24th April 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Fitch Ratings revised its global reinsurance and London Market sector outlooks to neutral from improving, reflecting increased risks from rising claims inflation, financial market volatility and weakening price momentum. A global Directors Liability 2022 survey from WTW and Clyde & Co highlighted that cyber-attacks and data loss are the top risks facing Directors & Officers, with cyber extortion and the growth of ransomware attacks a leading concern. Comprehensive car insurance premiums have risen by 2%£12) during the last 12 months, with UK motorists now paying £550 on average, according to the latest Confused.com Car Insurance Price Index in association with WTW-GlobalData highlighted that Black Box telematic devices uptake in the UK is rising in the under 30s despite concerns that 17.3% highlighted privacy as an issue.
As part of the next phase of the proposed Solvency II review in the UK, HM Treasury aim to gain an understanding of the historical costs and cost drivers associated with reporting and disclosure requirements. The Charterd Insurance Institute(CII) responded to the Financial Conduct Authority(FCA) Policy Statement:"Diversity and Inclusion on company boards and executive committees" by saying “Whilst we welcome the FCA’s policy statement, we feel that what is still needed involves dedicated constructive planning and affirmative action to get to where we collectively feel we should be heading for the benefit of all." The Personal Finance Society(PFS) in the UK is offering financial planners help to address their stress after six out of 10 identified heavy workloads as the greatest cause of work-related pressure.
Geospatial imagery and re/insurance intelligence company, McKenzie Intelligence Services(MIS), announced that it has received ISO 27001 certification–the internationally recognised standard for the establishment and certification of an information security management system. RMS reported that Michael Steel has been appointed to its top leadership position of general manager. Majesco introduced Property Intelligence powered by Majesco Analytics–a new AI/ML-based analytics offering that provides insightful and intuitive property underwriting information.
Ariel Re announced that it has insured the long-term performance warranty of Ecogensus, a global leader in advanced technology focused on delivering sustainable waste management solutions. Syndicate 2525, the specialist third party and employers’ liability insurer at Lloyd’s, is offering its panel adjusters a ‘fee bonus’ when a site visit is undertaken in an entirely electric vehicle. Greenlight Capital Re commenced underwriting at Lloyd’s through Syndicate 3456, and DARAG Group announced the conclusion of a new agreement with a North American offshore captive insurance company. Early birds with first quarter financials included Travelers and Marsh McLennan. There were senior appointments at The Insurance Development Forum(IDF), Lloyd's, Lloyd's Market Association, and TigerRisk.




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