6th March 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, scientists said in the latest Intergovernmental Panel on Climate Change(IPCC) report that human-induced climate change is causing dangerous and widespread disruption in nature and affecting the lives of billions of people around the world, despite efforts to reduce the risks-people and ecosystems least able to cope are being hardest hit. Nicolas Jeanmart, head of personal and general insurance at Insurance Europe, said “Insurance Europe fully supports the need for a very strong focus on adaptation." Many global firms are still failing to prioritize environmental, social, and governance(ESG) risks in the boardroom, which is creating worrying gaps in their evaluation and mitigation of these mounting hazards, according to research published by Marsh.
The Global Federation of Insurance Associations(GFIA) published the results of its Inclusive Insurance Survey, which collected information from 22 countries and examined how insurers are making insurance more inclusive around the world. The GFIA also published its response to a consultation by the Organisation for Economic Co-operation and Development(OECD) on its recommendations regarding G20/OECD High-Level Principles on Financial Consumer Protection. Insurance Europe responded to a consultation by the European Insurance and Occupational Pensions Authority(EIOPA) on certain aspects relating to retail investor protection. The Financial Conduct Authority(FCA) said new restrictions are to apply immediately to claims management companies(CMCs) to prevent them from charging excessive fees to consumers owed compensation from financial services firms. According to research by GlobalData, the new FCA pricing rule for personal lines will make it harder for insurers to win new business.
Ageas UK appointed EIS to power its digital business transformation. P&C customers will have access to more comprehensive hazard solutions through Duck Creek and CoreLogic’s expanded relationship, Otonomo is to acquire The Floow, SSP has teamed up with Percayso Inform to broaden its data enrichment capabilities, and Verisk acquired InsurTech AIS adding motor liability decision automation to its claims ecosystem. Silverlake AXIS formed Fermion Group, an entity headquartered in Singapore, to deliver state-of-the-art technological solutions to establish insurance value chains.
HDI Global is supporting customers with tailormade Cyber Security services for protection against cyber-attacks. Pool Re completed its expanded terrorism retrocession placement, and DARAG acquired a Guernsey reinsurance captive. 2021 financial reports included those from Admiral, Ageas, Aviva, esure, Hiscox,IGI, and Liberty Mutual; Enstar, PartnerRe, and SiriusPoint. There were senior appointments at Lloyd's, Optio, DARAG, and Marsh.



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