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20th February 2022

Newslink Global Insurance Trends-Editors Weekly Highlights

This week, the Intergovernmental Panel on Climate Change(IPCC) opened a virtual meeting considering the Working Group II contribution to the Sixth Assessment Report-the session is scheduled to run until 25th February. The Insurance Development Forum(IDF), a public-private partnership led by the insurance industry and supported by the UN, World Bank and other international organisations, announced a trilateral partnership with MapAction and Start Network to accelerate anticipatory action and disaster risk reduction in eight climate-vulnerable countries-the initiative represents IDF’s commitment to the Risk-informed Early Action Partnership(REAP), of which it is a member. The Reinsurance Advisory Board(RAB) published its response to the UK House of Lords’ Industry & Regulators Committee call for evidence into commercial (re)insurance regulation. An Independent report by WTW on Solvency II reforms provided an explanation of the key challenges explored in the PRA's Quantitative Impact Study and summarised the outcomes. Insurance Europe published its key messages on the EC’s proposals for the review of the Solvency II prudential framework and the proposed Insurance Recovery & Resolution Directive IRRD, saying the review must remove barriers against insurers protecting and investing for customers, the economy and the EU green agenda. The Association of Mutual Insurers and Insurance Cooperatives in Europe(AMICE) participated in an informal ministerial conference of European ministers responsible for the social economy.
WTW announced an affirmative cyber coverage product for cargo and stock throughput risks collaborating with Falvey Cargo Underwriting-the broker also reported that the combination of WTW’s Radar Live and UK-based Aurora’s digital insurance platform will help to deliver real time commercial quotations, both directly to SME businesses and through intermediaries via an omni-channel distribution mechanism-the combination of WTW’s Radar Live and Aurora’s digital insurance platform will help to deliver real time commercial quotations, both directly to SME businesses and through intermediaries via an omni-channel distribution mechanism. GeoX, a leader in supplying geospatial data to insurers, announced a partnership with Sompo Holdings-the partnership will support Sompo Japan as it develops an automated underwriting methodology utilising state-of-the-art AI technology. Juniper Research reported that home EV charging spend is estimated to exceed $16bn globally by 2026-55% of EV-owning households in 2026 globally will charge via a home wallbox-Juniper also published research indicating that the Cellular IoT market value could exceed $61bn globally by 2026, driven by 5G & low-power solutions.
Allianz announced share purchase agreements to acquire 72% of Greece-based insurer European Reliance, HDI Global restructured its Asia Pacific operations, and Asta and JPO Consulting launched ARTes MGA. Financial reports included those from AIG, Allianz, Brit, and Lancashire, whilst US P&C insurers saw a $5.6bn net underwriting loss in the first nine months 2021. There were senior appointments at Conduit, Hiscox, and Marsh.

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