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4th June 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Moody's RMS said "Most forecasting groups and agencies predict near-normal activity in the North Atlantic basin this season"-The U.S. National Oceanic and Atmospheric Administration(NOAA) forecasted 12–17 named storms, of which 5–9 are expected to become hurricanes, and 1–4 of those are forecasted to become major hurricanes(Category 3 or stronger)-NOAA has a 70% confidence in these ranges. Munich Re reported that following a series of years with prevailing conditions that promote the development of tropical storms, initial forecasts for the 2023 hurricane season expect this year’s number to correspond roughly to the long-term average-however, it is not yet clear which of two contrasting climate effects will gain the upper hand: the El Niño phenomenon, which tends to inhibit the formation of hurricanes, is expected to develop by late summer. Gallagher Re released its latest Cy-Fi whitepaper-"The vital role of capital in cyber (re)insurance"-the whitepaper looks at the impact of increased capital flows into the cyber (re)insurance market, highlighting how the addition of capital will stimulate growth and why over-capitalisation will never exist in cyber (re)insurance. The more digitally advanced a country is, the less people trust artificial intelligence, according to analysis by the Swiss Re Institute. Shipping losses hit a record low in 2022, but a jump in fires, shadow tanker fleet, and economic uncertainty pose new safety challenges, according to Allianz GCS. Global Data estimated that the Bangladesh general insurance industry will reach over $800m by 2027.
At the IDF Summit 2023, the UN Office for Disaster Risk Reduction(UNDRR), the Insurance Development Forum(IDF), the University of Oxford, and the GEM Foundation signed a new agreement to advance the Global Resilience Index Initiative(GRII) and establish a Global Resilience Hub to help countries, financial institutions and investors, map and quantify their current and future climate and disaster risks and demonstrate the benefits of investing in resilience-the collaboration will prevent leaders from ‘flying blind’ on physical climate risk and focus vital investments to areas of greatest need. Lloyd’s decided to withdraw from the NZIA with immediate effect-it will continue to support the UN’s Principles for Sustainable Insurance and Sustainable Development Goals, and remain committed to delivering its sustainability strategy including supporting the global economy’s transition.
Acturis Group and specialist motor insurer ERS announced the launch of a new API-based Car insurance product for brokers on the Acturis platform which replaces legacy EDI messaging. South Africa-based Absa Life selected Sapiens to implement and modernise its Non-Underwritten Life Insurance systems. Verisk acquired Morning Data to support digital transformation of the International Broker and MGA Market.
The Davies/Asta Asia footprint widened with its Volante Singapore launch, Talanx became one of the top insurers in Latin America through its acquisition of companies from Liberty Mutual, and Guy Carpenter is to acquire Israel-based reinsurance broker Re Solutions. Helios increased its retained capacity providing strong platform for growth. The UK P&I Club continued to grow its premium base through its diversification agenda, while increasing its regulatory capital adequacy ratio to 200%.


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