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30th July 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, Munich Re reviewed first half global catastrophe losses-key points were:-Overall losses of $110bn, above the 10-year average-insured losses according to provisional estimates amount to $43bn, also much higher than the 10-year average-devastating earthquake in Turkey and Syria responsible for highest overall losses-series of extreme thunderstorms, including tornadoes and hail, in the US account for roughly one third of overall global losses. WTW launched Climate Vista to bridge climate skills gap in the boardroom. El Niño could have a significant impact on renewable energy production according to a new WTW Natural Catastrophe Review. GlobalData said that insurers need to keep targets to combat climate change, and also estimated growth in the Malaysian Motor insurance market and the prospects for the Taiwanese life sector.
The Financial Conduct Authority(FCA), the Prudential Regulation Authority(PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation-the revised scheme provides clarity around what people can expect when they complain, making it more transparent and user-friendly. The UK Government's proposed Solvency II reforms have the potential to unlock investment by the insurance industry into the UK economy according to analysis by PwC UK.
Allianz Global Corporate & Specialty(AGCS) together with the commercial insurance business of local Allianz Property & Casualty(P&C) entities began to trade as “Allianz Commercial". Aviva purchased Barclays UK Home insurance portfolio. Korean Re enhanced its Risk Analysis with Moody’s RMS Risk Models across Europe and Asia, and Polo Managing Agency Limited(PMA) announced its approval for Wildfire Defense Syndicate 1996 to commence underwriting. Financial reports included those from Beazley, Chubb, and The Hartford; Arch Capital, Conduit Re, RenaissanceRe, SCOR; Brown and Brown, and WTW. There were senior appointments at IPCC and Marsh.

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