Of Special Interest


[x] [x]

8th January 2023

Newslink Insurance Global Trends-Editor's Weekly Highlights

The first week of 2023, the 30th year of Insurance Newslink, started rather quietly, after a long holiday break, exacerbated by continuing transport strikes in the UK.
The Global Federation of Insurance Associations(GFIA) published its response to a consultation conducted by the International Association of Insurance Supervisors(IAIS) on its issues paper on operational resilience-GFIA generally welcomes the IAIS’ intention to promote good practices in operational resilience and agrees with the need for greater convergence in cyber governance and resilience-reporting requirements from regional and/or national supervisors could be further aligned-however, it is important to avoid imposing new requirements in jurisdictions where the IAIS’ objectives have already been met, such as in the EU with the Digital Operational Resilience Act. The GFIA also published its response to a consultation conducted by the Financial Stability Board(FSB) on cyber incident reporting-the insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives-any new initiatives should aim to encourage best practices and refrain from establishing new requirements, such as additional information channels or multiple layers of reporting-the GFIA takes the view that consistency in the terminology used across different legislation and texts will facilitate greater convergence in cyber incident reporting. A statement highlighted the Prudential Regulatory Authority(PRA's)recent invitation to UK insurance firms to recalculate the Transitional Measure on Technical Provisions under Solvency II. The International Underwriting Association(IUA) published its business plan for 2023, highlighting key challenges for London Market insurance companies in the months ahead-inflation, the need to recruit and train new talent, and the importance of contract clarity are all issues the association will be addressing with its members-the IUA’s Cyber Underwriting Group is developing a research paper on supply chain risk, whilst its Claims Strategy Committee will oversee a review of claims agreement procedures that aim to maintain a market-wide standard in claims processing.
Duck Creek Technologies announced a definitive agreement to acquire Imburse Payments, a Swiss-based modern payments platform. The insurance market will see greater partnerships with ILS fund managers as it transitions to Property, Casualty & Cyber according to CyberCube, whilst CNA Hardy launcheed enhanced cover for technology businesses with its advanced cyber suite. Chubb announced a Global Climate Business Unit to help combat and manage Climate Change, whilst InsurTech MGA Loadsure reported that it has received capacity backing from leading specialist international insurer Tokio Marine Kiln(TMK) to further enhance its data driven freight protection offering.


Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 30 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 56,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 36,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 30 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.