8th May 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Swiss Re reported a net loss of $248m for the first quarter of 2022, impacted by the war in Ukraine, heightened financial market volatility and the ongoing COVID-19 pandemic-despite these headwinds, Swiss Re remains focused on achieving its financial targets for 2022. SCOR announced a net loss of E80m, whilst absorbing the combined impact of potential claims related to the conflict in Ukraine, a series of natural catastrophes and the continuation of the pandemic in the US, whilst Hannover Re generated a quarterly profit of E264m despite substantial losses, and confirmed earnings guidance. The average price paid by UK motorists for their motor insurance in the first quarter of 2022 fell by 5% to its lowest level in nearly seven years, according to the ABI’s latest Motor Insurance Premium Tracker. New data presented by Stockapps.com indicated the rise in business organisations hit by ransomware in 2021. Bancassurance remains the leading insurance distribution channel in Spain according to GlobalData.
Insurance Europe published views on a possible open finance framework, and issued its annual publication on the indirect taxation of insurance contracts covering 29 European countries-it also warned that the OECD should avoid imposing an unnecessary administrative burden on insurers when amending the Common Reporting Standard. The Prudential Regulatory Authority launched the PRA ‘Insurance Stress Test 2022(IST 2022)’. Ground-breaking technology developed to help countries most exposed to extreme weather events to become more climate resilient was launched in Jamaica by the global Coalition for Climate Resilient Investment(CCRI). Cultural change and new career pathways enabling flexible working are required to increase the number of female financial planners, a study commissioned by the Personal Finance Society concluded.
The Board of Placing Platform Limited(PPL) announced that the Next Gen delivery plan is to be reassessed-it has become clear that not all elements of the new platform will be ready in time for September, so the Board is engaging with its sub-committees to understand their priorities. Prima Solutions announced the success of recent Prima P&C cloud platform deployment projects, and Majesco in the US highlighted that significant innovation and adoption gaps remain between insurance leaders versus followers and laggards. WTW released a new version of its ResQ reserving software.
Sanlam and Allianz are to join forces to create a African insurance giant. AXIS Insurance International launched a Portfolio Underwriting Unit, and Catalina announced an agreement with subsidiaries of QBE. Financial reporting included those from AIG, CNA, Direct Line, Fairfax Financial, The Hartford; Argo, Aspen, Greenlight Capital Re, RenaissanceRe; Aon, and Gallagher. There were senior appointments at SiriusPoint.



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