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18th December 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, the 2022 Global Insurance Market Report(GIMAR) presented outcomes of the Global Monitoring Exercise(GME), the IAIS’ framework for monitoring risks and trends in the global insurance sector and assessing the possible build-up of systemic risk. Bermuda International Long Term Insurers and Reinsurers(BILTIR) welcomed the decision of the Bermuda Monetary Authority(BMA)to make targeted enhancements to regulatory and supervisory regimes for commercial insurers. Insurance Europe said that European Commission(EC) proposals for liability framework could increase legal uncertainty, but reduce affordability and availability of insurance cover, and separately said there was no need to develop an extensive recovery and resolution framework for insurers.
Forrester’s European Insurance-CX Index 2022(Customer Experience) said that CX quality in the UK has climbed back to 2019 levels, whilst Guidewire reported that UK insurance customers want convenience and climate action, but it must be built on trust. Sapiens announced with LocalTapiola(LT), Finland’s second largest insurance company, the launch of the new Policy Administration System. Ardonagh Specialty reinforced its US Flood and Wildfire capabilities in a new agreement with RMS, and Howden Group is to simplify cybersecurity insurance compliance with Silverfort’s Unified Identity Protection.
Munich Re announced profit guidance per IFRS 17 of E4bn for 2023. S&P Global Ratings placed its ratings on Finnish life insurer Mandatum Life on CreditWatch with negative implications and RiverStone International announced a Loss Portfolio transfer deal with AXIS Capital. There were senior appointments at the IUA, Lloyd's, Canopius, Fidelis, Munich Re, and WTW. Skuld reported a positive nine-month result in a benign claims environment.


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