Of Special Interest


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26th March 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Lloyd’s announced a strong set of final financial results for 2022-the market’s profitable growth continued with Gross Written Premium(GWP) increasing by 19% to £46.7bn(£39.2bn), including 4% volume growth, an underwriting profit of £2.6bn(£1.7bn) and a combined ratio of 91.9–a 1.6 percentage point improvement and the strongest result since 2015. Swiss Re reported insured losses from natural catastrophes broke through the $100bn threshold again in 2022, and PERILS reported an initial insured loss estimate for the Kahramanmaras Earthquake sequence is TRY65.4bn. GlobalData reported that deregulating digital innovations will boost growth in the South Korean insurance industry, and that Spanish insurance direct written premiums are estimated to surpass $100bn in 2027.
"There are multiple, feasible and effective options to reduce greenhouse gas emissions and adapt to human-caused climate change, and they are available now" said scientists in the latest Intergovernmental Panel on Climate Change(IPCC) report. A new report from The Geneva Association looked at emerging Commercial Liability risk. Diversity, equity and inclusion(DEI) are priorities for the global (re)insurance industry-The Global Federation of Insurance Associations(GFIA) and its members are committed to encouraging and promoting them. Insurance Europe has published an article on the importance of saving for retirement to celebrate the start of Global Money Week.
Aviva UK recommited to a partnership with Majesco to improve underwriting profitability and risk mitigation tactics. Pete Smyth, vp of PlacingHub developer Ebix Europe, wrote a Guest article headed "Open your APIs: electronic placement is evolving." Utilising Sapiens IllustrationPro and ApplicationPro, US-based EquiTrust launched a new innovative product and process for Customer Acquisition in under 6 months. Zywave and its ClarionDoor rating and distribution solution joined AdvantageGo’s Ecosystem, enabling improved product distribution for rating in real time.
Chubb announced new Climate and Conservation-Focused Underwriting Standards for oil and gas extraction. Ping An remained the world’s most valuable Insurance Brand at $32.2bn despite a 25% fall. Financials included those from HDI Global, PartnerRe, SCOR Syndicates; and Ardonagh Group.


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