20th November 2022

Newslink Global Insurance Trends-Editor's Weekly HIghlights

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This week, inflation continued to be the key concern for insurers according to Swiss Re Institute's latest sigma-the effect of inflation on the global economy has led to total global insurance premiums falling slightly by an estimated 0.2% in real terms in 2022-looking forward, Swiss Re Institute expects the insurance industry to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024, supported by a combination of easing inflation, market hardening in property and casualty lines, as well as stronger life insurance demand. S&P Global Ratings reported that capital market volatility, recessionary risks, and heightened inflation will pose a risk to EMEA insurers, while rising interest rates should support investment income. Lloyd’s published the first in a series of three reports exploring supply chain risk delivered in collaboration with WTW–‘Farm to fork: Rethinking food and drink supply chains’. RMS estimated less than $2bn in total private market US Insured Losses from Hurricane Nicole. At COP27, the Global Risk Modelling Alliance(GRMA), a joint public-private technical assistance programme with a mission to address the global imbalance in access to climate and disaster risk information, announced a series of major milestones in its global deployment amid strong momentum, whilst WTW is to collaborate with UNICEF on a world first, child-focused protection against tropical cyclones. WTW also announced at the G21 Leaders' Summit in Bali that it is to support the Indonesia Government with a climate transition project as part of the global push for net zero.
WTW responded to The Treasury publishing its final Solvency II reform proposals for the regulation of insurance companies in the UK, and the Prudential Regulatory Authority(PRA) reported feedback from its FS1/22(Potential reforms to Risk Margin and Matching Adjustment within Solvency II). The Chartered Insurance Institute(CII) commented on the UK Chancellor's Autumn Statement.
Fabrick was selected to optimise the management of insurance premium payments across the Reale Mutua Group, claims automation specialist omni:us closed a E12m Series A expansion financing round, and InsurTech Qover scale-up unveiled its new Fabric Technology at Slush, a leading start-up evemt. WTW said its collaboration with Liberty Specialty Markets and Markel moves the insurance industry closer to a digital-first marketplace, and the ninth cohort of the Lloyd’s Lab accelerator programme for innovation, which includes battery InsurTech Altelium amongst participants, reached the halfway point. Antares Bermuda received approval to write Lloyd’s business, and Lloyd’s gave final approval to Trium Cyber syndicate 1322. Intact and Ardonagh reported latest financials. There were senior appointments at AMICE.


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