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14th August 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week saw a further wide range of second quarter and half year financials-Newslink covered those from AIG, Admiral, Aviva, Berkshire Hathaway, Legal & General, Liberty Mutual, and Zurich; Argo, Enstar, Markel, Munich Re, R&Q, Ryan Specialty, and White Mountains.
GlobalData reported that cybersecurity revenue in the insurance sector is set to grow at 10% CAGR to $10.6bn in 2025-the researcher also said that over 20% of global executives believe blockchain is all hype as a leading insurance blockchain body failed, and that heatwaves and other weather-related events already account for 10.8% of UK home insurance claims. Juniper Reseach highlighted that roaming IoT connections are estimated to generate 1,100 petabytes globally by 2027, as operator network strategies disrupt the market.
The Association of British insurers(ABI) reported that while it is still too early to fully assess the impact of the Financial Conduct Authority(FCA’s) changes to the rules on the pricing of motor and home insurance introduced on 1st January 2022, indications show an increase in the difference between new and renewed average premiums paid-the average premium paid for a new policy in the second quarter was £129 higher than for a renewed policy-average premiums for new policies increased by 3% to £500 and average premiums for renewed policies increased by 0.5% to £371. Insurance Europe said that European Sustainability Reporting Standards are welcome but need refining and phasing in-it also reported that the review of the Environmental Liability Directive(ELD) must not undermine availability of insurance or growth of the environmental liability insurance market.
Majesco announced plans to hire an additional 200 employees by the end of the year, whilst Sapiens extended its Partner Network to provide customers with InsurTech innovation. Argenta is to wind-down its Singapore platform, and RiverStone reached a tentative agreement for its first Vermont captive acquisition. There were senior appointments at VIPR Solutions and WTW.


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