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29th 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 relating to M&A's in the last six months.
Cyber was again a major topic this week-more than 46 million signals of potential cyber-attacks are seen on average every single day across the world, according to a report by British Telecom(BT). Corvus Insurance, the cyber underwriter powered by a proprietary AI-driven cyber risk platform, released its Q3 2023 Global Ransomware Report, which analysed data from ransomware leak sites to track evolving trends-according to the report, ransomware attacks continue at a record-breaking pace, with Q3 2023 global ransomware attack frequency up 11% over Q2 and 95% year-over-year(YoY)-this trend is echoed by a new report from Allianz Commercial which said that following two years of high but stable loss activity, 2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve. A report from Aon revealed that global insured losses from natural disaster events had reached $88bn by the end of Q3 2023–17% higher than the 21st century annual average, and driven by notable Q3 events-year-to-date economic losses totalled $295bn, compared to a 21st century annual average of $310bn. Hurricane adaptation efforts can reduce home damage costs up to 10 times according to a Florida report by Moody's RMS, who also released comment on Mexican Hurricane Otis. The Saudi Arabia general insurance industry is estimated to surpass $19bn by 2027 according to GlobalData.
InsurTech Loss Data Solutions have developed an automated platform that UK-based syndicates can use to control indemnity claim leakage, a major driver of costs. Sapiens introduced Decision Model.AI, a Generative AI solution to enhance automation speeds, integrating Microsoft Azure OpenAI Service. Arthur J. Gallagher & Co. announced that it had signed a definitive agreement to acquire Baton Rouge, Louisiana-headquartered Cadence Insurance, whilst Marsh reported the launch of a new Marsh Specialty global cyber practice that integrates all of Marsh’s cyber capabilities across insurance, risk intelligence, incident management, and cybersecurity around the world. R&Q announced the proposed sale of its Program Management business, Accredited, to Onex for $465m. Chubb and Munich Re released latest financials. The Council of Lloyd's issued an update following elections.


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