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19th September 2021

Insurance Newslink Global Trends-Editor's Weekly Highlights

This week, a new survey highlighted financial vulnerability and health-related concerns are more prevalent among young consumers in emerging market countries, driving an increased appetite for purchasing insurance protection-the second edition of the EY Global Insurance Consumer Survey, was a survey of 4,200 consumers in seven countries across Africa, Asia, North America and South America. The Financial Conduct Authority(FCA) and The Pensions Regulator(TPR) published a joint discussion paper on developing a common framework for measuring value for money(VFM) in defined contribution(DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector. The FCA also published a new strategy aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs-the FCA will publish metrics to assess whether these outcomes are being met. Insurance Europe replied to EIOPA on draft technical advice to the EC on development of pensions dashboards and on pensions tracking-it also replied to a consultation by the European Commission on a draft proposal by its Platform on Sustainable Finance for an extended taxonomy to support economic transition.
"Do InsureTech investments pay off?" was the title of new Forrester research looking at claims processing. Swiss Re entered into a partnership with BlaBlaCar, the world’s leading community-based travel platform, and motor insurance specialist L’olivier Assurance, the French branch of Admiral Group, whilst Zensar is to partner with FRISS. Supercede, the global reinsurance placement platform built for dealmakers, announced a partnership with Web Connectivity(WCL), a Zywave company, in their latest move to enable brokers and carriers to effectively and efficiently transform their operations using structured data and a common data record(CDR) across all aspects of the reinsurance lifecycle, worldwide. Gallagher Re launched an automated analytics platform, GAIA. RMS estimated $31– $44bn in total US onshore and offshore insured losses from Hurricane Ida-it also,in the run-up to the anniversary to 9/11, released a retrospective blog and white paper. New research from a European leading provider of cloud infrastructure and cloud services, IONOS Cloud, found that 38% of insurance IT decision makers(DM's) admit to their business having a cyber security skills gap, with a third(33%) saying this is putting their organisation at risk of security threats-additionally, 44% of insurance IT DMs surveyed said their business has a data protection skills gap, with over a quarter highlighting that it means they are not effectively storing data(27%) or following the correct data protection procedures(27%). When asked about the biggest threats to their insurance business’s IT security at this time, respondents said employees not storing data correctly(36%), increased DDoS attacks(36%) and phishing and scam attacks(34%).
Dale Partners received ‘in-principle’ approval from Lloyd’s to establish a managing agency, Hannover Re sees a continuing trend towards rising prices in property and casualty reinsurance, and SiriusPoint announced a strategic partnership with Vouch Insurance, a fully-digital business insurance platform for startups in the US. There were senior appointments at AIG, Carbon Underwriting, Pool Re, and the Lloyd's Market Association(LMA).

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