10th April 2022

Insurance Newslink Global Trends-Editor's Weekly Highlights

Trend

• Tweet
• Share on Facebook
• Share on LinkedIn

This week, scientists in the latest Intergovernmental Panel on Climate Change(IPCC) report said In 2010-2019 average annual global greenhouse gas emissions were at their highest levels in human history, but the rate of growth has slowed- without immediate and deep emissions reductions across all sectors, limiting global warming to 1.5°C is beyond reach-however, there is increasing evidence of climate action. Zurich reported it aims for net-zero target in operations by 2030, and Marsh McLennan is charting a path to net-zero by 2050. WTW reported that energy transition is being accelerated by events in Eastern Europe, and the Verisk Climate Advisory Council was formed. Facing record low bond yields, insurers are increasingly turning to alternative assets in search of higher yields, according to new research from Clearwater Analytics(CWAN). The German general insurance industry is estimated to reach $229.6bn in 2026 supported by strong fiscal measures, according to GlobalData.
The House of Lords Industry and Regulators Committee wrote to the Economic Secretary to the Treasury, John Glen MP, following its inquiry into commercial insurance and reinsurance regulation. The Minister gave evidence to the Committee as part of its inquiry on 31st March-the Committee outlined the concerns it heard from the industry about a lack of proportionality in the regulation of the London Market by the Financial Conduct Authority(FSA) and the Prudential Regulation Authority(PRA), which was described as overly demanding and burdensome. The Committee also outlined the evidence it heard that an overly inflexible culture within the regulators may have inhibited the development of new forms of business within the UK commercial insurance and reinsurance industry, such as insurance-linked securities and captives. Insurance Europe outlined its role in ensuring adequate and affordable long-term care coverage, and suggested ways to develop this further-it also reported that a Global group of associations have called for swift implementation of new Trans-Atlantic Data Privacy Framework; stressing the importance of data transfers for the EU economy. The Chartered Insurance Institute launched FutureMe, a career development platform for insurance and financial planning professionals. The Financial Conduct Authority(FCA) launched a new three-year strategy that prioritises resources to prevent serious harm, set higher standards and promote competition-Matthew Connell, director of policy and public affairs of the Personal Finance Society(PFS), said “The FCA wants to ensure firms have adequate capital and reserves to cover any potential liabilities should they fail. The PFS will be working closely with the regulator on how it can strike the balance between ensuring firms most at risk of collapse hold sufficient reserves to compensate their customers in the future if necessary."
Davies strengthened its technology offering and accelerated into the regulatory technology market through the acquisition of Worksmart. Majesco announced the general availability of the Spring 22 release of its P&C Core Suite, and Applied Underwriters selected Sapiens to transform reinsurance administration.
Swiss Re reiterated at its Investors Day its target to increase the Group’s US GAAP ROE to 14% in 2024. OMINVEST’s Insurance Subsidiary, NLGIC, is to acquire RSA Middle East. There were senior appointments at Aviva, Beazley, Tokio Marine Kiln(TMK), and Marsh.



-NEWSLINK GLOBAL TRENDS DATABASES-A STRATEGIC PERSPECTIVE-
REGISTER FOR A 14 DAY FREE TRIAL TO ASSESS OUR GLOBAL TRENDS SELF-SERVICE AND CREATE SPEEDY REPORTS at onlystrategic.com

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 29 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 55,000 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 29 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.