Of Special Interest


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29th January 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, with six months to go before the Consumer Duty comes into force, the Financial Conduct Authority(FCA) published a review of how firms are planning to implement the Duty. The Prudential Regulation Authority(PRA) warned of “gaps” and “limitations” in cyber modelling in a letter to major insurers, whilst the Lloyd's Market Association(LMA) Cyber War working group updated Cyber War & Cyber Operation clauses. The ClimateWise Principles Review 2022 indicated steady progress and highlighted the need for insurers, reinsurers and brokers to become long-term partners to the real economy. Delays to adoption of the EU legislative proposal on access to in-vehicle data must end, according to Insurance Europe, who also commented that time and further regulatory clarification on sustainable finance framework is needed to address greenwashing risk, not new rules.
UK comprehensive car insurance premiums increased sharply by 19%(£100) during the last 12 months, with UK motorists now paying £629 on average, according to the latest Confused.com Car Insurance Price Index in association with WTW-meanwhile, Direct Line ceo Penny James stepped down as ceo and director with immediate effect after a challenging fourth quarter and no final dividend.
Davies expanded its global technology offering with the acquisition of US claims management software provider ClaimPilot, Hiscox is partnering with Verisk Specialty Business Solutions to implement Sequel Claims, and Moody’s RMS estimated $5-7bn in total US economic losses from California flooding. Majesco announced the availability of a new consumer research report-"Enriching Customer Value, Digital Engagement, Financial Security and Loyalty by Rethinking Insurance". In a guest articles, Martin Henley, ceo at mea, expresses concern that the HM Treasury Edinburgh Reforms could spell the end of technology investment in the insurance sector. Juniper Research reported that 5G IoT connections are estimated to surpass 100mn for the first time globally by 2026-achieving 1,100% growth over three years.
Acrisure Re’s Facultative Division expanded into the Polish market through a Preferred Partnership Agreement with Smartt Re, and Conduit Holdings reported significant premium growth through new business and renewals, with a year-on-year change of circa 60%. There were financial reports from Travelers, AXIS Capital; Gallagher, and Marsh McLennan. Swiss Re's CRO Thierry Léger was appointed CEO of SCOR, and there were other senior appointments at HDI Global, HSB, Swiss Re Corporate Solutions, and Resilience.


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