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5th March 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, the latest edition of law firm Clyde & Global Insurer's insurance growth report indicated that global insurance M&A activity hit a 10-year high in 2022, but there is a mixed outlook for 2023. A new report by Allianz GCS identified five factors likely to power ongoing incidences of political violence activity around the world. As nearly a third of UK drivers report that they are driving less to keep costs down, new research from LexisNexis Risk Solutions indicates that one in three purchasers of motor insurance would be interested in buying a non-annualised policy(NAP) in the next 12 months, with pay-as-you-go policies having the most appeal. GlobalData reported that consumer interest in alternative insurers is declining in UK but the threat level remains strong, and also that State-owned general insurers in India continue to lose market share to private insurers.
"2022 In Review: A Year of Influence and Implementation" outlined how the Insurance Development Forum(IDF) continues to consolidate and deliver on the operational priorities of the Working Groups for the public good, and deliver strengthened operational governance. Bermuda International Long Term Insurers and Reinsurers(BILTIR) supported the Bermuda Monetary Authority’s(BMA) proposed enhancements to the regulatory and supervisory regime for long-term commercial insurers, reinsurers and insurance groups on the island. Insurance Europe responded to a European Commission call for evidence regarding its ambition to take a comprehensive approach towards mental health, which insurers welcome.
London-based InsurTech Flock raised $38m for insurance that enables quantifiably safer motor fleets, whilst Lighthill Risk Network redefined Climate Change Risk Modelling best practice.
Acrisure, a FinTech leader that operates a top-10 global insurance broker, announced the formation of Acrisure Deutschland, a new subsidiary covering the German, Austrian and Swiss markets. Fidelis Insurance Holdings announced a confidential submission of a draft registration statement for a proposed IPO. CNA Hardy launched the first in a series of enhanced insurance products for international clients, and HDI Global opened a Representative Office in Bangkok. SiriusPoint and Compre announced a second significant reinsurance Loss Portfolio Transfer. Financial reports included those from AXA; Beazley, IGI, Ryan Specialty, SCOR, and SiriusPoint. There were senior appointments at Carbon Underwriting and Fidelis MGU.


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