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6th August 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, S&P Global Ratings published a roundup of its insurance industry and country risk assessments(IICRAs) for 97 insurance sectors covering 48 countries and four global sectors. Global commercial insurance prices increased 3% in the second quarter of 2023(down from a 4% increase in Q1), according to the Global Insurance Market Index released by Marsh-the second quarter marks the 23rd consecutive quarter of pricing increases-pricing was relatively consistent across all regions in Q2-this was driven largely by rate decreases for financial and professional lines and continued moderation in the cyber insurance market, which was offset by property insurance increases, the largest of any major product line this quarter-in the UK, composite pricing increased by 1%(down from a 3% increase in Q1 of 2023), in Pacific by 2%(down from 7% in Q1), and was flat in Asia(down from 1% in Q1)-the remaining regions recorded identical increases on the previous quarter; in Latin America and the Caribbean pricing increased by 8%(8% in Q1), in Continental Europe by 5%(5% in Q1), and in the US by 4%(4% Q1). According to Gallagher Re's latest InsurTech report, as incumbent (re)insurers stepped-up their investment activity, new funding for the global InsurTech sector slipped to $916.71m during the second quarter of 2023, down 34% from $1.39bn in Q1 2023, pushing the quarterly total below 1bn for the first time in three years-however, average deal size fell by a much smaller degree–16.1%–to $12.39m in Q2, across only 97 investments. A new study from Juniper Research found that lack of public infrastructure is severely limiting EV(Electric Vehicle) adoption in urban environments. Natural hazard losses will weigh on profitability of the Indian property insurance industry, according to GlobalData.
As the World Meteorological Organization and others declared July 2023 the hottest month on record, Moody’s RMS offered insights on the range of integrated risks and impacts related to the current high temperatures, this year’s El Niño effect, and more generally to climate. MSIG Mingtai announced its collaboration with Moody’s RMS to enhance its earthquake and typhoon risk analytics through the use of Moody’s RMS Taiwan Earthquake and Typhoon risk models.
It was a busy week for second quarter/half year financial statements which included those from AIG, Allstate, AXA, Berkshire Hathaway, CNA, Fairfax Financial, Intact Financial, and The Hanover; AXIS Capital, Greenlight Re, and Swiss Re; and Aon.

VIPR Solutions names Martin Blackburn as new Chairman