Latest Insurance
- Newslink Global InsuranceTrends-Editor's Weekly Highlights
- Insurers exit 'uninsurable' areas as climate losses soar 360%-Bloomberg Intelligence
- Shifting macroeconomic and geopolitical structures undermining business confidence in 2024-Marsh
- Fadata Ecosystem now boasts Bdeo Visual Intelligence to enhance insurance processes
- UK General P&C Insurance-Insurance Newslink Global Trends-Editor's Quarterly Highlights
- Annual health insurance set for significant growth in coming months
- Three in five(62%) UK adults would support a campaign for the Government to remove the 12% Insurance Premium Tax on car insurance for electric vehicles-The Green Insurer expired
- Earnix and Sollers Consulting announce partnership expired
- Antares syndicate reports record profit expired
- Canopius produces record 2023 result expired
- IGI reports lowest ever combined ratio in 2013 expired
- Hong Kong general insurance market to reach $10.9bn by 2028- GlobalData expired
17th March 2024
Newslink Global InsuranceTrends-Editor's Weekly Highlights
Trend
This week, Insurance Newslink continued its regular mid-week feature highlighting key trends from articles covered in the last three months, relating this week to the UK P&C General market.
A 360% rise in insured losses in the past 30 years from the increased frequency and intensity of natural disasters is leading insurers to hike premiums and exit high-risk areas, according to a new report from Bloomberg Intelligence(BI)- at the same time, transition risk associated with the assets backing these liabilities is pressuring insurers to cut coverage of polluting sectors in their investment portfolio is leading insurers to hike premiums and exit high-risk areas. Marsh released its 2024 Political Risk Report, which outlines the major trends in the current global political and economic landscape that will impact multinationals and investors in the year ahead-the report, published by Marsh Specialty, cites how long-term uncertainty–in what is globally the biggest election year in history–is stemming from macroeconomic competition and geopolitical insecurity-this will create even greater economic divergence between sectors and economies, amid growing government intervention and the increasing frequency of harder-to-predict disruptive security events. Annual UK health insurance is set for significant growth this year driven by concerns about NHS waiting lists and continuing doctor strikes-new research by Consumer Intelligence for Smart Money People, the financial services customer insight platform, found an expected 21% increase in potential growth in private medical cover up from 14% reported in H2 2023-the data is taken from its Insurance Uptake Score, a bi-annual barometer of personal lines insurance purchasing decisions in the UK, based on consumer-reported likelihood to continue, purchase, increase, reduce, or cancel their cover. New finding from The Green Insurer reveals that three in five(62%) UK adults would support a campaign for the Government to remove the 12% Insurance Premium Tax on car insurance for electric vehicles-it is hoped by many that such a move could help to incentivise more people to switch from traditional petrol or diesel vehicles to electric ones, thereby contributing to the reduction of carbon emissions and improving air quality. The Hong Kong general insurance industry is set to grow at a compound annual growth rate(CAGR) of 6.3% from HKD67bn($8.6bn) in 2024 to SAR85.6bn($10.9bn) in 2028, in terms of gross written premiums(GWP), according to GlobalData. A new study by Juniper Research has found the global number of cellular IoT devices will increase from 3.4 billion in 2024 to 6.5 billion by 2028-however, the study predicts that this 90% growth in connections will require the deployment of new services enabling the efficient automation of IoT device management and security.
Earnix, a global provider of AI-based SaaS solutions for financial services, and Sollers Consulting, an international operational advisory and software integrator for the financial sector, announced a partnership delivering Earnix solutions to property & casualty(P&C) insurers in the UK, US, France, Benelux, Nordics, and DACH regions-the partnership enables clients to harness advanced analytics, machine learning, and AI capabilities, empowering them to make data-driven decisions, improve pricing strategies, optimise product offerings, and manage risk more effectively. Specialist insurance software solution provider, Fadata, has teamed up with Bdeo to add Visual Intelligence to its pre-made enterprise solution-the latest partner to join the expanding Fadata Ecosystem, Bdeo delivers Fadata P&C clients its Visual Intelligence tool to support automating insurance processes and decision making, paving the way to more agile and successful claims management. Financials included those from Antares, Canopius and IGI.
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