10th July 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, new research from Aviva revealed the increasing importance of the role of property wealth in retirement planning. The research looked into levels of spending, saving and attitudes towards funding retirement in the over 45s, and follows a similar survey run in 2016. The study also looked at property, and whether the thriving market has affected people’s attitudes towards their property wealth, and whether there has been more mobility, driven by the ability to capitalise on increasing property wealth. Over 90% of UK consumers with a retirement saving pot have said they would consider using a digital dashboard to get a consolidated view of their total pensions, savings and investments according to a new report by TISA(The Investing and Saving Alliance) and EY. Personalised client reporting is the most important service asset managers can provide to pension funds and insurers, with almost three quarters reporting it as a top priority when selecting a manager, according to new findings from Clearwater Analytics(CWAN). The performance of the top 20 global public insurance companies by revenue witnessed a revival in 2021, as COVID-19 restrictions were eased and global economic activity almost touched pre-pandemic levels, according to GlobalData’s Companies Database-the average annual revenue growth of these companies stood at 9.5% while the total premiums earned growth rate was 8%.
Insurance Europe published its response to a consultation by the European Commission on its draft Implementing Regulation laying down a list of specific high-value datasets and the arrangements for their publication and re-use-they also called for supervisory and regulatory approaches to climate-related risk that reflect realties of insurance business, highlighted market access barriers that could amplify dangerous concentrations of risk in Argentina, Brazil, Canada, India and Indonesia, and called on EDPB to align draft guidelines on GDPR fines with international accounting standards. The annual meeting of the Geneva Association Economic Forum(GAEF) took place recently in Paris, and have reported that an inflationary recession is the key concern.
The London Market Group(LMG) Data Council, supported by Lloyd’s, launched a consultation process which will enable the market to give input on the detail of the revised version of the Market Reform Contract(MRC) which will be known as the Intelligent MRC(iMRC). When the iMRC is published this will promote a single ACORD data standard that enables the extraction of the Core Data Record(CDR) and strengthens data quality across the London Market. PPL chairman Bronek Masojada reported that "Following an intensive period of board deliberation, market discussion, engagement with Lloyd’s and Deloitte, I am writing to set out Placing Platform Ltd.’s(PPL) plans for the roll out of PPL Next Gen. It is anticipated that NextGen 1.0 will be released to the market during February 2023. NextGen 1.0 will replicate most of the current system’s capabilities with an improved user interface. It will support the placing lifecycle from quote through to bind. It will also handle endorsements." US-based DeNexus achieved SOC 2 Type 2 compliance for data security.
wefox, the Berlin-based digital insurance company, now serves 2m customers making it one of the first InsurTechs to reach the milestone whilst MRHT successfully completed three bolt-on acquisitions in Germany. Gallagher Re and Africa Re have teamed up to address the protection gap in Africa. Geo Underwriting, The Ardonagh Group’s MGA segment, announced that it has completed the acquisition of loss recovery insurance MGA and assistance specialist, Lorega Holdings. IQUW celebrated a successful first year. There were senior appointments at Chubb, Convex, and Lloyd's Europe. Compre redomiciled to Bermuda and appointed a CEO-Europe.



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