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15th October 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months, relating this week to the United States.
Lloyd’s launched a systemic risk scenario that models the global economic impact of extreme weather events leading to food and water shocks, estimating the loss to be $5tr over a five year period. The London Market Group(LMG) published its its report into the role that insurance plays in helping to unlock the potential of net zero projects-aimed at parliamentarians and other influencers, it aims to showcase the role of the London Market in unlocking, promoting and facilitating the transition to net zero. The Swiss Re Institute found that potential benefits from digitisation across countries and throughout the insurance value chain are far from exhausted-in the report-it introduced the Insurance Digitalisation Index, which tracks the progress made in 29 sample countries with respect to the digitisation of their insurance markets. Business and insurance-sector leaders are concerned about the prospect of a large-scale, systemic cyber attack, according to the latest Gray Rhino report from Gallagher Re. The average price paid for comprehensive car insurance continued its upward trend, after soaring by a record 58% £338) during the last 12 months. UK motorists are now paying £924 on average as insurers battle sustained cost pressures, according to the latest Confused.com Car Insurance Price Index in association with WTW. The Singaporean general insurance industry is set to grow at a compound annual growth rate(CAGR) of 5.8% from SGD5.54bn ($4.02bn) in 2023 to SGD7.35bn($5.5bn) in 2028 in terms of gross written premiums(GWP), according to GlobalData.
Ukraine launched a data platform allowing insurers, investors and governments to analyse war risks in the country-Marsh McLennan supported the Government of Ukraine in designing and testing the platform to support the nation’s recovery and transformation. The proposed unleashing of investment from the insurance industry as part of the UK Government's Solvency II reforms may face steep implementation and governance challenges according to new analysis by PwC UK. Insurance Europe expressed “serious concerns" about the European Insurance and Occupational Pensions Authority(EIOPA)’s draft Supervisory Statement(Statement) on the supervision of reinsurance concluded with third countries (re)insurance undertakings.
Placing Platform Limited(PPL) announced that it will begin to pilot its new generation of Market APIs in the fourth quarter of 2023, working initially with WTW and Tysers-the pilot is designed to exercise and validate the end-to-end integrated process and will be followed by releases to its early adopter brokers and carriers from early 2024, prior to open market release. Xceedance announced the launch of burst capacity catastrophe modelling resources to support reinsurers during peak renewal times. Lumera, partnering with Future Core Cloud, signed a multi-year agreement with SH Pension, a provider of occupational pensions for the Swedish trade and retail industry. Singlife appointed Ortec Finance as its strategic asset allocation consultant.
Castlelake, a global alternative investment manager and Pine Walk Capital, a specialist MGA platform and wholly owned subsidiary of Fidelis MGU announced the creation of an aviation-focused managing general agent(MGA), Itasca MGA. WTW announced that it is bringing its climate and WTW’s industry leading Risk & Analytics capabilities more closely together under common leadership.


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