30th October 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, the Global Insurance Market Index released by Marsh indicated that Global commercial insurance prices increased 6% in the third quarter of 2022(down from an 9% increase in Q2). AXA released the ninth edition of its Future Risks Report-the global survey measures and ranks the evolution of perceptions of emerging risks, and is based on responses from a panel of 4,500 risk experts from 58 countries and a representative sample of 20,000 people from 15 countries. Moody's published its UK Insurance Outlook, commenting "The outlook on the UK property and casualty(P&C) insurance sector has changed to negative from stable, reflecting the adverse impact of high inflation on P&C underwriting profitability." The UK insurance industry is failing its customer base by taking a hard-nosed attitude to paying out on claims, according to a study of insurance disputes by independent insurance buyer and claim resolution expert, Mactavish.
The Global Federation of Insurance Associations(GFIA) responded to a consultation by the OECD on its draft revisions to the OECD-G20’s Principles of Corporate Governance. The Intergovernmental Panel on Climate Change(IPCC) will have a strong footprint during the 27th Conference of the Parties(COP27) of the United Nations Framework Convention on Climate Change(UNFCCC) in Sharm el-Sheikh in Egypt from 7th to 18th November 2022. Following the recent publication of a report on open finance by the European Commission’s Expert Group on a European Financial Data Space, Insurance Europe published an insight briefing which reiterated the industry’s key messages on this important topic. Insurance Europe separately also called for the EC to provide greater resources and visibility to European sectorial social dialogue, and welcomed the repeal of DMD, but warned on unintended consequences of the remaining provisions.
Duck Creek wrote about "Composable Technology: the key to unlocking improved customer outcomes". Guidewire announced Flaine, its latest cloud release. Leading UK insurers say having intelligent pricing capabilities is now essential to compete in the wake of FCA pricing reforms, according to a new white paper from Earnix. wefox, a leading European InsurTech, continued its investment in AI and innovation with a new tech hub opening in Milan.
Aegon reached an agreement with a.s.r. to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities. Antares received Lloyd’s approval for a 16% stamp increase in 2023, and E+S Rück, the Hannover Re subsidiary in Germany, considered further price increases unavoidable due to high inflation and major loss burden. Third quarter financials included those from Chubb, MAPFRE, and The Hartford; Arch Capital, AXIS Capital, Everest, Munich Re, and Swiss Re; Gallagher, and WTW.



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