Of Special Interest


[x] [x]

15th August 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, according to the latest Intergovernmental Panel on Climate Change(IPCC) Report, scientists are observing changes in the Earth’s climate in every region and across the whole climate system. Many of the changes observed in the climate are unprecedented in thousands, if not hundreds of thousands of years, and some of the changes already set in motion—such as continued sea level rise—are irreversible over hundreds to thousands of years. The Swiss Re Institute reported that severe weather events drove global insured catastrophe losses of $42bn in the first half of 2021. New research published by Willis Research Network partner Cloud to Street provided ground-breaking insights into rising flood risk globally-Cloud to Street uses direct satellite observations of flooding and refines this geospatial data with machine learning, AI and other methods instead of modelled estimates which are widely used in the insurance industry. The Association of British Insurer's(ABI)latest Tracker for the second quarter highlighted that the cost of UK motor insurance in the UK has fallen to a five-year low-the ABI Tracker is the only market survey that looks at the price consumers pay for their cover, rather than the price they are quoted.
Majesco launched its Claimvantage Connect Digital Portal. Eos Venture Partners, the venture capital fund focused exclusively on the InsurTech sector, hired Zach Powell as general partner-he joins from AXIS Capital, where he was managing director of AXIS Digital Ventures. NuVenture launched a new digitised MGA for the High Net Worth(HNW) market through brokers, and Blenheim Underwriting also created a new managing agency.
Gallagher announced an Agreement to acquire Willis Towers Watson treaty reinsurance brokerage operations, which it had previously agreed to purchase in May prior to the Aon/ Willis merger being called off. Brookfield moved for American National, and Westpac sold its Australian life insurance business to TAL Dai-ichi Life. BMS Re completed the acquisition of US independent reinsurance broker Trean Intermediaries. It was another busy week for half year and second quarter financials-they included Admiral, Ageas, Aviva, Insurance Australia Group(IAG),QBE, Suncorp Group, Talanx, and Zurich; Berkshire Hathaway, Enstar, ICI, Munich Re, and White Mountains.


With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
Full articles on the topics in the Editor's Weekly Overview above are included in those added this week to the unique Insurance Newslink Global Trends Database Research Matrix service at www.onlystrategic.com

The self-search and reporting service across all (re)insurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.

Sister-service Banking Newslink contains over 34,000 articles, and Financial Newslink is a combination of both database services.