8th January 2023

Newslink Insurance Global Trends-Editor's Weekly Highlights

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The first week of 2023, the 30th year of Insurance Newslink, started rather quietly, after a long holiday break, exacerbated by continuing transport strikes in the UK.
The Global Federation of Insurance Associations(GFIA) published its response to a consultation conducted by the International Association of Insurance Supervisors(IAIS) on its issues paper on operational resilience-GFIA generally welcomes the IAIS’ intention to promote good practices in operational resilience and agrees with the need for greater convergence in cyber governance and resilience-reporting requirements from regional and/or national supervisors could be further aligned-however, it is important to avoid imposing new requirements in jurisdictions where the IAIS’ objectives have already been met, such as in the EU with the Digital Operational Resilience Act. The GFIA also published its response to a consultation conducted by the Financial Stability Board(FSB) on cyber incident reporting-the insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives-any new initiatives should aim to encourage best practices and refrain from establishing new requirements, such as additional information channels or multiple layers of reporting-the GFIA takes the view that consistency in the terminology used across different legislation and texts will facilitate greater convergence in cyber incident reporting. A statement highlighted the Prudential Regulatory Authority(PRA's)recent invitation to UK insurance firms to recalculate the Transitional Measure on Technical Provisions under Solvency II. The International Underwriting Association(IUA) published its business plan for 2023, highlighting key challenges for London Market insurance companies in the months ahead-inflation, the need to recruit and train new talent, and the importance of contract clarity are all issues the association will be addressing with its members-the IUA’s Cyber Underwriting Group is developing a research paper on supply chain risk, whilst its Claims Strategy Committee will oversee a review of claims agreement procedures that aim to maintain a market-wide standard in claims processing.
Duck Creek Technologies announced a definitive agreement to acquire Imburse Payments, a Swiss-based modern payments platform. The insurance market will see greater partnerships with ILS fund managers as it transitions to Property, Casualty & Cyber according to CyberCube, whilst CNA Hardy launcheed enhanced cover for technology businesses with its advanced cyber suite. Chubb announced a Global Climate Business Unit to help combat and manage Climate Change, whilst InsurTech MGA Loadsure reported that it has received capacity backing from leading specialist international insurer Tokio Marine Kiln(TMK) to further enhance its data driven freight protection offering.


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