Of Special Interest


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8th August 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, The Lloyd’s Market Association(LMA) announced that, following intensive discussions with HM Government and leading Lloyd’s contingency underwriters, Chancellor Rishi Sunak has launched the Live Events Reinsurance Scheme, in partnership with Lloyd’s. Lloyd’s announced the next eleven InsurTech start-ups joining the seventh cohort of the Lloyd’s Lab innovation accelerator programme-the new cohort will focus on creating simpler products for customers, including building solutions related to cryptocurrencies; the global programme received 179 applications. Moody's is to acquire RMS, and Flock announced a $17m Series A fundraise to reinvent insurance for connected vehicles. The insurance market is making a series of fundamental changes to existing policies as they aim to address the potential losses they face as a result of the dramatic rise in ransomware-as-a-Service(RaaS) attacks, according to managed services provider eacs-the knowledge gap on cyber insurance could result in mis-selling and poor customer outcomes, a survey by the Chartered Insurance Institute(CII) New Generation Underwriting Group highlighted. Ed, the global reinsurance, wholesale and specialty broker, announced the full integration of Ki’s algorithmic underwriting with TradEd, its etrading platform.
Insurance Europe published a response to a consultation by EIOPA on blockchain and smart contracts, replied to a consultation by the International Financial Reporting Standards(IFRS) Foundation on proposed amendments to the foundation’s constitution to accommodate an International Sustainability Standards Board(ISSB), and also commented to the European Commission(EC) on its Retail Investment Strategy(RIS). EIOPA published its annual report on supervisory activities in 2020.
Allianz Insurance Asset Management(Allianz China IAMC) received the nod from the Chinese regulator, and S&P Global Ratings commented that the US Authorities' probe into Allianz asset management activity could hamper future group financial results. Peak Re is to acquire the remaining 50% stake it does not own in Caribbean insurance group NAGICO. It was a major week for reporting on half year and second quarter results-these included AIG, Allianz, AXA, CNA, Direct Line. Fairfax Financial, Generali, The Hartford, Hastings Group, Legal & General, and St James's Place; Greenlight Capital Re, Hannover Re, Hiscox, Markel, and SiriusPoint; and Willis Towers Watson. There were senior appointments at BMS Re, Fidelis, and Occam.


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

The self-search and reporting service across all (re)insurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.

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