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28th November 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Beazley research indicated that environmental risks rank bottom of business leaders’ concerns. Kapsch Trafficom said the COP26 Glasgow Climate Pact is ambitious, but not enough-commitments amount to 4.8 billion mt of CO2, while they need to fall by 12.5 billion mt in 2030 to get on track with a 2°C goal, according to the UN. For cities, the main drivers of emissions, digital traffic management, is a valuable tool to reduce emissions while improving air quality-cities like Austin or Madrid already take action and benefit from such measures today. A new study from Juniper Research has found that the global volume of EV charging sessions, where an EV's battery is charged using a charging point, will exceed 1.5 billion per annum in 2026, from just 200 million in 2021. This remarkable growth rate of more than 665% over the next five years will be driven by greater government incentives for electric vehicles, as well as more widespread charging service availability. Marsh Commercial research indicated UK SMEs risk a false sense of security as gaps in risk management remain.
The Financial Conduct Authority(FCA) has reformed its decision-making process to ensure it can make faster and more effective decisions for consumers, markets and firms, and also announced proposals to improve outcomes for non-workplace pension customers. The International Association of Insurance Supervisors(IAIS)28th AGM and Annual Conference reflected on key achievements in advancing the IAIS Strategic Plan 2020-2024 and focussed on evolving trends impacting the insurance sector. Insurance Europe welcomed the publication of IFRS 17 in the Official Journal of the EU.
Duck Creek Technologies announced further continued investment in the Australian insurance market, and in the US,IncubEx acquired Insurwave, and Majesco reported general availability of the version 12 of its P&C Core Suite, including Policy, Billing and Claims. in Spain, Reale Vida partnered with Munich Re to enhance digital life insurance underwriting, and Swiss Re is to work with TCS to develop a resilient and futuristic digital workplace. Willis Towers Watson and CodeEast plan to bring a new digital solution to the global insurance market.
Allianz is investing E1bn in the roll-out of fibre network in Austria to reach customers, and Generali and Credit Agricole announced exclusive negotiations for the acquisition of La Medicale. Lloyd’s launched its first retail parametric cyclone insurance product-in Northern Australia. Apollo received Lloyd's approval for standalone Syndicate 1971, the MPS syndicate is to open for trading, and Brit completed its loss portfolio transfer(LPT) agreement with RiverStone International. Pool Re ceo Enoizi is to step down in Spring 2022.

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