27th March 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week,Lloyd’s announced a strong return to profitability in its 2021 full year financial results, with an overall profit of £2.3bn(2020: £0.9bn loss) and a combined ratio of 93.5(2020: 110.3)–the best quality result reported for six year-the material turnaround in performance has been driven by the Lloyd’s Market’s keen focus on underwriting profitability, as well as leveraging favourable trading conditions to achieve premium growth-premium rates increased by 10.9%, continuing the trend of 16 consecutive quarters of positive rate movement. The Intergovernmental Panel on Climate Change(IPCC) opened a virtual meeting considering the Working Group III contribution to the Sixth Assessment Report-the session is scheduled to run until 1st April. The Government of Mexico, IDF, UNDP, and the German Government, are to develop an insurance programme to protect climate vulnerable farmers. Insurance businesses are rethinking their strategies and the way that they undertake business, as 55% of senior executives working in the sector say that over the last 1-2 years, they have experienced increased pressure on ESG matters from stakeholders such as regulators, customers and employees, in comparison to 46% across all sectors, according to a survey by DWF-the survey, of 480 senior executives in 13 countries, shows that 28% of the insurance executives felt that the ESG performance of their own company was "weak"-some 65% of insurance leaders also said that poor ESG performance is affecting their company a great deal, in comparison to an average of 59% of executives across all companies surveyed-there is a desire to change, whilst recognising it will be challenging. Russia’s general insurance industry is expected to decline by 14% in 2022 due to the Russia-Ukraine crisis, according to GlobalData research.
Insurance Europe said the European Commission(EC) must totally rethink its unworkable suitability and appropriateness proposals, which would create significant problems for insurance customers-it also welcomed the EC ELTIF review, but warned asset class remains unattractive for long-term institutional investors. European insurers paid E2.8bn in claims and benefits per day in 2020-assets increase to E10.6tr.
Board directors are still failing to take ransomware seriously enough said Databarracks research. Hannover Re made its InsurTech innovation platform hr/equarium openly accessible, RMS joined the Global Earthquake Model Foundation, and WTW released a new version of its Radar pricing software to take advantage of the latest open source capabilities.
Berkshire Hathaway is to acquire Alleghany Corporation for $848.02 per share in a $11.6bn transaction. Oman Insurance acquired the Generali life business in the UAE. Marsh launched ESG Risk Rating to measure companies’ ESG. Ardonagh announced 2021 financials. There were senior appointments at Pool Re and Ardonagh.




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