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7th August 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This Week, UK regulators approved a second Lloyd’s Protected Cell company building on the success of London Bridge Risk, whilst Swiss Re announced the launch of its new investment advisory company and wholly owned subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation(SRILIAC), a SEC registered investment adviser. Swiss Re Institute highlighted that floods and storms drove global insured catastrophe losses of $38bn in the first half of 2022. S&P Global published a report headed "P/C Insurers In Emerging Global Markets: Risks Remain As The Economic Recovery Slows". Commercial insurance prices increased 9% in the second quarter of 2022(down from an 11% increase in Q1), according to the Global Insurance Market Index released by Marsh-continuing a trend of moderating rate increases that began in Q1 2021. Global investment in the InsurTech sector of $2.41bn in Q2 2022 was 8.3% greater than the total in Q1, but still 50.2% below 2021’s record-breaking second quarter, according to a new report by Gallagher Re. Research by GlobalData highlighted that four leading price comparison websites dominate UK’s motor insurance market-the research company also reported that marine, aviation and transit insurance in Asia-Pacific is estimated to surpass $16bn in 2026. Aviva in the third of its guest Opinion articles indicated that the Bank of Grandma and Grandad is helping younger people in the UK to get on the property ladder for the first time.
The Financial Conduct Authority(FCA) will be recruiting to fill more than 100 new roles based in Leeds. Insurance Europe has responded to a consultation conducted by the International Sustainability Standards Board(ISSB) regarding exposure drafts of two International Financial Reporting Standard(IFRS) Sustainability Disclosure Standards(SDS)-it also said that lessons learnt from the PSD2 review must be applied to future EC open finance proposals, and also reported that the European Commission(EC) proposal for European Health Data Space was welcomed but further work was needed to avoid legal uncertainty.
EIS, the global core system and digital insurance platform provider, announced its acquisition of Metromile’s Enterprise Business Solutions(EBS), a SaaS-based claims automation and fraud detection solution, from Lemonade. Asta announced that the management of award winning Parsyl syndicate-in-a-box(SIAB) 1796 has transferred from Ascot Underwriting, and NuVenture International launched Product Recall insurance specialist MGA BluNiche. Fidelis became a member of ClimateWise, and IGI announced ita intention to acquire Norway-based MGA Energy Insurance Oslo. The latest financial reports included those from Allianz, AXA, CNA, Direct Line, Generali. Hiscox, and Intact Financial; Greenlight Capital Re, Hannover Re, PartnerRe, and SiriusPoint; and Aon and Gallagher.


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