Of Special Interest


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19th March 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Hurricane Ian and secondary perils dominated the Moody’s RMS 2022 Catastrophe Review, whilst a new report by the Global Federation of Insurance Associations(GFIA) identified and quantified the most significant—and growing—annual global protection gaps: $1tn for pensions; $0.9tr for cyber; $0.8tr for health and $0.1tr for natural catastrophes-The GFIA report identifies the factors driving these protection gaps both on the demand and the supply side, including why certain risks can be very difficult to insure completely, and also provides an overview of the wide range of potential levers that can be used by a broad variety of stakeholders to address the gaps. PERILS released its final loss estimate for the Eastern Australia floods of February-March 2022. Lloyd’s, jointly with WTW, published a report on the risks to semiconductor supply chains-an industry estimated to have a market value of nearly $600bn and supporting a $2.2tr electronics sector that in turn drives almost $90tr of global GDP.
Following the UK Chancellor's Budget Statement on Wednesday, the Association of British Insurers(ABI) commented on measures related to the insurance and long-term savings industry. The Intergovernmental Panel on Climate Change(IPCC) held its meeting to approve the Synthesis Report to the Sixth Assessment Report.
Digital MGA Acquinex selected mea to automate their submissions processing, a move that will see the company leveraging mea's platform to automate submissions intake process and increase compliance scrutiny. InsurTech Qover's embedded insurance orchestration platform is gaining traction with major automotive and new mobility players.
Allianz Group announced that it will serve the global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial. Intangic MGA launched its innovative cyber parametric policy with backing from AXA XL, and IGI announced the completion of the acquisition of Norway-based MGA Energy Insurance Oslo. Financial reports included those from Direct Line. Generali, MAPFRE, Phoenix Group, and Prudential. Lloyd’s announced a number of changes to its Executive Committee, which strengthen the Corporation’s strategic focus in 2023 to deliver against its priorities of performance, digitisation, purpose and culture-Bob James, previously Lloyd’s Market Transformation director, assumed the role of coo for Lloyd’s with immediate effect, and will focus on aligning the Blueprint Two programme with the wider Corporation Operations function.


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