30th April 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, S&P Global Ratings said in a report that primary insurers started 2023 from a position of relative strength, mainly thanks to the post-pandemic recovery, and despite some capital depletion in 2022-the rating agency said "Macroeconomic factors, particularly capital market volatility, inflation, and interest rates/credit spreads are key risks over the next 12 months." Global commercial insurance prices increased 4% in the first quarter of 2023, the same rate as the fourth quarter of 2022, according to the Global Insurance Market Index released by Marsh-Q1 marks the 22nd consecutive quarter of pricing increases-cyber rate increases continue to moderate; financial and professional rates fell for a third quarter while property rates rose in most regions. AXA Climate, Howden, and Blue finance partnered to promote a regenerative approach to marine ecosystem protection. Fitch Ratings said in a report that Swiss property and casualty(P&C) insurers will maintain their strong profitability in 2023 and 2024 thanks to disciplined pricing strategies that mitigate the effects of higher claims inflation-stagnant premium growth remains the main challenge for the country's life insurers. GlobalData estimated that the Malaysian general insurance industry is to reach $6.6bn by 2027.
Duck Creek Technologies was selected by Silicon Valley telematics startup, Novo Insurance, as its technology platform of choice for policy, billing, insights, and data hub solutions. EY announced an alliance with EIS to support insurance transformation, whilst Cognizant and Guidewire reported that they had modernised claim operations for the FCCI Insurance Group. Swiss Re Reinsurance Solutions formed a strategic partnership with Benekiva to create an end-to-end digital claims management solution. A major US insurer selected VIPR products to manage program business, and WTW and Zurich are to pioneer the future of broking with the first digital submission on the WTW broking platform for multinational property insurance.
China Pacific(CPIC) announced a Sustainability Report: "Take Social Responsibility and Be a New Leader in ESG". Direct Line Group acquired By Miles, Nimbla launched an innovative one-of-a-kind policy, and SCOR reported a 17% growth for April renewals. Financial reports included those from Chubb, The Hartford; AXIS Capital, Lancashire; and WTW. Sergio P. Ermotti steps down today as Swiss Re chairman after handover to vice chairman Jacques de Vaucleroy, lead Independent director, who is leading the search for a successor and will chair the Board in the interim.


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