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2nd October 2022

Newslink Insurance Global Trends-Editor's Weekly Highlights

This week, Lloyd’s confirmed that technology vendors, ACORD Solutions Group, AdvantageGo, DXC Technology, TRACE, and Verisk, will introduce changes to their platforms to accommodate the new Blueprint Two solutions for the London Market. Following the financial market's reaction to the UK Chancellor['s Mini Budget, Moody's said they expect that large UK life insurers would have been able to absorb the cash collateral requirements within their liquidity buffers, and that they are well positioned to navigate possible additional volatility when the Bank of England scales back its intervention. Paying the ransom is still the most common response to a ransomware attack according to research by Databarracks. Marsh reported that employee mental health and wellbeing, financial uncertainty and health and safety are top risks for UK small and medium-sized businesses. GlobalData reported that Japanese life insurers face a tough road ahead over the next five years, and climate change and regulatory developments are to drive the South Korea reinsurance industry to reach $11.9bn in 2026.
The Financial Conduct Authority(FCA) said it was concerned that as pressure mounts on household budgets some customers may cut-back on the insurance they need, leaving them without protection. The Reinsurance Advisory Board(RAB) published its comments on the Central Bank of Ireland’s(CBI) consultation paper on its guidance for (re)insurance undertakings on intragroup transactions and exposures. WTW announced RMI(formerly Rocky Mountain Institute) as a Governance Committee Member for the Climate Transition Pathways(CTP) accreditation framework. The new president of the Personal Finance Society(PFS), Caroline Stuart, called for more people to join the financial planning profession, saying it is an essential priority for the future.
Duck Creek Technologies announced the expansion of its Producer solution to UK/EMEA markets. A report from Verisk estimated that the global average annual insured losses from extreme events could rise to in excess of $120bn. Xempus extended its Series D investment round with the addition of InfraVia Growth to its investor base, and wefox called on the insurance industry to improve customer experience. Acrisure acquired UK-based CRK Commercial Insurance Services, Optio established an MGA and broking operations in Dubai, and QIC Global announced its intention to align its core companies under the Antares name. John Q Doyle was named president and ceo, Marsh McLennan effective !st January, taking over from Daniel S Glaser who will retire at year end. There were also senior appointments at Canopius and SiriusPoint.


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