21st November 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Swiss Re Institute's latest sigma study forecasts the global insurance industry to reach a new record in global premiums by mid-2022, exceeding $7tr. This comes earlier than Swiss Re estimated in July and reflects rising risk awareness, increasing demand for protection and rate hardening in non-life insurance commercial lines. The insurance industry outlook is also supported by a strong cyclical recovery from the COVID-19 shock, but economic growth is expected to slow in the next two years due to an unfolding energy price crisis, prolonged supply-side issues, and inflation risks-long-term structural support for growth is needed, and climate change and digitisation are significant trends shaping the world economy and insurance markets. As climate disasters intensify and prospects for avoiding even more catastrophic warming diminish, Coalition for Climate Resilient Investment(CCRI) warned in its maiden report since launching in 2019 that systemic market failures must be addressed before it will be possible to unlock the scale of private finance needed to support climate adaptation and resilience in both vulnerable and developed countries. Illiquid assets account for about 25% of insurers’ investment portfolios globally, with a strong dispersion across insurers and geographies(strong concentration in the UK and Netherlands), and will grow in Europe and the US, particularly if interest rates remain low-benefits of insurers’ growing illiquid asset exposure balance additional risks, Moody’s Investors Service said in a new report.
Insurance Europe launched its Sustainability Hub, and responded to EIOPA on proposed revision of guidelines on the valuation of technical provisions, and contract boundaries.
GrovesJohnWestrup Private Clients, a UK-based Munich Re company, selected Majesco Core Suite For P&C and Digital1st Insurance. Mitsui Sumitomo successfully completed a nationwide deployment of Guidewire ClaimCenter in Japan, whilst S&P Global Ratings and Guidewire expanded Cyber Credit Risk Innovation for the Digital Age. The annual review published by The National Cyber Security Centre(NCSC), the UK’s technical authority for cyber security, clearly illustrated the severity of the ransomware threat in the UK-according to ProLion, a ransomware and data protection solution specialist. Swiss Re and Chinese tech giant Baidu are to partner to advance the ecosystem of autonomous driving with risk expertise and insurance innovation.
Allianz topped Dow Jones Sustainability Index 2021 as leading sustainable insurer-it also reported that Allianz China Life has received regulatory approval to become the first wholly foreign-owned life insurance company in China developed from a Joint Venture. Bain Capital outlined its long term commitment to LV= and its members. Canopius Group announced an agreement with Samsung Fire and Marine Insurance(SFMI), its substantial minority shareholder and business partner, to underwrite US admitted business on its highly rated A++ paper, and Sompo International expanded its partnership with Praedicat. FInancials included Vienna(VIG),IGI,Ryan Specialty, Talanx; and Ardonagh Group. There were senior appointments at Marsh McLennan, Willis Towers Watson, and the Geneva Association. Andrew Brooks, ceo of Ascot Underwriting, will serve a consecutive term as chairman of the Lloyd's Market Association(LMA).





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