- Newslink Insurance Global Trends-Editor's Weekly Highlights
- S&P Global says global reinsurers are grappling with how to incorporate climate change risk
- PPL NextGen platform to be built by Deloitte
- London Market Group(LMG) confirms Wagstaff as permanent CEO
- Insurance Europe says only a permanent reduction of capital requirements would enable insurers to contribute further to Europe’s economy
- Insurance Europe responds to EC on its upcoming proposal for a Data Act
- RMS Estimates $1.1–$2.2bn in total US insured losses from Hurricane Nicholas expired
- Frankenmuth Insurance deploys Guidewire Digital solution expired
- New Celent report commissioned by Majesco highlights the digital chess game of the independent insurance agent expired
- Apollo adopts RMS ExposureIQ to understand risk exposure faster expired
- Beazley appoints Quane as its new CUO-to be based in New York expired
- SiriusPoint appoints Brenden as Chief Actuary expired
26th September 2021
Newslink Insurance Global Trends-Editor's Weekly Highlights
This week, S&P Global Ratings said global reinsurers are grappling with how to incorporate climate change risk-while reinsurers have increased their efforts to incorporate climate change in their decision-making process, the report says many companies are facing difficulties in robustly implementing these considerations, and the rating agency's scenario analysis suggests that reinsurers' estimates of their exposure to natural catastrophe risk could be underestimated by 33%-50%. The Insurance Development Forum(IDF) and the Vulnerable Twenty(V20) Group of Ministers of Finance shared their joint vision to establish a global public private partnership on risk and resilience analytics and underscored the necessity to develop risk analytics based on country demand in a roundtable on the margins of the United Nations General Assembly with the theme “Strengthening Global Physical Climate Risk Management Capabilities”.
Insurance Europe said only a permanent reduction of capital requirements would enable insurers to contribute further to Europe’s economy. It responded to the European Commission(EC) on its upcoming proposals for a Data Act and for a European digital identity, and also replied to the IASB on its upcoming workplan. During the online annual meeting of the International Underwriting Association(IUA), chairman Rob Kuchinski explained the IUA’s commitment to improving data processing in the London Market-he confirmed company market involvement in the Future at Lloyd’s project and its Transformation Blueprint saying “We fully support and endorse the vision to create structured data at the point of placement for efficient downstream processing." At a meeting of the PPL Board on Friday, a unanimous decision was taken that the NextGen version of the placing platform(PPL) would be built by Deloitte-Bronek Masojada, chair of the PPL Board, commented “This was an important decision for the market in its journey towards more efficient and effective electronic placement of risk. PPL has undertaken extensive work to look at the two main options available; to continue to build our own platform or to partner with an existing offering. The pros and cons for each choice were explored thoroughly and presented to the Board. The choice of Deloitte offers the market the control that it wants on the development of the platform–both now, and in the future, and a partner that has been deeply involved in the build so far, offering expertise and continuity. We are very much looking forward to building on the strong work done so far on NextGen and delivering the platform that the market wants and needs.”
RMS estimated $1.1–$2.2bn in total US insured losses from Hurricane Nicholas-Apollo partners have adopted RMS ExposureIQ to understand risk exposure faster. r10 Consulting, a management consultancy working across the London Market, announced the launch of the r10 Partner Ecosystem. In the US, Duck Creek's Distribution Management solution was chosen by FCCI Insurance Group, Frankenmuth Insurance deployed Guidewire's Digital solution, and a
new Celent report commissioned by Majesco highlighted the digital chess game of the independent insurance agent.
Convex established a European subsidiary, and Volante obtained ‘in-principle’ approval for a new Asta-managed syndicate at Lloyd’s. There were senior appointments at the IUA, London Market Group(LMG), Beazley, MS Amlin, SiriusPoint, and Skuld.
SIGN UP FOR A FREE 14 DAY FULL TRIAL OF OUR NEWSLINK SERVICE
An ideal ongoing global intelligence source for office-based and dispersed staff
NEWSLINK GLOBAL TRENDS DATABASE-A STRATEGIC PERSPECTIVE
Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 28 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 54,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 35,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 28 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.