1st May 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, in its new sigma "Stagflation: The risk is back, but not 1970s style", the Swiss Re Institute forecasted a stagflation-like economic environment for 2022 and 2023, characterised by higher inflation and lower real GDP growth. Unlike the structural stagflation of the 1970s, this stagflation will be cyclical, with the slowdown in economic growth leading to lower but still very high inflation in 2023. For the insurance industry, claims inflation is expected to affect non-life insurers' profitability in 2022, leading to further market hardening in 2023. Global commercial insurance prices increased 11% in the first quarter of 2022, according to the Global Insurance Market Index released by Marsh, continuing a trend of moderating rate increases that began in Q1 2021. While this is the 18th consecutive quarter of increases, the rate of increase continues to moderate across most lines of business and in almost all geographies-however, cyber rates continue a steep rise.
The Intergovernmental Panel on Climate Change(IPCC) opened a four-day-long meeting of experts in Dublin, to advance preparations of the Synthesis Report, the final product of its Sixth Assessment Cycle. GFIA published its response to a consultation conducted by the Organisation for Economic Cooperation and Development (OECD) on its draft implementation framework for a global level of minimum taxation. The Prudential Regulation Authority(PRA) noted the publication by HM Treasury(HMT) of its consultation on the Solvency II Review.
Global investment in the InsurTech sector broke all records in 2021. Total funds invested, at $15.8bn, was the highest annual capital inflow ever–more than in 2020 and 2019 combined. The year’s 564-deal total is another record. New high numbers were also reached for international participation, unicorn creation, IPOs, and single-deal size (when Integrity Marketing Group raised an incredible $1.2bn in December), according to the inaugural Global InsurTech Report from Gallagher Re. Aviva is to partner with Tractable to bring the benefits of AI to motor claims, whilst TransUnion and LexisNexis Risk Solutions teamed up to offer powerful Credit Data to support the UK insurance market. Sapiens and Mindtree announced a partnership to lower risks and accelerate change processes for insurers. London Market reform technology specialist Ebix Europe launched its new platform–ExposureHub which it said was a technology milestone for re/insurance exposure management. Beazley and Cytora are to partner to streamline insurance for brokers and clients. Databarrracks warned that cyber warfare is entering the mainstream and businesses could be caught in crossfire without preparation-the cost-of-living crisis and the increase in cyberattacks reinforce the importance of cyber insurance, according to eacs. SiriusPoint announced an investment and partnership with tech company Broker Buddha.
First quarter financial releases included those from Chubb, Markel; Arch Capital, AXIS Capital, Everest Re, Lancashire; and WTW. The Chartered Insurance Institute(CII) appointed a new ceo and The Chartered Institute of Loss Adjusters(CILA) an executive director.





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