13th June 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, The London Market Group(LMG) published its 5-point plan asking for relevant regulatory and legislative changes to help grow a successful industry in the coming months and years, and to take full advantage of the new opportunities open to the UK. The Bank of England published key elements of the "2021 Biennial Exploratory Scenario: Financial Risks from Climate Change", whilst the Global Federation of Insurance Associations(GFIA) said insurers were well placed to support G20 in facilitating more sustainable and resilient economies. Climate change creates new humanity-saving opportunities for international businesses said a Atradius report, followed up later in the week reporting UK trade with the EU has declined at twice the rate as trade with the rest of the world. "From zombie companies to urban mobility"-Swiss Re's SONAR examined the emerging risks set to shape a post-COVID-19 world, and in its new report, The Geneva Association offers a comprehensive projection of the risk landscape in the post-pandemic world, or ‘New Normal’, expounding the four most consequential shifts for insurers: accelerated digitisation, ‘Big Government’, pivot to resilience and sustainability, and more remote working. Meanwhile, the Global insurance industry faces IFRS 17 costs estimated at S$15bn to $20bn according to a Willis Towers Watson study.
Insurance Europe published its response to a consultation by the European Commission(EC) on supervisory convergence and the single rulebook. Additionally, it said that proposals for Taxonomy Key performance Indicators(KPIs) were welcome, but refinements are needed to ensure disclosures are meaningful for users.
Canopius Group announced the launch of its algorithmic underwriting platform, Vave, as an MGA. Devised and developed in-house, Vave began trading in May 2019, and has since quoted on over 1.2 million risks, representing $2.2bn of premium. Vave’s algorithmic pricing engine is connected via API to the largest brokers in the US surplus lines wholesale market, enabling them to quote and bind risks on an automated basis in seconds, and access products founded on vast amounts of data. Direct Line Group launched a new self-serve platform for motor lines products. Version 21.0 of the RMS North Atlantic Hurricane Models was certified by Florida Hurricane Commission on Loss Projection Methodology(FCHLPM). Majesco announced cloud-native containerisation support for P&C and L&A and Group Core Suites, and Illinois Mutual went live with Sapiens Life insurance Soluions as part of its digital transformation. Ransomware is going to hurt-and in ways you may not yet recognise said ProLion, and DataBarracks warned that following the Colonial Pipeline ransomware attack, not to expect ransom payments to be recovered for everyone. Stone Point Capital and Insight Partners completed the acquisition of CoreLogic.
SCOR and Covéa announced the signing of a settlement agreement. There were senior appointments at BMS and Gallagher Re.

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