6th November 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Insurance Europe commented before COP27 opened today in Egypt "Europe’s insurers and reinsurers wish to reiterate their willingness to continue playing their important role in climate change mitigation and adaptation in support of the goals of the UN Paris Agreement and the European Green Deal-Climate change has been a key priority for the (re)insurance industry for decades. Our industry has a multifaceted role in both contributing to limiting climate change and helping citizens and societies deal with its effects-this includes offering financial protection against natural catastrophe risks, as well as sharing risk management expertise with governments and customers to help reduce and prevent risks. As Europe’s largest institutional investors, with over E10tr of assets under management, insurers play a key role in helping to fund the transition to sustainability." The trade association also said separately that the European Commission(EC) should use the Retail Investment Strategy to help consumers better understand retail investment products.
According to the latest quarterly Global InsurTech Report from Gallagher Re, $2.35bn of global InsurTech-sector investment was made in Q3 2022, just 2.5% down from Q2’s total, but the headline figure masks significant dynamics-early-stage funding soared by 48.1% quarter on quarter, driven by the second-highest quarterly number of seed-funding deals ever-at the other end of the spectrum-P&C InsurTechs garnered $1.2bn in mega-round funding through investments of $100m or greater, double that of Q2. Pete Smyth, vp of Ebix Europe, in a guest article, shone the spotlight on three key elements that insurers need to factor in to get the most out of their exposure management platform. Forrester unveiled its 2023 predictions for the insurance industry. The Insurance Fraud Bureau(IFB) and Shift Technology announced that the IFB Exploration–an AI counter-fraud solution designed for UK insurers–had gone live. Zurich Insurance Group launched Zurich eXchange, a newly created global API marketplace that brings together the best services from across the Zurich Group, enabling faster integration and more efficient collaboration throughout the company and with customers and partners. Canopius Group launched the ‘Canopius Tech & Data Hub’ in Manchester.
Nexus is expanding its operations to the MENA region with the acquisition of a majority stake in Spectrum Risk Management, marking the launch of its Dubai Platform. Financial reports covered included those from AIG, CNA, Fairfax Financial, Hiscox, Liberty Mutual; Lancashire. Markel, Greenlight Capital Re, Hannover Re, RenaissanceRe, SiriusPoimt; and Aon. The Chartered Insurance Institute(CII) and Personal Finance Society announced the appointment of a new chief Digital and Information officer to deliver the CII Group’s IT functions.



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