24th July 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, cyber continues to feature-a new Geneva Association report highlights the important role of private re/insurers, alongside governments, in boosting society’s resilience to ransomware and ensuring the full benefits of digitisation can be realised. DataBarracks said that cyber attacks are now the top cause of data loss, and Insurance Europe said EU insurers are acting on non-affirmative cyber exposures. Marsh McLennan released its updated Flood Risk Index 2.0, which maps how a changing climate will shape flood risk in the future, whilst boutique digital broker JENOA Insurance & Risk Management adopted Global Flood Maps from RMS to provide an analytical view of flood risk in the Middle East and beyond. One year on from the end of the Government Trade Credit Reinsurance Scheme, trade credit insurer Atradius has confirmed that businesses are continuing to invest in cover to protect themselves from an uncertain future. New research from Aviva shows that more than half of over 55s want to see the benefit of giving significant financial help to their family while they are still alive, rather than leave an inheritance in a will-the findings come as other trends suggest a move away from leaving money to family only after death. GlobalData reported that Thailand's insurance industry is estimated to reach $36.1bn by 2026. The Federation of Small Businesses(FSB) in a new report said that small UK firms are calling for action as insurance premiums rise and coverage shrinks. UK Comprehensive car insurance premiums increased by 6%(£32) during the last 12 months according to the latest Confused.com Car Insurance Price Index in association with WTW.
WTW published a critical response to the Government’s consultation on Solvency II. Clear communication is key to insurance customer relations according to Insurance Europe. The Chartered Insurance Institute(CII) published a report detailing how it is future-proofing learning and placing membership at the heart of all it does .The Personal Finance Society’s(PFS) financial education programme held a record number of sessions since returning to schools last September.
Davies completed the acquisition of Asta at Lloyd’s. UK insurers will soon be on a path to be able to view all the past claims for an individual across home and motor as LexisNexis Precision Claims, a market-wide contributory claims database, starts accepting data from the insurance market. French insurer INTÉRIALE Mutual selected Clearwater Analytics to streamline its investment accounting operations. HSB created a new Commercial Division to provide a seamless service experience. Beazley, Travelers, and Marsh and McLennan reported second quarter and half year financials. There was a senior appointment at Argenta.



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