3rd July 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, the latest Swiss Re report said that the 2021 resilience recovery was at risk with the 2022 forecast dampened by persistently high inflation and economic slowdown. S&P Global Ratings highlighted that European growth is to worsen into 2023, with insurance holding up amid highly challenging conditions. Lloyd's warned that physical infrastructure was at growing risk of geopolitically motivated cyber-attacks. The COVID-19 pandemic has dramatically accelerated the projected the timeline for many developments in healthcare and medical science reported Allianz Partners. An analysis by WTW indicated that vlnerability was a key driver of emerging-world climate policy commitments. GlobalData reported that Mexico’s general insurance industry is estimated to reach $26.1bn by 2026.
Insurance Europe said that the European Commission(EC) efforts to improve consumer rights compliance was welcome but more must be done to promote awareness of dispute resolution mechanisms. The Microinsurance Network(MiN) published its Annual Report for 2021.
Guidewire announced the UK results of its annual EMEA Insurance Consumer Survey-in the face of economic pressure insurance customers may cut back on certain types of insurance coverage-customers are also choosing flexible insurance policies due to lifestyle factors instead of price. Majesco announced the availability of a new report- "Underwriting and Loss Prevention: Tackle Rising Insurance Costs with Enhanced Customer Experience Leading to Improved Insurer Profitability". Duck Creek Technologies announced it had agreed to acquire Prima XL, France-based Prima Solutions’ flagship commercial reinsurance technology solution-Prima XL will further enhance Duck Creek’s value to current and future customers by simplifying reinsurance management-the transaction terms also include an agreement by Duck Creek to purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace. US-based Insight Risk deployed the Beyond Policy Administration Platform from ChainThat, Helvetia selected NeoXam to support the continued expansion of its asset management business, and McKenzie Intelligence Services and geo-data specialist Fugro announced a key partnership. Verisk named Tim Rayner president of its London Market-based Specialty Business Solutions business.
SiriusPoint responded to S&P’s CreditWatch, Fusion Specialty expanded its global M&A insurance footprint with senior industry hires for launch in the London Market, and Compre issued subordinated debt to support growth ambitions. Acrisure Re partnered with Mumbai-based Mahindra Insurance Brokers in a preferred broker agreement. Gallagher Re invested in a climate risk resilience and adaptation offering with a new global practice. Marsh launched its Cyber Incident Management service to assist UK and European clients in responding to cyber events, added Beazley to its ESG Risk Rating roster, and also reported that more D&O insurers are willing to offer better coverage to businesses with robust ESG frameworks. There were senior appointments at BMS, Gallagher Re, and WTW.




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