Banks and credit unions are using AI to screen borrowers and buying insurance against errors made by the AI tools. Shifting risk to insurers such as David Einhorn's Greenlight Re is helping them trim their regulatory capital requirements & loan more: www.ft.com/content/9317...

"My 'we do very, very normal due diligence' shirt has people asking a lot of questions already answered by my shirt."

Tfw your credit ratings are very normal

I’m quite proud of this one, it feels like the concentrated essence of a wealth story —> on.ft.com/4nJf9DW Private jet owners rent out aircraft engines amid supply crunch

The insurance industry has stepped up efforts to limit future payouts over for petrochemical disasters, following a record judgment by Sri Lanka’s supreme court over the world’s biggest recorded plastic spill. on.ft.com/4n49rvU

Credit insurance is back in the spotlight – my personal fomo. scoop from @leeharris.ft.com @bondhack.ft.com www.ft.com/content/de37...

“It’s like when they took away free bags on airlines — it took a number of years for customers to accept it”. How US home insurers have changed the fine print on policies, paring back their losses & boosting a recent jump in profits on.ft.com/4872W7M

Speaking of throwing good money after bad, here's one I did earlier on why the US backstop for Argentina is really an IMF backstop for Argentina, when 46% of total IMF GRA credit outstanding is already, well, Argentina. www.ft.com/content/75d6...

49. textbook stuff here, nice work everyone @leeharris.ft.com on the weird and wonderful world of cyber insurance. as usual, even if you have it, you may not have it www.ft.com/content/84da...

“South Korean companies have routinely used unsuitable visas for workers sent to the US to build multibillion-dollar advanced manufacturing sites, according to Seoul-based executives and industry groups,“ as the US failed to facilitate short-term work visas despite a FTA. www.ft.com/content/c677...

“It’s a way for insurers to monetise good credit ratings.” 👀 on.ft.com/46CguXE

The world’s biggest reinsurer has warned that the growth of private investment in cat bonds could raise volatility in insurance markets, if hedge funds + other private investors suddenly pulled out. My story: on.ft.com/47piXpb

On the fight for easier access to CATASTROPHE BONDS! It's 2025: Bet on natural disasters for your retirement security. From @leeharris.ft.com @emdunks.bsky.social. www.ft.com/content/82c7...

the details about the Wong Kar Wai /Christopher Doyle inspo and the naturalistic sound editing are so fascinating

Apollo has hit back against criticism of the close ties between its asset management arm and in-house insurer in an investor filing that instead points the finger at its chief rivals. Story: on.ft.com/3Uuo8g1

Credit insurance once meant a policy that would pay out if a banana shipment didn’t show up. It has come to mean whizzy financial engineering, from shifting capital off banks' balance sheets to helping startups raise cash. New lawsuit sheds some light: www.ft.com/content/8891...

Interesting new study from NY Fed compares how lenders treat unmapped flood risk (due to FEMA’s outdated maps). Big banks are lending less and charging more in risky areas. Non-banks and local banks are still originating the loans but then securitizing or moving them off their balance sheet

Brookfield's way in to the UK retirement market: start a new insurer AND buy one Also, after Apollo's Athora/PIC, the North American private capital groups are really in town... to invest your pension @leeharris.ft.com reports www.ft.com/content/f460...

A senior industry figure has accused asset managers of chasing fees at insurers’ expense, as he launches a contrarian fund he says will do things differently: on.ft.com/44FFoop

Sat down with the new boss of Flood Re to discuss his concerns that the national flood reinsurer is not on track to wind down by its deadline — and why, despite recently issuing a catastrophe bond, he is pricing in stubbornly high reinsurance costs: on.ft.com/3IFcUmg

“It won’t be a question of how much you’re willing to pay — the cover won’t be available" Everest CEO Jim Williamson speaking to me at this year's FT Global Insurance Summit about a creaking US casualty insurance market Important story from @leeharris.ft.com www.ft.com/content/5ff1...

NEW: The boss of the world’s biggest litigation funder has accused Chubb of abusing its market power, after the insurer said it would freeze out lawyers, bankers and asset managers who worked with the sector

>Insurance regulator: Small credit rating agencies like Kroll are giving higher scores to private credit, vs bigger groups like Fitch >Fitch calls attention to this >Regulator retracts the study >JPM note warns of “potential ratings inflation” in private credit 👀

Excl: L&G, one of Europe’s largest asset managers, is merging divisions and cutting jobs in an attempt to slash costs and focus on faster-growing markets www.ft.com/content/7df4... with @leeharris.ft.com

US friends, $1tn of your life and annuity liabilities have been offshored through reinsurance deals, assets going too. This is a lot. Important story from @leeharris.ft.com www.ft.com/content/d0a5...

NEW: US life insurers have shifted more than $1 trillion of liabilities offshore, offloading more risk despite regulators’ concerns about protections for retirement savings and broader financial stability.

Hey, cool! I’m quoted in the pink pages of the financial times commenting on NYC’s major climate action today, which @nychange.bsky.social helped win!

Why do car insurers ask not once, but twice, if you want to pay in monthly installments? Insurers are using preference for monthly payments as a proxy for creditworthiness, and quoting those customers higher premiums—even before adding double-digit APR. Free to read: www.ft.com/content/21c1...

“As for Saylor’s investment advice, on January 20 2025, he tweeted, “Sell your kidney if you must, but keep the bitcoin.” Had one followed that guidance, the result would be a mark-to-market drop of 20% in investment value and a realised loss of a critical organ.” on.ft.com/3XTqC9D

Insurers warn that mass firings at NASA, the US Geological Survey and other science agencies could threaten the public weather and geospatial data they use to manage natural disaster risks — and could raise prices for consumers: on.ft.com/3DI4Q1K

The price of insurance for political violence and terror is set to rise, due to Trump volatility and conflict beyond the US, according to the CFO of Lloyd's of London. Plus, underwriting profits at the marketplace slide after big catastrophes in 2024: on.ft.com/41ErvE1

"Heaven help the US arms industry. This is catastrophic from an export standpoint.” #FAFO

Many people - some of them on this website - have bemoaned how expensive an FT subscription is, ignoring the fact you can simply buy the finest Weekend paper for £5 a week. HOWEVER we have listened! And FT Edit - an app which costs £5 A MONTH with 8 new reads a day - will include Jay's reviews!

Nuclear power for developing countries is MAGA? Top lawmakers are pushing the World Bank to drop an old ban on nuclear energy and help the US compete with China and Russia on exporting and financing nuclear technology on.ft.com/4if2SVD

US juries are awarding record damages for trade secrets & patent infringement, part of a trend of mega-verdicts that has alarmed corporate executives and the insurers that foot their bills: on.ft.com/4i2b3oc

England’s Court of Appeal will today hear a challenge brought by businesses that were forced to close during the pandemic over whether insurers can deduct government unemployment benefits from payouts: on.ft.com/3EfaI2q

Govt turns to DB pensions surpluses in its latest attempt to kickstart growth… having left £1.2trn DB industry out of pensions review ‘the implications of not touching it are worse’ surplus estimated at around £100bn on a low risk basis on.ft.com/42vZdOe

I wrote this opinion piece a couple of years back on why we should care about reinsurers' pullback from areas like natural disasters: it leaves more risk for the rest of us www.ft.com/content/48ef...

The next financial crisis could start in the insurance sector, @whitehouse.senate.gov told me. Losses like we’re seeing from LA wildfires are more than just “a fiscal blip of some kind that you recover from”: on.ft.com/3DYvtiL

Costs for construction labor and building materials remain stubbornly high, sending UK property insurance payouts to their highest level last year since 2007. Plus, climate change is bringing intense rainfall which “overwhelms Victorian-era sewer systems” on.ft.com/3WfL1oH

Update: JPM analysts have doubled their insured loss estimate to $20bn+, with total losses as high as $50bn, as blazes continue to rage www.ft.com/content/db2c...

Insurers are bracing for losses of as much as $10bn as wildfires ravage some of the most exclusive neighborhoods in California: on.ft.com/3WaeNeg

Rachel Reeves has said she wants pension funds to “learn lessons from the Canadian model.” Those lessons, she hopes, could inspire a gush of money into British infrastructure and fast-growing businesses. But might the real lessons from Canada look quite different? www.ft.com/content/7938...

Really happy to share that I’ve started a new position as FT’s global insurance correspondent, at a fascinating time for the industry. Big shoes to fill as successor to @iankmsmith.bsky.social. Please get in touch at [email protected]

Start 2025 right by following @leeharris.bsky.social who has taken over the insurance beat and written her first story on a turn in the reinsurance market (which has important ripple effects for the rest of us) www.ft.com/content/279e...

This is not funny, world-systems only act like this when they are in extreme distress

This debate on grid/off-grid electricity development in Africa is of huge consequence. Very nice discussion by @leeharris.bsky.social All of the above solutions are needed today in the face of energy poverty, but macroscale investments and overall system planning shouldn't be ignored.

"If Brussels reopens debates over hard-fought environmental disclosure and corporate net zero targets, a more conservative European parliament could opt to scrap some regulations altogether." @leeharris.bsky.social on the EU green industrial policy juncture. www.ft.com/content/3222...

The World Bank just announced a debt swap for Ivory Coast. 👀 The announcement threw some shade at past debt-for-nature swaps that used "costly structures, including offshore special-purpose vehicles and trust funds", raising costs + reducing countries' control over their savings. on.ft.com/4f52kPT