Suncorp to end insurance coverage for oil and gas industry & more…Keep up with what has been happening this week in our latest insurance news round-up…

Insurers will need to change policies as risks change during pandemic

GlobalData has said that due to the different changes of risks that aren’t covered in home insurance policies, such as physical and mental health whilst working from home or fewer burglaries; this could mean that insurers will have to adapt their policies to reflect this.

Suncorp to end insurance coverage for oil and gas industry

Insurer, Suncorp, will end their financing and insurance coverage for the oil and gas industry; by phasing out their current oil and gas businesses by 2025. They have already stopped investing in, insuring and underwriting new oil and gas projects; with all direct investing in the oil and gas sector to end by 2040. Suncorp said the move built on its commitment last year to end any backing of thermal coal projects.

FCA to review insurers due to concerns customers are paying too much

The Financial Conduct Authority (FCA) will conduct a review of the £68bn wholesale insurance broking market; after there have been many changes in the sector since the last time, they reviewed it 10 years ago. This is to ensure businesses are paying and getting the appropriate coverage to help them operate. ‘If businesses cannot get appropriate cover or pay more for services than they should, it can impact on their ability to operate and grow,’ said the Financial Conduct Authority’s Christopher Woolard

China’s insurance industry could be strongest in the world in 2020

According to analysis from a Swiss Re Institute report, China’s insurance industry has held up well and grown during the COVID-19 pandemic with the reinsurer expecting China’s insurance industry to be the strongest worldwide in 2020.