Of Special Interest


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11th June 2023

Newslink GlobaI Insurance Trends-Editor's Weekly Highlights

This week, in a report, Gallagher Re analysed the evolving risk factors that contribute to wildfire losses, and the resulting distressed insurance and reinsurance market dynamics for 2023. Regulatory developments will drive UAE general insurance market to grow by 13.2% in 2023 according to GlobalData.Juniper Reseach reported that Unified Threat Management spend is to surge to $14.8bn globally by 2028, as the threat landscape intensifies.
Insurance Europe and seven associations representing the financial services industry together issued a statement raising multiple concerns about the European Commission’s proposed Retail Investment Strategy-while still conducting a detailed analysis of the proposals, the associations already signal likely disruption to the EU financial sector and consumers’ access to investment products and insurance protection if the Strategy is implemented as proposed. Much has changed in the world–and in insurance–since the Geneva Assciation was founded in 1973-globalisation, climate change, demographic trends, technology and more have transformed the major risks people face. Yet, the core principle of insurance remains the same: to protect individuals and businesses against those risks and build societal resilience towards them. The Intergovernmental Panel on Climate Change(IPCC) are taking an active part in the upcoming 58th session of the Subsidiary Bodies of the United Nations Framework Convention on Climate Change(UNFCCC)-set in Bonn from 5th to 15th June.
Moody’s RMS North Atlantic Hurricane Models Version 23 was certified by the Florida Commission on Hurricane Loss Projection Methodology(FCHLPM). Munich Re Specialty Group North America went live with Majesco P&C Intelligent Core Suite as foundation of a new operating model and products, and Penn National Insurance partnered with Sapiens to optimise its Reinsurance processes. Hampden Risk Partners(HRP) contracted with VIPR to implement a customised “business process as a service”(BPaaS), Nayms' Marketplace launched on Ethereum Network-pioneering a new era of insurance capacity, Nimbla Sync secured an Embedded Partnership with Aon, and WCL and Northdoor partnered to launch Alternate to support Blueprint Two adoption. Italian-based Reale Group are to partner with Fabrick in order to advance its digital transformation and enhance their customer experience.
else Group bolstered its MGA Buy-and-Build global strategy with the launch of Peloton Underwriting, and Tokio Marine Kiln established a standalone Cyber & Enterprise Risk division to support ambitions.


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