Of Special Interest


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11th July 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, climate issues were to the fore. A Swiss Re report said Paris climate targets were not possible without a carbon removal industry the size of oil & gas, whilst The Nature Conservancy and Willis Towers Watson published analysis that shows how ecological forest management, which reduces the risk of severe wildfires in fire-adapted forests, can be combined with insurance and significantly reduce insurance costs. The Association of British Insurers(ABI) launched its Climate Change Roadmap and AXA published its 2021 Climate Report. The European Insurance and Occupational Pensions Authority(EIOPA) issued three publications as part of its activities on sustainable finance-the work addresses key issues of climate change-related risk for the insurance sector and continues to encourage insurers to play their role of enabling climate change mitigation and adaption. Insurance Europe welcomed the objectives of the European Commission(EC) Renewed Sustainable Finance Strategy and Green Bond Standard.
The Prudential Regulatory Authority(PRA) set out its proposed changes to Solvency II reporting requirements and expectations. EIOPA issued its latest Financial Stability report. The FCA, PRA and Bank of England set out their plan to improve diversity and inclusion in regulated firms. The Board of the Chartered Insurance Institute(CII) announced that it will be conducting a widespread membership consultation and engagement initiative around all aspects of the CII’s membership offering, with a particular focus on achieving even greater recognition of the professionalism in its sector.
The Risk Advisory Group launched specialist security intelligence services firm Dragonfly, and over half of businesses now have a defined policy in place on whether to pay out on ransomware attacks said Databarracks research. Wyoming-based Mountain West Farm Bureau selected Guidewire Cloud. BMS Re chose Relay Platform’s reinsurance solution "F1” in the US as its electronic placement system, and the Belgian marine market launched on the Whitespace Platform. RMS appointed a new managing director for the UK insurance market.
The Financial Conduct Authority(FCA) fined LBGI(Lloyds Bank General Insurance Limited, St Andrew’s Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited) £90,688,400 for failing to ensure that language contained within millions of home insurance renewals communications was clear, fair and not misleading. Pool Re launched an expert advisory group to explore how to protect the UK economy from future systemic risks. US InsurTech Joyn Insurance secured an insurance partnership and investment from SiriusPoint, who also announced the launch of Bermuda-based Specialty MGA Banyan Risk. Aston Lark's acquisition strategy continued with the takeover of London Market-based ES Risks Ltd, and Jencap bought UK-based Lloyd’s Coverholder Worldwide Special Risks. Westpac sold its New Zealand Life Insurance business to Fidelity Life. There was a senior appointment at Lloyd's Market Association(LMA).


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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