13th November 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Climate took centre stage-on the occasion of the COP27 UN conference in Sharm El Sheikh, Egypt, the Global Federation of Insurance Associations(GFIA) called on the parties at COP27 to prioritise adaptation and the building of resilience to the impacts of climate change. GFIA reaffirmed its commitment to fostering international dialogue and action to address climate change and its impacts. The Global Resilience Index Initiative(GRII), a multi-partner taskforce, announced during the COP27 World Bank Plenary Session yesterday key milestones in its development towards an open, standard set of climate metrics and data to measure risks to communities, infrastructure and ecosystems. This informed how we build resilience, adapt our societies and economies to climate change, and mobilise the trillions of dollars necessary to build resilience. Amid growing stakeholder expectations for businesses to have more social impact. According to a new paper published by Marsh, the future of some of the world’s most important shipping lanes–including the Suez and Panama Canals and other sea-facing port and terminal infrastructure–could be impaired from risks associated with climate change. WTW reported that Hurricane Lisa has triggered the first pay-out from the Mesoamerican Reef Insurance Programme to finance immediate reef response in Belize. At COP27, the Insurance Development Forum, the United Nations Development Programme(UNDP), the German Government, and the Lagos State Government in Nigeria launched a E1.6m project to develop a sub-sovereign risk transfer scheme to provide flood risk cover for Lagos State.
The Global Federation of Insurance Asociations(GFIA) published its 2021-2022 Annual Report, whilst the Prudential Regulation Authority(PRA) released its CP14/22 Review of Solvency II: Reporting phase 2. A new Geneva Association report,"The Role of Insurance in Promoting Social Sustainability", highlighted insurance’s abundant, inherent social benefit in providing financial stability and peace of mind to people and businesses.
The Swiss Re institute said "The cyber risk landscape is rapidly evolving and cyber attacks have increased-however, most businesses and households are uninsured or significantly under-insured. Cyber insurance premiums amount to just a fraction of total losses from cyber attacks, with estimates putting the protection gap at 90%. There is much work to do to ensure sufficient risk protection is available to make society more resilient to cyber risk, and this effort will require collaboration between businesses, the insurance industry and government." The impact of rapid inflation, debt crises, and the cost of living crisis are the biggest threats to doing business over the next two years in G20 countries, according to new data from the World Economic Forum-Marsh said these issues will overshadow enviramental and cyber risks in the short term. A report from Delinea revealed that nearly 80% of US companies have had to use their cyber insurance-more than half of those have used it multiple times. Apollo Syndicate 1971 announced it is to partner with Envelop Risk for cyber reinsurance.
Financial reports for the third quarter and the nine months included those from Allianz, Aviva, Direct Line, Ryan Specialty, and Zurich; Argo, Beazley, Conduit Re, IGI, Munich Re, PartnerRe, and SCOR. There were aenior appointments at GFIA, London Market Group, and Insly.



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