Of Special Interest


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6th February 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, the Lloyd’s Market Association(LMA) called for a transparent, market-wide approach to the availability of underwriters in the Lloyd’s Underwriting Room and in their respective offices, saying this will provide the industry with a degree of certitude around any business that needs to be conducted in person and ensure market participants can plan their own workplace arrangements accordingly. Global commercial insurance prices increased 13% in the fourth quarter of 2021 according to the latest Global Insurance Market Index by Marsh, continuing a trend of moderating rate increases that began in Q1 2021-while this is the 17th consecutive quarter of increases, the rate of increase continues to moderate in many lines of business and in most geographies. Insured losses from major natural catastrophes in 2021–excluding COVID-related losses–have so far reached roughly $116bn, the third largest total since 2011, and about 63% higher than the average loss of $71bn since 2011-the total was driven by a series of extreme weather-related events in the US, and the second most severe flood event ever experienced in Europe. Like the peak insured natural-catastrophe loss years of 2017($143bn) and 2011($120bn), multiple events are responsible for the large losses, according to the Summary of Natural Catastrophe Events 2021, published by Gallagher Re.
During 2021, the Insurance Development Forum(IDF) and its members and partners–totalling 90 global industry experts active on country projects; 50 United Nations Development Programme(UNDP) officials working across country projects; and 17 Governments in direct discussion on programmes–delivered significant policy and operational impact. A total of 280 insurance professionals in a social media poll told the Chartered Insurance Institute(CII) that getting to grips with emerging risks, such as cyber, climate change causing more frequent weather catastrophes, plus COVID and Brexit causing business interruption, is the greatest hurdle they face at work in 2022.
Pegasystems announced that QBE European Operations(QBE EO) has used Pega Robotic Process Automation(RPA) to increase efficiency and improve customer experience. Covéa chose Guidewire to improve the customer experience and the management of MMA IARD claims-Guidewire also announced the promotion of four PartnerConnect Consulting Partners. A new joint thought leadership report from Deloitte and Majesco highlighted overarching trends within billing and payments and how it is impacting decisions, opportunities, and growth. Greenlight Re Innovations received in-principle approval to establish InsurTech-focused Syndicate 3456, and Superscript launched ‘Q’, a digital-first advisory service for emerging risks.
Hannover Re reported satisfactory 1st January treaty renewals and confirmed guidance for 2022. Financial reports included those from Allstate, Chubb, Markel, and Aon. There were senior appointments at the FCA, IGI, Catalina: and WTW.

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