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9th October 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, RMS reported twice on Hurricane Ian US insured losses-its latest best estimate is around $67bn-S&P Global Ratings said insured losses wlll likely be substantial but manageable. Lloyd’s, in partnership with the Lloyd's Market Association(LMA), announced it will collaborate with the UK Government and leading industry experts on the development of the Earth & Space Sustainability Initiative kitemark. One in five UK motorists are giving up their car due to the cost of living crisis, according to Forbes Advisor, whilst according to PwC research, poor digital experience is a pain point for some UK insurance customers. Sustainability was the least important factor for UK SMEs when choosing insurance as inflation takes precedence, according to GlobalData research.
The Global Federation of Insurance Associations(GFIA) welcomed UK progress on OECD tax rules, but highlighted the need to align implementation with other tax jurisdictions. Insurance Europe welcomed The EU Data Act proposal, but said rules must boost data portability, ensure a level playing field, and align with GDPR. A Financial Conduct Authority(FCA) review of business interruption claims handling welcomed insurers quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims following the test case judgment handed down by the Supreme Court last year-but the FCA also raised concerns over how firms handled claims from vulnerable customers, record-keeping of policy wordings, and identifying where customers experienced unnecessary delays. A new issue brief from The Geneva Association identified the benefits, risks and implications of advanced data collection and use by insurers as well as recommendations. The Chartered insurance Institute(CII) elected Russell Higginbotham, ceo of Swiss Re Solutions, as president for 2023.
Earnix reported that the first phase of its solutions have been deployed by Perth-based RAC Insurance Pty Ltd, a wholly-owned subsidiary of the Royal Automobile Club of WA(RACWA), integrating with Sapiens' policy administration system. Majesco announced the acquisition of Global IQX, a SaaS-based InsurTech.
Lemonade launched in the UK-partnering with Aviva as reinsurer. US-based Protecdiv launched a tool designed to measure and report the “Social” component of ESG (Environmental, Social, and Governance) on the liability side of a balance sheet. Arcadian Risk Capital received regulatory approval for its London and Dublin companies, and Ariel Re was granted approval for a Lloyd’s Managing Agent. HDI Global brought together its portfolio steering teams in Property lines. There were senior appointments at Guidewre, Canopius, CNA Hardy, and IGI.


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