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25th September 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, following the UK Chancellor's Mini Budget highlighting major tax cuts, the director general of the Association of British Insurers said "we welcome the move to focus on growth and making our economy one of the most competitive in the world. As the Chancellor recognised, more can be done to unlock investment and the insurance and long-term savings industry has a vital role to play as institutional investors. We have long called for regulatory change to enable our sector to invest more in infrastructure that supports growth and the transition to Net Zero, and we look forward to hearing from the Government on Solvency II reform later in the autumn. We will continue to work with HM Government, regulators and our members to ensure this final plan meets everyone’s objectives.”
A new report from Bloomberg Intelligence(BI) on the UK bulk annuity market, called "Bulk Annuity Drivers", found that bulk-annuity volume in H1 was double last year's, with some commentators expecting £30-£40bn by end-2022. Marsh McLennan published a report headed "Embracing Nature-How Businesses can Engage with New Environmental Imperatives"-Marsh also announced that US clients now have the option to pay their Marsh service fees in voluntary carbon offset credits and renewable energy certificates(RECs). Moody’s published a note outlining its key takeaways from the Monte Carlo Rendez Vous Reinsurance Conference 2022.
The Chartered Insurance Institute(CII) launched the Professional Map, a competency framework for insurance and personal finance professionals to progress their careers-recognising professionals in all sectors share common behavioural approaches and skills, but need role specific technical expertise, the Professional Map exists in separate editions for personal finance and insurance. The Personal Finance Society(PFS) and the Chartered Insurance Institute(CII) also reached an agreement in principle on a range of matters. The Financial Conduct Authority(FCA) set out a range of recommendations and other potential remedies designed to give leaseholders greater protections from high prices and ensure the buildings insurance market operates better for leaseholders.
Aeolus and SUNY Albany announced research collaboration aimed at innovating hurricane prediction, whilst Zywave and Salesforce are partnering to unite US insurance agency sales and service functions through customised connected workflows. DQPro introduced a powerful, flexible API for the global re/insurance sector: DQPro ConnecT. FRISS launched the industry's first Trust Automation Platform, the new Sapiens Decision Automated Logic Extraction(ALE solution is claimed to reduce Legacy System Transformation costs by 50%, and Slovenian insurer Vita selected Lumera as its strategic AI & automation partner. Dale Partners received approval from the PRA, FCA and Lloyd’s to establish its managing agency and appointed four independent non-executive directors. SiriusPoint and Workers’ Comp MGA Insurate announced a partnership. WTW and the University of Cambridge’s Centre for Risk Studies unveiled a revolutionary Airport Risk Index(ARI)-for the first time, the world’s airports will be able to introduce new risk profiling methods to future proof their resilience planning. There were senior appointments at BILTIR.


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