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21st February 2021
Insurance Newslink Global Trends-Weekly Editor's Overview
Trend
This week, Lloyd’s, in partnership with cyber analytics specialist CyberCube and reinsurance broker Guy Carpenter, launched a new report which examines how ‘Internet of Things’ devices are posing an increasingly high risk of cyber-attack to industrial and manufacturing businesses. A study of 1,247 workplaces by VPNOverview.com, cybersecurity experts, found that two thirds of businesses(66%) leave themselves at risk of cyberattacks due to their lack of having(or enforcing) password rotation policies, whilst Sontiq released its digital-oriented Intelligent Identity Security(IIS) Platform. GlobalData projected growth in the Australian and Indonesian insurance markets. A ClimateWise Principles Review indicated significant improvement in climate-related disclosure of insurers and highlighted the sector’s vital role in shaping resilience to climate change.
Willis Towers Watson responded to the HM Treasury Call for Evidence in the Solvency II Review. Insurance Europe published its response to a consultation by the European Commission(ECC) on a digital levy, and replied to the International Association of Insurance Supervisors(IAIS) on its proposal for an insurance liquidity ratio(ILR).Insurance Europe also published a new paper which outlined its positions on liability and artificial intelligence(AI).
Willis Towers Watson launched a "Future of Digital Health" white paper and Forrester released two new insurance industry reports on digitising progress, and InsurTech funding. Juniper Research estimated that the total number of vehicles with intelligent cockpits will reach 287 million by 2025; rising from 122 million in 2021. Duck Creek Technologies won the XCelent Technology Award for EMEA Property Casualty Policy Administration Systems, Vienna Insurance Group's(VIG) digital start-up, Beesafe, achieved a rapid four-month Guidewire deployment, and SSP announced that regulatory approval for its acquisition by The Volaris Group had been granted by the Financial Conduct Authority(FCA).
Compre announced the launch of its Lloyd’s legacy syndicate 1994 and its first Lloyd’s transaction–the reinsurance to close of Apollo syndicate 1969’s 2017 and prior years of account. Companies reporting financials included Aegon, AIG, Allianz, Unipol; and Brit, RenaissanceRe, and Swiss Re. There were senior appointments at HDI.
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