Of Special Interest


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4th July 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, a new ClimateWise report called for greater collaboration across the insurance industry and with government to accelerate delivery of net zero. The Intergovernmental Panel on Climate Change(IPCC) announced it is to release its next report, the Working Group I contribution to the Sixth Assessment Report(AR6), on 9th August, and American International Group(AIG) released its first Environmental, Social and Governance(ESG) Report. Willis Re's Ist View report said global reinsurance was approaching equilibrium. New Dawn Risk’s latest white paper "Connecting across continents: International reinsurance solutions for Latin America" was launched and highlighted the interactions between Latin American markets and London, as well as the tensions that capacity and rate issues can bring. The Life insurance industry in India is to reach US$98.5bn in 2024 according to GlobalData, and Rooster research revealed Generation Z and Millenials as UK's humblest everyday drivers.
Reforms to the Association of British Insurer’s(ABI) Board were announced as part of redoubling the industry’s efforts to boost customer trust, enhance reputation and tackle future risks such as climate change. EU insurers questioned whether the Distance Marketing Directive is relevant given product-specific EU rules, but they welcomed EC proposals for a Data Act, highlighting a need for a level-playing field on access to data. Insurance Europe responded to a consultation by the European Insurance and Occupational Pensions Authority(EIOPA) on revised guidelines on the use of the legal entity identifier(LEI).
Outpost24, an innovator in identifying and managing cybersecurity exposure, announced the results of its "2021 Web Application Security for Insurers Report", which analysed the web applications of the top 10 European insurance providers. Using their innovative attack surface discovery and assessment tool, Scout, Outpost24 examined the digital footprint of some of the EU’s largest insurers to uncover potential security weaknesses and found that every insurer had some degree of vulnerability in its web application. Saudi Re is to adopt RMS models and services for a more comprehensive view across the Asian market. Swiss Re's iptiQ and ImmoScout24 platforms launched digital loss of rent insurance in Germany. Willis Towers Watson was the first broker to digitally trade complex risks at Lloyd’s in partnership with Ki-the broker also launched an update of its ResQ reserving software.
The AIA Group invested $1,860m for a 24.99% equity stake in China Post Life, Hiscox and Hiscox Action Group(HAG) reached agreement on COVID Business Interruption(BI) losses, Ardonagh subsidiary Arachas moved for Hooper Dolan in Ireland, and DARAG Italia going concern business was sold to NOBIS. The Chartered Insurance Institute(CII) appointed Aston Lark ceo Peter Blanc as president for 2022, and SCOR shareholders approved the split of chairman and chief executive roles. There were also senior appointments at HDI Global, Carbon Underwriting, Markel International, Marsh and Guy Carpenter, TigerRisk, and UnipolRe.


With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
Full articles on the topics in the Editor's Weekly Overview above are included in those added this week to the unique Insurance Newslink Global Trends Database Research Matrix service at www.onlystrategic.com

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