1st August 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, Lloyd’s launched its climate action plan to accelerate the transition to net zero, and the Intergovernmental Panel on Climate Change(IPCC) opened a meeting remotely to approve its next report on the physical science basis of climate change, the first part of the Sixth Assessment Report. New research commissioned by Cover Genius revealed that 71% of digital bank customers, 64% of traditional bank customers and 73% of FinTech app customers in the UK want embedded insurance offers based on transaction data. Marsh's latest Global Insurance Market Index reported global commercial insurance pricing up 15% in the second quarter of 2021 as rate increases continue to moderate-cyber rates rose on increased losses. money.co.uk reported that Millennials and Gen Z are failing to prepare for retirement.
Insurance Europe published its response to a consultation by EIOPA on IBOR transitions, and also welcomed the Accounting Regulatory Committee(ARC) vote to endorse IFRS 17 with carve out for annual cohorts. Insurance Europe replied to a consultation by the European Commission(EC) on an EU Health Data Space(EHDS), aiming to establish a European framework on the access and exchange of personal health data.
Global InsurTech funding grew to $4.8bn in Q2, up 89% from Q1 to push H1, 2021 ahead of full-year 2020, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. Commenting on a EIOPA’s discussion paper on blockchain and smart contracts in insurance, Capco said first movers will be critical in driving their adoption. DXC Technology and Relay Platform are to collaborate on boosting brokerage close rates while streamlining the end-to-end Insurance Value Chain, highlighting that the collaboration will contribute to the far-reaching transformation of the London Market. FRISS raised $65m Series B funding, and Markel UK and Cytora announced a partnership to accelerate profitable growth. msg life and IBM are to strengthen insurance digitisation by leveraging leading end-To-end platform capabilities for the life insurance & pensions industry outside the German-speaking countries.
Speculation continued after the Aon/Willis Towers Watson merger was called off. Ardonagh Europe was created. Financial announcements for second quarter and half year results flowed-they included Chubb, MAPFRE; Arch Capital, Axis Capital, Conduit, Everest Re, Lancashire, PartnerRe, RenaissanceRe, SCOR, Swiss Re, W.R. Berkley; Aon and Gallagher. There were senior appointments at Lloyd's and the London Market Group(LMG).



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