he said. “And that has been reflected in the number of appointments that we’re making internally as well.”

Source

In turn, the response across the insurance industry has revealed the duality of feeling felt by so many as a celebration of a life well lived meets a consideration for what the future may hold. To my mind, it’s an extension and a reflection on the broader watershed moment facing the profession as it contemplates taking critical next steps amid an uncertain global environment.

In the wake of any passing, there is reflection on the past and the future, for the present never feels quite so real as it does when those two unknowable beings intersect. And the pomp and ceremony of the Queen’s funeral – which attracted the interest of many with little knowledge of or interest in the royal family – brings to mind a critical question facing the insurance profession. How can you embrace the clean slate offered by the future without throwing out the best the past has to offer?

Read more: Marsh, Beazley, Guidewire and more on the role of analytics in innovation

It’s a question being asked all across the profession as new opportunities for innovation, talent attraction and future-proofing the market come to the fore on an almost daily basis. In the move toward radical digital transformation, how can businesses avoid disengaging technology and systems that remain fit-for-purpose albeit appearing a little outdated?

In the drive for digitalisation, how can employers avoid the displacement of individuals whose roles are primed to become highly automated? And automation isn’t a button that will suddenly be pressed one day, it’s a slow and steady process, and leaders need to grapple with how to communicate its advance to those who feel their current contributions are being dismissed or undervalued.

Conversations about leaving people freed up to do more meaningful work are fair but these need to be ground-level discussions, communicated in an accessible and candid manner to the individual worker who has yet to see what that looks like in reality.

Read more: Innovation and diversity at insurance organisations go hand in hand

In the struggle to create a healthy pipeline of future talent, how can leaders prevent existing staff from being made to feel unappreciated or unseen? In the same vein, amid broader conversations about talent, how can real strives be made towards creating a diverse working environment that reflects our wider world without disadvantaging those who do not fit within those newly prized perimeters?

At the crux of all these questions is one problem – how to create a stronger, more innovative, more inclusive culture without losing the unique ‘something’ that has made this market what it is today. Because there is a culture in insurance and it’s a living, breathing thing. Like any living thing, it’s an imperfect specimen – always ripe for change even when it’s unwilling.

But that’s not to say there are not elements that need to be preserved and protected. And in our rush to create what we anticipate as being meaningful change, we must take care not to throw the baby out with the bathwater. The answer, if one exists, is surely to encourage every insurance business to take something of a gold-panning approach to crafting the future – being willing to siphon away the obsolete, the unnecessary and the unacceptable but keeping their eyes wide for the treasures that might not look like gold at first glance.

The personal touch, the power of networking and the advice of ‘unfashionable’ individuals who still have something important to say – these are all treasures of the insurance market, and as nothing gold can stay, they are essentially inimitable. So, take a note from Her Majesty’s funeral – there is some place yet for tradition, ceremony and the way things have always been done.

It’s our responsibility not to take a ‘never the twain shall meet’ approach to the past and the present, or to pretend that by dismissing the former we are protecting ourselves from its mistakes and not blinding ourselves to its lessons. Rather, it is our role to find the junctures where the past and the present can come together in a bid to create a brighter future.

Source

A new report by Beazley Plc has taken a deep dive into the opportunity-rich world of digital health businesses, a majority of which, it turns out, are not adequately insured. 

The Spotlight on digital health and wellness 2022 report was based on a Beazley-commissioned survey of 300 digital health and wellness industry business leaders from the UK, the US, Canada, and Asia (Singapore and Hong Kong). The poll spanned health and wellness practitioners; software and platform providers; health-technology and life sciences technology companies; and mHealth (mobile health), telehealth, and telemedicine providers.

Source

Read more: Revealed – main causes of catastrophe losses in H1 2022

Danielle became the Atlantic basin’s first named hurricane of 2022 on September 2 and was swiftly followed by Earl on September 6. Neither made landfall, though Hurricane Kay brought record rain and strong winds to southern California after hitting Mexico’s Baja Peninsula, reportedly killing four, from the Pacific.

Two named storms have this week formed in the Atlantic, and experts are closely watching a tropical wave, known as Invest 98L, a couple of hundred miles east of the southern Windward Islands.

Hurricane Fiona, which the National Hurricane Centre (NHC) said on Wednesday had strengthened into a category four storm, is predicted to track over parts of Atlantic Canada over the weekend, with the Canadian government warning of “multi-provincial” impacts.

The storm could be “shaping up to be a potentially severe event” for Canada, the government warned on Wednesday morning.

It is first expected to track in the direction of Bermuda late on Thursday, with the NHC having warned that the storm will bring storm surge and large and destructive waves across the coast, and two to four inches of rainfall.

Fiona has already brought destructive winds and rains to Puerto Rico, Turks and Caicos, and the Dominican Republic, with flash flooding posing a risk to life.

US President Joe Biden approved an emergency declaration for Puerto Rico on Sunday, with the Federal Emergency Management Agency (FEMA) having confirmed on Tuesday that it was rushing hundreds of additional personnel to the territory to assist with disaster relief. The death toll in Puerto Rico could be as high as eight, Reuters has reported.

Eyes remain trained on Invest 98L, which had a 90% chance of formation over five days and 70% chance of formation over 48 hours as of Wednesday afternoon, according to the NHC, and would be known as Hermine. The wave is expected to move towards the Central Caribbean Sea later this week, according to the NHC, and meteorologists are waiting to see whether the storm enters the Gulf of Mexico.

AccuWeather meteorologists warned that US interests “from Miami to New Orleans” should be closely watching the weather system over the coming days.

Should Invest 98L intensify and hit the US, it would be the second Hermine to do so in the past decade; its namesake made landfall in 2016 as a category one storm and was the first hurricane to hit Florida since 2005’s Wilma.

Model runs indicate that the state could sustain a direct hit from a could-be Hermine, an Insurance Information Institute representative has cautioned.

US state Florida is already struggling with a homeowners’ insurance crisis, with several major carriers having exited the market and five domestic insurers having failed in recent months, and market sources have warned that a major hurricane hit to Florida this year could be catastrophic from an industry perspective.

Storm Gaston became the seventh named Atlantic storm of the season on Tuesday, though it is expected to remain over the sea.

 Read more: Aon reveals huge number of nat cat losses not insured

North America may have escaped a major storm impact so far this year, but in September alone three typhoons – Hinnamnor, Muifa, and Namnadol – have slammed into Asia, causing damage and loss of life.

Super typhoon Hinnamnor, the first storm to reach category five status in 2022 at the end of August, made landfall in South Korea in September as a category two storm. The death toll was at least 10, including seven people who died when they were trapped in an underground car park, according to BBC reporting.

Japanese officials had urged the evacuation of up to nine million people, the news publication said.

Typhoon Muifa, which made landfall in Eastern China last Wednesday, was widely reported as the strongest tropical cyclone to ever hit the populous city of Shanghai and saw 1.6 million forced to evacuate their homes.

Super typhoon Nanmadol reportedly left at least four dead and 114 injured in Japan. The typhoon first hit Kyushu on Sunday night before tracking through Honshu, leading to record rainfall and mudslide warnings. 

Last September saw 10 named Atlantic storms, of which five were hurricanes and of these two were major hurricanes, according to NOAA. The East Pacific saw just one named storm, hurricane Olaf, while the West Pacific experienced five named storms, including category five super typhoons Chantu and Mindulle.

Source

A representative for Bloody Bay said it would be “inappropriate” to comment on the confidential settlement figure.

“We confirm that the litigation between Besso and Bloody Bay has concluded with the parties reaching a mutually acceptable settlement, the terms of which are confidential,” said a Besso spokesperson.

In court proceedings, Bloody Bay – representing the Superclubs group of hotels – had alleged that a former Besso broker had engaged in grossing up premium and had taken “secret profits” from the group.

It had sought to recoup in the region of $10 million in the now stayed court action. Prior to its acquisition by Ardonagh, Besso had filed a counterclaim and argued the case was based on “maintenance and champerty”.

Insurance Business understands that, prior to the settlement, the Bloody Bay group had attempted to involve the regulator in a failed bid to stay Ardonagh’s acquisition of Besso until the historic matter had been further considered.

Ardonagh paid a $500 million cash consideration for Besso and BGC’s other insurance businesses, including Ed Broking, in a deal that closed in November 2021.

Charles Christopher O’Sullivan, the ex-managing director named in proceedings as having engaged in the alleged misconduct who has been nicknamed the “pirate of the Caribbean” in reports, was not immediately available for comment.

O’Sullivan was censured by a Lloyd’s tribunal in 2017 on three counts of discreditable conduct and ordered to pay council and tribunal costs totalling upwards of £120,000. Had O’Sullivan not faced an interim suspension of his Lloyd’s pass, the tribunal said he could have also faced a £135,000 fine due to the “sufficiently serious” nature of its findings.

The former managing director was also barred from doing business in the insurance marketplace and from entering the underwriting room.

The Lloyd’s enforcement tribunal found he had engaged in “deception” while at Besso, where he worked until 2011, and later at Bennett Gould & Partners where he was fired for gross misconduct in 2012.

Source