17th July 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

Trend

• Tweet
• Share on Facebook
• Share on LinkedIn

This week, Swiss Re Institute's latest World Insurance sigma forecasted strong global insurance market growth in 2022 and 2023 with total premium volumes expected to rise above $7tr in nominal terms for the first time ever by the end of this year-however, the combination of a sharply slowing global economy and a multi-decade-high inflation will weigh on total premium growth with an expected below-trend 1.2% annual average growth in real terms over the two years-rising claims costs are seen extending rate hardening, the latter improving underwriting profitability and underpinning premium growth in 2023-furthermore, rising interest rates will over time also support industry profitability by yielding higher investment returns. S&P Global said that EMEA insurers have so far proved resilient against the geopolitical turmoil caused by the Russia/Ukraine war, the resulting uncertainty around energy supply,and China-based supply chain issues affecting manufacturing-these factors have affected European countries' GDP, consumer price indices, and long-term rates. Gallagher Re reported that Internal and external challenges facing Lloyd’s remain critical concerns, despite its positive trajectory in performance, momentum of market reform and marked return to profitability in 2021-this was the first annual report from Gallgher Re on Lloyd's which intends to track the market’s capital and profitability. WTW warned that UK motor claims inflation is expected to accelerate in 2022. GlobalData projected the growth of personal accident and health insurance in the US, life insurance in India, and general insurance in Taiwan, in three separate reports.
The Prudential Regulatory Authority(PRA) published "CP10/22 Insurance special purpose vehicles: Further updates to authorisation and supervision." The Personal Finance Society(PFS) in the UK is to appoint an interim ceo. The European Commission(EC) open finance framework should focus on a level regulatory playing field and ensuring consumer control of their data, said Insurance Europe who separately said insurers are supportive of the EC intention to repeal DMD-remaining rules, but need to ensure consumers can easily access insurance protection at distance.
Allianz Global Corporate & Specialty(AGCS) is to target multinational insurance with a new set-up and dedicated investments. DeNexus further expanded its cyber risk modelling operations into Europe with the opening of an office in Switzerland, Loadsure rebranded and launched a significant platform update, and SiriusPoint announced a strategic partnership with MGA Alta Signa. Superscript is to partner with Virgin Money to bring insurance to business banking customers, whilst German InsurTech wefox closed a funding round of $400m raising its valuation to $4.5bn. WTW boosted its climate risk analytics expertise with the acquisition of Butterwire. There were senior appointments at Catalina and PartnerRe.


-NEWSLINK GLOBAL TRENDS DATABASES-A STRATEGIC PERSPECTIVE-
REGISTER FOR A 14 DAY FREE TRIAL TO ASSESS OUR GLOBAL TRENDS SELF-SERVICE AND CREATE SPEEDY REPORTS at onlystrategic.com

Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 29 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 55,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 36,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 29 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.