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3rd April 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, AIRMIC issued a member's survey on the future of the London Market-it highlighted that "For an industry not typically celebrated for its agility, insurers can be proud of the way they have adapted during the pandemic. Without bolder strides towards digital and talent transformation, however, the legacy systems of the London Market risk the loss of business to more modern competitors."-coincidentally, the London Market Group(LMG) announced that, the Data Council, supported by its Technical Group, had unanimously agreed that ACORD will be the market’s chosen data standards methodology, with the content of the Core Data Record(CDR) set to align with that. Lloyd’s Lab reveals its eighth cohort focusing on decarbonisation and climate change, and Lloyd’s is to partner with Schroders Solutions on a new market investment platform.
Swiss Re Institute revealed that extreme flood events once again drove high losses in 2021, yet 75% of flood risks remain uninsured. S&P Global Ratings reported that the Russia-Ukraine conflict adds to a bumpy start to 2022 for global reinsurers. Global insurance industry collaboration ClimateWise has announced Kevin O’Donnell, president and ceo of Renaissance Re, as its new chair and John Scott, head of Sustainability Risk at Zurich Insurance Group as deputy chair-the initiative celebrates 15 years at the heart of the insurance industry’s climate conversations. The Life insurance industry in Hong Kong is estimated to reach $96.5bn in 2026 according to GlobalData, who also reported that LIC continues to lose market share in the highly concentrated Indian life insurance market, as Generali announced it had become the majority shareholder in its Indian life insurance joint venture. Insurance Europe published its response to a consultation by the European Commission(EC) on its proposal for the establishment of a European Single Access Point(ESAP), which it welcomed, calling for a phased approach.
Allianz Benelux implemented Munich Re’s ALLFINANZ suite of products-the partnership will enable Allianz to greatly speed up the life insurance underwriting journey for Dutch applicants. Juniper Research reported that Smart building deployments are estimated to exceed 115 million globally in 2026, with efficiency savings driving demand. Duck Creek Technologies cemented commitment to EMEA with the appointment of Shreyas Vasanthkumar as managing director, EMEA.
AIG announced a plan to rebrand its Life & Retirement business as Corebridge Financial when it becomes a public company. NFU Mutual was named an ‘Exceptional Workplace’. Occam Underwriting completed its acquisition of terrorism-focussed MGA Beech Underwriting Agencies, and TigerRisk intends to drive growth in Delegated Authority business with two key hires and geographical expansion. Brickell PC Insurance Holdings and Randall & Quilter Investment Holdings(R&Q) announced that they have agreed the terms of a recommended cash acquisition of the entire issued ordinary share capital of R&Q by Brickell as well as $100m of new equity funding. Clyde & Co and BLM are to merge. There were senior appointments at SCOR syndicate and Marsh McLennan, whilst immediate-past CEO of Pool Re Julian Enoizi will start in a newly created global role at Guy Carpenter.


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