Of Special Interest


[x] [x]

5th February 2023

Newslink Global Insurance Trends-Editor's Weeekly Highlights

This week, S&P Global Ratings published its 2023 insurance sector views. Global commercial insurance prices increased 4% in the fourth quarter of 2022(down from a 6% increase in Q3 and a 9% increase in Q2) according to the Global Insurance Market Index released by Marsh. Shifting geopolitical alignments are creating significant disruption for global business according to the WTW Report-"Mapping the New Geopolitical Divides". At $1.01bn, global InsurTech investment fell in the fourth quarter of 2022 to its lowest quarterly level since Q1 2020, and declined 57% from the third quarter of 2022, according to the latest Global InsurTech Report from Gallagher Re. A new report from Fadata highlighted that the insurance industry is undergoing significant transformation-yhe competitive pressure and increasing market and customer demands in the industry, as well as new players and business models threatening the established core business, are driving consistent innovation-however, modernising and digitising remain the top challenges for insurance companies.
The Lloyd’s Market Association(LMA) outlined its strategic priorities for 2023-Engage with and deliver Future at Lloyd’s-Support and deliver technical expertise-Support regulatory change-Develop and deliver technical training, and Increase member engagement. The Global Federation of Insurance Supervisors(GFIA) wrote to the Argentinian insurance supervisor(SSN) to express concerns about the fact that recently implemented rules have begun causing serious issues with the payment of reinsurance premiums to foreign companies. Insurance Europe told the European Commission(EC) that it should remove the transition period and vehicle spare parts exclusions from its Design Directive proposal-it also said that insurers must remain outside the scope of the Cyber Resilience Act.
Boston Mutual Life selected Majesco to modernise its core business platform and advance customer experience and engagement, whilst MS Amlin Insurance chose Sapiens for transformation of its Commercial Lines operations across Belgium, France, and Holland. Swiss Re Corporate Solutions announced that it will provide PULSE & Network solutions to the UNIQA Group which will provide a single online platform to manage and deliver structured and compliant international programmes.
The current Reinsurance Business Unit at Swiss Re is to be split into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes. Amwins Global Risks acquired Roberts Armytage & Partners(RAP), and Optio Re MENA Ltd. commenced trading. WTW launched CyXS, a new cyber facility providing capacity and efficiency for WTW clients. Financial reports included those from Chubb, The Hartford; Hannover Re, and RenaissanceRe. There were senior appointments at Swiss Re, Marsh McLennan, omni:US, and io-insure.


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 30 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 30 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.