31st July 2022

Newslink Global Insurance Trends-Editor's Weekly Headlines

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This week, Lloyd’s in collaboration with Aon, published ‘Ukraine: A conflict that changed the world’-the new report examines the wide-ranging and long term impacts that the conflict in Ukraine could have on businesses, and the steps they can take to mitigate these risks. Munich Re reported that in the first half of 2022, natural disasters caused overall losses of $65bn, with slightly more than half insured. S&P Global Ratings said that cyber insurance is the fastest-growing subsector of the insurance market, though much of the recent expansion has been driven by substantial rate adjustments rather than increases in the size or volume of contracts. GlobalData’s latest report, ‘Australia General Insurance: Key Trends and Opportunities to 2026’, estimates the paid claims of Australia’s property insurance segment is to increase at a compound annual growth rate of 4.0% from AUD6bn($4.5bn) in 2021 to AUD7.3bn($5.5bn) in 2026.
BILTIR formed a Global Advocacy Committee to promote Bermuda’s life insurance sector internationally. The Financial Conduct Authority(FCA) confirmed its plans to bring in a new Consumer Duty, which will fundamentally improve how firms serve consumers. It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.
The first flush of second quarter and first half financials started to flow with the usual predominance of reinsures-Laurent Rousseau, ceo of SCOR, commented “H1 2022 has been marked by a series of exceptional events both in Life&Health and in Property&Casualty, which have negatively impacted our financial performance." Swiss Re reported net income of $157m in first half of 2022 with a Q2 profit of $405m. Other companies reporting financials included Arch Capital, AXIS Capital, Conduit, Everest Re, Lancashire, and RenaissanceRe: Chubb, Fairfax Financial, The Hartford, and MAPFRE; and WTW. Fidelis is to separate its business to create a new managing general underwriter, Liberty Mutual completed the acquisition of Malaysian insurer AmGeneral, and BMS Re acquired Calomex, entering Mexican surety treaty market.




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