Of Special Interest


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3rd October 2021

Newslink Global Trends-Editor's Weekly Highlights

This week, Aon announced the results of its recent survey, "A New Approach to Volatility: The Importance of Making Better Decisions". More than 18 months since the global outbreak of the COVID-19 pandemic, Aon surveyed 800 C-suite leaders and senior executives in the US, the EU, the UK and Canada to reveal how organisations are preparing for and responding to interconnected risks. The survey follows Aon's research conducted in 2020, and reveals that a year later, business leaders have a renewed confidence in the economy and a greater appetite to embrace calculated risks. The pandemic reordered the cyber risk landscape and caused economic and insured losses from cyber to skyrocket-in a report published this week-"Cyber Risks In A New Era: Reinsurers Could Unlock The Cyber Insurance Market"-S&P Global Ratings said that demand for cyber re/insurance coverage has increased significantly, mainly because of a heightened awareness of cyber risks. Protected cell company formations have risen amid increased use of captive insurance said a Marsh report. The Geneva Association released a new report-"Digital Entrepreneurship and the Supportive Role of Insurance".
An IAIS Global Insurance Market Report provided the first quantitative study on the impact of climate change on insurers’ investments. The UK Productive Finance Working Group published a series of recommendations which could facilitate greater investment in longer-term, less liquid assets. Insurance Europe replied to EFRAG on the EU Sustainability reporting standard, responded to the EC on the functioning of the securitisation framework in the EU, and on the proposal for an EU Green Bond Standard(EUGBS).
Why does it take over a year for some insurers to deploy a new product?-a Duck Creek commissioned survey was discussed. Cover Genius secured $100m AUD in a Series C round, Ecclesiastical announced a multi-year partnership with CytoraInsurance, and connected motor InsurTech Ticker and Abacai Group are to partner to extend capacity and enhance pricing sophistication. Norway-based Gjensidige Pensjonsforsikring(GPF) selected Sapiens to empower its digital transformation, and Storebrand adopted Munich Re Automation Solutions’ cloud-based digital services solution to automate life underwriting decisions. In the US, the Andover Companies selected Majesco’s LossControl360 for Commercial and Personal Lines to enable underwriting innovation, and Praedicat launched Company Risk Score to underwrite liability emerging risk.
Allianz completed the acquisition of Aviva Italia, and Allianz Suisse Life and Resolution Re agreed on an innovative reinsurance solution for its legacy portfolio of individual life products. Oman Insurance Company received “in principle” approval for first Lloyd’s SIAB(Sydicate in a Box) in the Gulf Co-operation Council. There were senior appointments at R&Q and SiriusPoint whilst GRS expanded in the Middle East with a UAE team. The Chartered Insurance Institute ceo, Sian Fisher, is to step down next year after five years overseeing major changes.

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