Of Special Interest


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23rd October 2022

Newslink Global InsuranceTrends-Editor's Weekly Highlights

This week, Swiss Re estimated preliminary claims from Hurricane Ian at approximately $1.3bn-a Group net loss of approximately $0.5bn for the third quarter is forecast. Other reinsurers publishing Ian estimated insured losses included Arch Capital, AXIS Capital, and RenaissanceRe. UK comprehensive car insurance premiums have increased sharply by 14%(£72) since the third quarter of 2021, with UK motorists now paying £586 on average, according to the latest Confused.com Car Insurance Price Index in association with WTW.
The Lloyd's Market Association(LMA)published Consumer Duty guidance for managing agents, its implementation simplified by previous application of Financial Conduct Authority(FCA) rules to the insurance industry. The Prudential Regulation Authority(PRA) imposed a financial penalty on MS Amlin Underwriting(MSAUL) of £9,695,000 for failing to comply with its regulatory obligations relating to its governance and oversight of underwriting, underwriting controls, management information, data quality, and risk management strategies and systems-these failings took place in the period between 1st September 2014 and 31st December 2019.
Singapore-based InsurTech bolttech secured Series B investment to continue the company's rapid global growth. Liberty Specialty Markets(LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, deployed Guidewire to automate its claims management and reinforce its London Market position. US-based Associated Insurance Administrators(AiA) announced the roll out of their new digital agent portal for workers’ compensation insurance, built using INSTANDA’s no-code, SaaS platform.
Compre continued to build MedMal specialism with the acquisition of Covea Irish subsidiary Medical Insurance Company DAC(MIC). Marsh McLennan reported third quarter results. There were senior appointments at Allianz Trade, Pool Re, Scor, Verisk, and Zywave.


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