12th June 2022

Newslink Global InsuranceTrends-Editor's Weekly Highlights

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This week, AXIS Capital Holdings announced a series of actions designed to advance leadership in specialty underwriting–and the latest in a multi-year effort that has seen the company increase profitability, lower volatility, and strengthen the portfolio, all with an eye toward delivering greater value to existing and new customers-the actions reflects the focus the company is placing on specialty underwriting. Howden Group created a new $30bn force in global broking through the acquisition of TigerRisk. Marsh published its UK Cyber Insurance Trends Report for 2021. A new study from Juniper Research found the value of enterprise cybersecurity spend will exceed $226bn in 2027, up from $179bn in 2022-this growth of 26% over the next 5 years reflects the increasing maturity of the cybersecurity market, which continues to evolve as new threats emerge-the report identified a rising awareness of vulnerabilities, alongside emerging threats, including ransomware and DDoS(Distributed Denial of Service) as key drivers behind the increasing spend. Invesco Real Estate launched its first European debt fund with an initial E1bn fund raise target-primarily backed by insurance capital, demonstrating the strategy’s attractiveness for insurance firms’ Solvency II requirements. According to GlobalData Research, almost 30% of UK consumers see work-life balance as the most important benefit as trials for a four-day working week continue.
Insurance Europe said that European Commission(EC) Retail Investment Strategy must account for existing rules, be thoroughly tested and demonstrate proven benefits for consumers. AMICE reported that European mutual/cooperative insurance market share was at an all time high. The Personal Finance Society(PFS) produced guidance for financial planners on how to engage with clients approaching later life and empower them to make care funding decisions sooner rather than later. The Geneva Association announced a new report-"Insurance Development in Emerging Markets:"The role of public policy and regulation". There was an update on revisions to the schedule of the IPCC Synthesis Report.
Duck Creek Technologies joined the Microsoft Azure Marketplace, whilst WTW announced the next phase in it's climate diagnostic tool’s development with instant TCFD reporting capability.
Liberty Mutual chairman and ceo David H. Long is to retire at the end of 2022-Timothy M. Sweeney will replace him as ceo. There were senior appointments at Arch Capital, DARAG, IQUW, and SiriusPoint.



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