11th December 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, the UK Government set out a collection of 30 regulatory reforms for financial services-Solvency II commitment by HM Treasury could unlock £100bn of private investment for productive assets, estimated Clearwater Analytics. Moneyfacts reported that UK Annuity income has returned to growth during 2022. The Financial Stability Board(FSB), in consultation with the International Association of Insurance Supervisors(IAIS), decided to discontinue the annual identification of Global Systemically Important Insurers(G-SIIs) in favour of using the IAIS Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector to inform its consideration of systemic risk in insurance. Bermuda (re)insurers estimate that they will incur gross claims losses of more than $13bn in payments to policyholders and cedants to cover the damaging effects of Hurricane Ian. Insurance Europe criticised the inclusion of the sector in an AI Act high-risk list without prior impact assessment, and also outlined benefits of official registers for beneficial ownership, but called for further improvements at member state and EU level.
Lloyd's reported that all London Market technology vendors have pledge changes to their platforms to accomodate Blueprint Two solutions. The Ardonagh Group selected AutoRek to drive efficiency, DeNexus and Rey Juan Carlos University were awarded European funds to continue their Cyber Research Partnership, and Zywave launched a new distribution offering with Markel UK as its first customer. Lumera was selected by UAE insurer HAYAH to deliver a fully digitalised insurance platform, whilst Singapore-based Major international InsurTech bolttech selected Sapiens for complete P&C Core transformation. EasySend’s new Ready for Guidewire accelerator for Guidewire ClaimCenter is now available, and Insly launched an agile, scalable claims management tool.
Fusion and io.insure launched the first global online M&A solution to bridge a major risk protection gap for SMEs,and Pixel Re launched for $500m+ property and energy risks. BMS acquired Spanish specialty broker Eisenar as part of its Iberian regional expansion, and WTW launched its expanded toolkit to manage climate risks to employee health and well-being. DARAG received approval for a Part VII transfer with China Taiping. There were senior appointments at Hampton Agencies, SiriusPoint, Swiss Re, and WTW.


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