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24th October 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, with the COP26 Summit in Glasgow looming, there was an emphasis on climate initiatives-The Italian Insurance Association(ANIA)-in partnership with the Italian G20 Presidency and in collaboration with the Global Federation of Insurance Associations(GFIA)—hosted an Insurance Summit. The event examined the significant contribution that insurers can and are already making to facilitate the G20’s priorities on people, planet and prosperity. The Geneva Association and the Organisation for Economic Cooperation and Development(OECD) co-hosted a high-level conference-"Future-Proofing Technological Innovations for a Resilient Net-Zero Economy". Willis Towers Watson announced that SCOR had signed up to align capacity to support the Climate Transition Pathway(CTP) solution. AXA announced a plan to fight against deforestation to preserve biodiversity, Beazley launched Lloyd’s first ESG syndicate, SiriusPoint announced a partnership with climate-focused start-up Parameter Climate, and Tokio Marine Kiln(TMK) is to work with CarbonChain, a startup building technology solutions, to measure greenhouse gas emissions to inform underwriting decisions.
Insurance Europe responded to a consultation by EIOPA on its proposed amendments to supervisory reporting and public disclosure documents, and also on the supervision of run-off undertakings. At the Baden-Baden Reinsurance Meeting, both Munich Re and Hannover Re subsidiary E+S Rück said they expected higher pricing in Germany and surrounding areas after the major flooding.
Admiral broadened Guidewire deployment with Claims Go-Live-a new report by Litmus Analytics hghlighted that Solvency II data suggested Acromas, Sabre and Admiral were the three best performers in the UK motor insurance market in the five years to 2020. Capco and Coherent are to partner to drive digital transformation within insurance and banking, Guy Carpenter's InsurTech Center of Excellence(COE) was launched in the US, TigerRisk is to collaborate with data analytics firm Pinpoint Predictive, and Whitespace released a significant update that it said transforms the data capabilities of the platform.
Despite high losses, Munich Re achieved a result of around E0.4bn in Q3, and maintained its annual guidance for 2021, whilst Travelers reported catastrophe losses and net written premiums up. IGI is to restate Financial Statements in response to the SEC Staff Statement for Warrants issued by Special Purpose Acquisition Companies(SPACs). BMS announced the acquisition of Seoul-based insurance broker, Value-add Insurance Broker(VIB) which will become a newly-licensed entity called BMS Korea. Insurance Europe Reinsurance Advisory Board(RAB) appointed SCOR chair Denis Kessler as its chair, a role he has previously held.

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