18th April 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, the chairman of the Global Federation of Insurance Associations(GFIA) said tackling protectionism will help underpin G20 efforts to address climate change risks, whilst a new report from the Geneva Association-"Climate Change Litigation-Insights into the evolving global landscape" was published, and Willis Towers Watson expanded its climate offering with the launch of new physical risk diagnostic tool. Lloyd's Lab announced its sixth cohort with a focus on product simplification and climate-Lloyd's is to invest in building digital delivery capability and open a new hub in Manchester. Willis Re reported that the total capital dedicated to the global reinsurance industry measured $658bn at year-end 2020 reflecting 7% year-on-year growth.
Sequel Business Solutions and ACORD announced a joint initiative to create expanded data standards to benefit the London Market and the global insurance ecosystem. These standards, which will enable a variety of business activities including placing, underwriting, and distribution, will be based on assets donated by Sequel to the industry through ACORD-the latest Sequel Re upgrade announced earlier in the week aims to enhance competitive advantages for Lloyd’s and London Market underwriters. Praedicat launched a new scenario platform, and BMS announced its Pathlight AnalyticsTM platform to support clients. Bluesky announced that MetroVista Mesh Models underpin its dynamic Map of London. Texas Mutual took a step forward in its digital transformation with investment in Duck Creek Distribution Management, FRISS acquired Terrene Labs to expand underwriting efficiency, and Zywave's latest acquisition is risk management solutions provider Enquiron. Willis Towers Watson launched Radar Workbench to transform the capability of commercial underwriting, and Ascot Bermuda joined the TradEd platform.
SCOR performed strongly at the 1st April renewals. Piiq’s IFLI successfully closed the first insurance-backed aviation finance transaction, and Ardonagh announced a cross class follow capacity solution with Beazley. There were senior appointments at Apollo, Liberty Specialty, and Lloyd's.




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