Of Special Interest


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20th March 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Lloyd’s issued a Notice of Censure in response to misconduct that took place at managing agent Atrium The public censure details three charges, to which Atrium has admitted- Lloyd’s also issued the largest fine ever imposed by the Lloyd’s Enforcement Board of over £1m. This reflects both how unacceptable the circumstances were, and the seriousness with which Lloyds is treating this issue-Atrium responded “We fully accept the rulings made by Lloyd’s. With deep regret, it is clear that Atrium failed to live up to its values and serious errors were made when handling these matters. We are sorry for the hurt that this caused and how difficult this been for those affected. The behaviour outlined in the Notice of Censure has no place in our business or our industry, and we recognise that we must go further to ensure that this situation is never allowed to happen again."
Insurance Europe responded to a consultation conducted by the European Commission on its proposal for a regulation for an anti-coercion instrument(ACI), and also published its response to a consultation conducted by the European Data Protection Board(EDPB) on its draft guidelines on the right of access. GlobalData reported that the General insurance industry in Vietnam is estimated to reach $3.5bn in 2026.
FRISS issued "Insurance Fraud Report 2022: Real Time Data, A Crucial Asset In Fraud Fighting." A new study from Juniper Research found that digital therapeutics revenue from health insurers will increase to $8bn by 2026, up from $1.1bn in 2022; representing a growth of 610% over the next four years. Ariel Re opted to use Portfolio Manager, the cyber risk analytics platform from CyberCube, whilst Aurora, a managing general agent(MGA) providing simple, affordable and flexible business insurance for the SME sector through a holistic digital platform, joined Pro MGA Global Solutions growth platform. Charles Taylor InsureTech launched InHub to empower the insurance market to deliver better results, Oman Insurance Company received approval to begin underwriting through Lloyd’s syndicate-in-a-box, and Verto syndicate 2689 and Optalitix announced a partnership to create meaningful innovation in the Lloyd’s market using a digital pricing system with full AI capability. MeteorWrite adopted National SIRA for a tech twist on traditional motor underwriting, and Verisk announced European collaboration with GT Motive to expedite motor damage claims.
Pool Re members gave unanimous backing to the results of the HM Treasury’s 5-year review. 2021 financials included Generali and Ryan Specialty. There were senior appointments at BMS, Marsh McLennan, and WTW.

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