Analysing the impact of COVID-19 on insurance

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Lumby says clients are reassessing how they spend their money on insurance amid the economic toils from COVID-19.

“Consumers want to know what’s the more scientific logic behind whether they buy this amount of cover, whether they protect their assets, whether they take this amount of retention, what can they afford as a retention and how do they build that through?” Lumby explained.

“It’s really important – this is where people need to refocus on not just valuing insurance renewal but also managing the wider risk landscape. They’re questioning and then producing a scientific and more logical judgement. Going forward,

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SSL Endeavour completes rebrand as Oneglobal Broking

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SSL Endeavour has rebranded as Oneglobal Broking, the company has announced.

“The broking profession has become too inward looking and Oneglobal’s founding team is determined to change that,” the company said. “The new business will bring local expertise and knowledge direct to the client or retail broker with Oneglobal’s specialist team connecting them to the international reinsurance market.”

Oneglobal is free of legacy costs, complex corporate structures and bureaucracy, the company said. The company also said that it has ambitious plans for both organic growth and the acquisition of “like-minded broking businesses.”

“Our name, Oneglobal, reflects both the global reach

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Lloyd’s of London reveals roster of merged board and council

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It was in May 2019 when Insurance Business reported on Lloyd’s of London’s proposal to merge its council and franchise board into a single governing body for the Lloyd’s market and the corporation. Now, despite it being unable to hold a full contested election process due to the coronavirus lockdown, the centuries-old exchange has introduced the new line-up which is effective June 01.

Chairing the reformed council is Bruce Carnegie-Brown, who is joined by senior independent deputy chairman and fellow nominated member Andy Haste. Other nominated members include Angela Crawford-Ingle, Fiona Luck, Neil Maidment, John Sununu, John Neal, and Burkhard

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Guy Carpenter secures agreement to boost terrorism modelling capabilities

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Reinsurance specialist Guy Carpenter & Company, a subsidiary of Marsh & McLennan Companies, has entered into an exclusive multi-year agreement with technology and engineering company Synthetik to enhance its proprietary terrorism modelling product Sunstone.

Synthetik provides computational modelling for the global terrorism reinsurance market. The company specialises in explosive-blast and weapons-effects modelling, and works with both government bodies and the private sector to develop data-science applications, models and simulation code, Guy Carpenter said.

Synthetik is now incorporating its software into a terrorism insurance loss model. Its 3D blast-load calculation model has been applied to cityscape models in order to provide

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