Of Special Interest

Filters

[x] [x]

9th October 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, RMS reported twice on Hurricane Ian US insured losses-its latest best estimate is around $67bn-S&P Global Ratings said insured losses wlll likely be substantial but manageable. Lloyd’s, in partnership with the Lloyd's Market Association(LMA), announced it will collaborate with the UK Government and leading industry experts on the development of the Earth & Space Sustainability Initiative kitemark. One in five UK motorists are giving up their car due to the cost of living crisis, according to Forbes Advisor, whilst according to PwC research, poor digital experience is a pain point for some UK insurance customers. Sustainability was the least important factor for UK SMEs when choosing insurance as inflation takes precedence, according to GlobalData research.
The Global Federation of Insurance Associations(GFIA) welcomed UK progress on OECD tax rules, but highlighted the need to align implementation with other tax jurisdictions. Insurance Europe welcomed The EU Data Act proposal, but said rules must boost data portability, ensure a level playing field, and align with GDPR. A Financial Conduct Authority(FCA) review of business interruption claims handling welcomed insurers quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims following the test case judgment handed down by the Supreme Court last year-but the FCA also raised concerns over how firms handled claims from vulnerable customers, record-keeping of policy wordings, and identifying where customers experienced unnecessary delays. A new issue brief from The Geneva Association identified the benefits, risks and implications of advanced data collection and use by insurers as well as recommendations. The Chartered insurance Institute(CII) elected Russell Higginbotham, ceo of Swiss Re Solutions, as president for 2023.
Earnix reported that the first phase of its solutions have been deployed by Perth-based RAC Insurance Pty Ltd, a wholly-owned subsidiary of the Royal Automobile Club of WA(RACWA), integrating with Sapiens' policy administration system. Majesco announced the acquisition of Global IQX, a SaaS-based InsurTech.
Lemonade launched in the UK-partnering with Aviva as reinsurer. US-based Protecdiv launched a tool designed to measure and report the “Social” component of ESG (Environmental, Social, and Governance) on the liability side of a balance sheet. Arcadian Risk Capital received regulatory approval for its London and Dublin companies, and Ariel Re was granted approval for a Lloyd’s Managing Agent. HDI Global brought together its portfolio steering teams in Property lines. There were senior appointments at Guidewre, Canopius, CNA Hardy, and IGI.




REGISTER FOR A 14 DAY FREE TRIAL TO ASSESS OUR GLOBAL TRENDS SELF-SERVICE AND CREATE SPEEDY REPORTS at onlystrategic.com

Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 29 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 56,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 36,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 29 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.