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22nd October 2023

Newslink Global Insurance Trends Editor's Weekly Highlights
Trend

This week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months, relating this week to Asia Pacific.
Lloyd’s published a systemic risk scenario that models the global economic impact of a hypothetical but plausible cyber attack on a major financial services payments system, resulting in widespread disruption to global business and potential global economic losses of $3.5tr. Senior executives must understand cyber risks and act accordingly-a report "C-Suite Must Walk The Cyber Talk," from S&P Global Ratings explores what a cyber-savvy C-suite looks like in practice. Gallagher Re summarised the preliminary YTD Q1-Q3 global loss totals, and also in a separate report said the El Niño-Southern Oscillation(ENSO) is an established climate pattern, and its impact shouldn't be disproportionately attributed to climate change. Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, released the latest findings from a collaborative report-"The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers", with specialist consultancy firm Sionic. Asia-Pacific property insurance industry is estimated to reach $141.8bn by 2027 said GlobalData. UK residents are unaware of the ways they can protect their homes from flooding and other types of extreme weather, according to new research from Aviva. The Insurance Development Forum(IDF) shared an implementation update on inclusive insurance in Senegal.
Endpoint Cybersecurity systems are estimated to secure 210 million industrial endpoints by 2028; driven by critical infrastructure threats, according to Juniper Research. Xceedance launched a Center of Excellence for Generative AI, empowering insurance transformation. The Automobile Club of Southern California(Auto Club), a top fifteen private passenger auto insurer and a top thirty property and casualty insurer in the US, and Guidewire announced that the Auto Club implemented Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, adapt quickly to changing market demands, and deliver more value to its agents and policyholders.
Allianz is to acquire Tua Assicurazioni from Generali in a transaction worth E280m. Howden launched the world-first insurance innovation hub with £500m of delegated underwriting capacity. InsurTech MGA Loadsure was awarded Delegated Claims Administrator(DCA) status by Lloyd’s, Nirvana teamed up with KYND to strengthen cyber underwriting with unparalleled exposure insights, whilst Oka received Lloyd’s ‘in principle’ approval for Asta-managed SIAB 1922. Pool Re renewed its reinsurance broking contract with Guy Carpenter. IAIS aannouced a new Chair.