EDITOR’S LETTER

Inflationary impact hits industry

“Russia’s invasion of Ukraine, now focused on the east of the country, continues to cost lives and contribute to inflationary fears.”

In May, skyrocketing inflation became a global topic of conversation. Lloyd’s of London warned that record-busting rises were expected to hit market growth plans for 2022 and major insurers reported that inflation could begin to pinch their pricing power.

Energy, food, and fuel—the fundamental things in life—soared in price, summoning the spectre of claims inflation.

In this issue we report on Lloyd’s concerns and hear from Patrick Tiernan, chief of markets at Lloyd’s. We also held a special London Market panel with three experts to hear the latest on cyber and energy lines as well as where the market is heading.

Russia’s invasion of Ukraine, now focused on the east of the country, continues to cost lives and contribute to inflationary fears. It is also the harbinger of huge losses in Ukraine’s renewable energy sector. We hear from Tom Johansmeyer, head of PCS, a Verisk business, about why this loss could surpass $1 billion and catch the insurance industry unawares.

Intelligent Insurer caught up with Gary Grose, president of commercial specialty US operations at Argo Group, a company that has had its fair share of drama in the past few years. Grose talks about the firm’s strategy around leadership, people and the wider business as Argo appears to have put the clashes with its activist investors behind it.

MGAs in the spotlight

As the official media partner of the annual Managing General Agents’ Association (MGAA) conference, in London on June 29, we have a Special MGA Report including market research, senior MGA leader interviews and high level panel discussions.

We spoke to MGAA chief executive officer Mike Keating, MGAA chair Charles Manchester, and Catherine Bell, chair at Magenta Insurance, as well as other senior leaders, to get the inside track on this resurgent market.

This is a packed issue so I hope you enjoy reading it, and we look forward to seeing you at the MGAA conference on June 29.

Claire Churchard is senior editor of the Newton Media insurance group

Image: shutterstock.com / John D Sirlin

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