Of Special Interest


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30th January 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Lloyds’ published the second edition of the Blueprint Two Interactive Guide and roadmap, designed to inform the planning and implementation of the digital solutions that will transform our market, making it better, faster and cheaper for all market participants-launching the guide represents a key milestone in the Future at Lloyd’s programme, following the signing of the DXC contract announced earlier this month. MIC Global received ‘in-principle’ approval from Lloyd’s for the creation of MIC Global Insurance Syndicate in a box Syndicate)-MIC Global is a pioneering InsurTech providing end-to-end digital micro insurance products. WTW and Thatcham Research announced a new partnership that combines their data and analytical capabilities to deliver a more comprehensive understanding of the impact of increasingly advanced vehicle technologies on claims risk, whilst GlobalData reported that the UK Law Commissions’ final report on autonomous vehicles will help eliminate grey areas for insurers. Tractable joined Guidewire PartnerConnect Solution Alliance Ecosystem to help insurers expedite motor claims processes, and Canadian insurer TD Insurance(TDI) expanded its AI fraud prevention programme with FRISS.
Aon published its 2021 Weather, Climate and Catastrophe Insight report which evaluated the increasing frequency and severity of disruptive natural disasters and how their resulting economic losses are protected globally-the report reveals a total of $343bn in economic losses in 2021, $329bn of which resulted from weather and climate-related events, making last year the third costliest year on record after adjusting for inflation. While losses were up from 2020, the number of notable disaster events slightly decreased, demonstrating the heightened costliness and severity of these events-of the 2021 losses, only 38% were covered by insurance. Switching for cheaper motor insurance is becoming harder for 77.8% of UK motorists as providers increase premiums, according to a GlobalData survey-GlobalData also forecasted that the insurance industry in South Korea is to reach $229.5bn in 2025.
The Global Federation of Insurance Associations(GFIA) published a set of key principles related to the use of innovative technology by supervisory agencies to support supervision. Insurance Europe published its response to a consultation by the International Association of Insurance Supervisors(IAIS) on the development of liquidity metrics, warning against over-engineering monitoring tools. The Prudential Regulatory Authority(PRA)issued a letter to UK life and general insurers requesting technical input for the Insurance Stress Test 2022. Regulation is the biggest challenge to the way financial advisers work in 2022, according to a Personal Finance Society poll. In its 2022 Manifesto: Managing Risk, the British Insurance Brokers’ Association(BIBA) explained why managing risk is essential in six key areas.
UniCredit and Allianz signed a multi-country Framework Agreement setting the basis for enhanced collaboration, benefiting clients of both companies and building on the companies’ longstanding and highly-successful bancassurance partnership since 1996. SiriusPoint invested in Honeycomb, a disruptive US ‘people-focused, tech-driven’ multi-family home insurer, and Canadian digital life insurer PolicyMe. Reporting on fourth quarter and full year 2021 financials started to flow-they included Travelers: AXIS Capital, RenaissanceRe; Gallagher, Howden, and Marsh McLennan. There was a senior appointment at Marsh. The Cambridge Centre for Risk Studies(CCRS) at the University of Cambridge Judge Business School appointed Pool Re ceo Julian Enoizi as executive-in-residence.

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