Of Special Interest


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4th December 2022

Newslink Global InsuranceTrends-Editor's Weekly Highlights

This week, the Swiss Re Institute reported that Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US resulted in an estimated $115bn of natural catastrophe insured losses this year to date-2022 is the second consecutive year in which the estimated insured losses total more than $100bn, continuing the trend of a 5–7% average annual increase over the past decade-the re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world. According to preliminary estimates by Munich Re, overall losses from all storms amounted to around $110bn, with insured losses in the magnitude of $65bn (excluding the National Flood Insurance Program NFIP1). Gallagher Re reported that Q3 and 9M 2022 global (re)insurance market results indicated a year on year premium growth averaged 13% at 9M 2022, supported by improved pricing for commercial lines and reinsurance business-despite increased loss activity in Q3 2022, underwriting performance remained strong through 9M 2022 with an average combined ratio of 96.9, supported by continued double-digit premium growth, modestly lower natural catastrophe loss activity for the overall 9M period, and a reduced expense ratio. Moody's Investors Service said that European insurers' financial leverage had hit a record high, led by Generali and Swiss Re. A survey by WTW indicated that developing ESG strategy is now a key focus for today’s risk manager.
The Financial Conduct Authority(FCA) published a consultation on standards for operators of pension dashboards, and set out requirements for providers of non-workplace pensions. The Personal Finance Society commented after the FCA confirmed plans to deliver redress to over 1,000 former British Steel Pension Scheme members. The FCA also warned UK insurance firms not to undervalue cars and other insured items when settling insurance claims especially during the cost of living squeeze. Non-profit association the Microinsurance Network(MiN) announced strong growth in its worldwide membership in 2022, with 13 new institutional members joining the Network during the year.
Most European insurers should be able to survive the storm facing the industry today, said European insurance leaders speaking at S&P Global Ratings' annual insurance conference- the biggest risk and opportunity ahead may well be digitisation. Growing rapidly and attracting increasing interest from regulators, pet insurance is coming of age as a bona fide personal insurance line, reported Earnix. FRISS obtained a ISO27001 Security Certification. Toyota’s insurance division in Iberia is to implement Sapiens DianaSuite to replace its legacy core system. Yokahu, Vitesse and FloodFlash are to work together to cut insurance pay-out times from months to minutes. Voyager Portal launched a new web-based tool for optimising the often complex demurrage process, while streamlining claim calculations and management. Fidelis received regulatory approval for a MGU and Balance Sheet split. There were senior appointments at Convex Re Bermuda.


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