5th February 2023

Newslink Global Insurance Trends-Editor's Weeekly Highlights

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This week, S&P Global Ratings published its 2023 insurance sector views. Global commercial insurance prices increased 4% in the fourth quarter of 2022(down from a 6% increase in Q3 and a 9% increase in Q2) according to the Global Insurance Market Index released by Marsh. Shifting geopolitical alignments are creating significant disruption for global business according to the WTW Report-"Mapping the New Geopolitical Divides". At $1.01bn, global InsurTech investment fell in the fourth quarter of 2022 to its lowest quarterly level since Q1 2020, and declined 57% from the third quarter of 2022, according to the latest Global InsurTech Report from Gallagher Re. A new report from Fadata highlighted that the insurance industry is undergoing significant transformation-yhe competitive pressure and increasing market and customer demands in the industry, as well as new players and business models threatening the established core business, are driving consistent innovation-however, modernising and digitising remain the top challenges for insurance companies.
The Lloyd’s Market Association(LMA) outlined its strategic priorities for 2023-Engage with and deliver Future at Lloyd’s-Support and deliver technical expertise-Support regulatory change-Develop and deliver technical training, and Increase member engagement. The Global Federation of Insurance Supervisors(GFIA) wrote to the Argentinian insurance supervisor(SSN) to express concerns about the fact that recently implemented rules have begun causing serious issues with the payment of reinsurance premiums to foreign companies. Insurance Europe told the European Commission(EC) that it should remove the transition period and vehicle spare parts exclusions from its Design Directive proposal-it also said that insurers must remain outside the scope of the Cyber Resilience Act.
Boston Mutual Life selected Majesco to modernise its core business platform and advance customer experience and engagement, whilst MS Amlin Insurance chose Sapiens for transformation of its Commercial Lines operations across Belgium, France, and Holland. Swiss Re Corporate Solutions announced that it will provide PULSE & Network solutions to the UNIQA Group which will provide a single online platform to manage and deliver structured and compliant international programmes.
The current Reinsurance Business Unit at Swiss Re is to be split into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes. Amwins Global Risks acquired Roberts Armytage & Partners(RAP), and Optio Re MENA Ltd. commenced trading. WTW launched CyXS, a new cyber facility providing capacity and efficiency for WTW clients. Financial reports included those from Chubb, The Hartford; Hannover Re, and RenaissanceRe. There were senior appointments at Swiss Re, Marsh McLennan, omni:US, and io-insure.




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