Continued fallout from COVID-19, including further lockdowns or disruptions to day-to-day business operations, is considered by SMEs in the UK to be the most critical external risk they face. For this segment, managing this risk is even more of a priority than improving IT security or responding to economic pressures.

Pool Re CEO Julian Enoizi is to leave the business in the spring of 2022 following 8 years at the mutual. The terrorism reinsurer has undergone significant change under Enoizi’s leadership, most notably doubling the buffer between the UK taxpayer and terrorism loss from £5bn in 2013 to £12bn today. Cover has also been extended during this time to include cyber and NDBI.

For years the beating heart of the global supply chain, Asia’s future hangs in the balance as pandemic-induced economic woes and political rivalry combine to alter the international trade landscape. This is the conclusion of a report published this week by trade credit insurer Atradius.

The Lloyd’s Disaster Risk Facility has launched the first retail parametric cyclone insurance product in Northern Australia. Led by Beazley with initial reinsurance support from AXA XL, Hiscox and RenaissanceRe, Redicova, is a parametric product that provides pay-outs in relation to windspeeds from a severe tropical cyclone.

British Airways owner IAG, Easyjet, Ryanair and Wizz Air have all taken a hit on the markets this week as soaring COVID infections in Europe intensify. Rolls Royce was also dragged down on the news, given its exposure to the sector.

The global insurance industry is forecast to reach a new record in global premiums by mid-2022, exceeding US$7trn, supported by heightened risk awareness in wake of COVID19, as well as continued strong rate hardening in commercial lines.