Of Special Interest


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25th June 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, The International Association of Insurance Supervisors(IAIS) launched the fourth and final public consultation on the Insurance Capital Standard(ICS) before its planned adoption in December 2024-“After ten years of development, three consultations, six field-testing exercises and three years of confidential reporting, I am pleased that the Executive Committee of the IAIS has agreed on the candidate ICS as a prescribed capital requirement(PCR) for a final public consultation,” said Vicky Saporta, executive Committee chair. “Once adopted at the IAIS Annual General Meeting at the end of 2024, the ICS will provide a common language for cross-border supervisory discussions on insurance group solvency in a world where we face many common and interconnected global risks.” Academia and beneficiaries in finance and vulnerable countries will have access to a unique and ground-breaking new diamond open access interdisciplinary research journal, "The Journal of Catastrophe Risk and Resilience(JCRR)"-a not-for-profit publication-JCRR is supported by a number of organisations from across academia and the private sector. Aon and Lloyd’s announced a new insurance collaboration with Vienna Insurance Group(VIG) to support Ukraine’s reconstruction, closely followed by an announcement by Marsh McLennan who intend to work with the Ukrainian government to unlock access to the global insurance market. The Indonesian insurance sector will see increased M&A from new capital requirements regulation according to GlobalData.
Messagepoint was awarded “Best AI-based Solution for Insurance” by AI Breakthrough-this market intelligence organisation recognizes the top companies, technologies, and products in the global Artificial Intelligence(AI) market. Whitespace, the fully digital e-trading platform and a Verisk company, announced that it has reached agreement with Miller, the London Market specialist (re)insurance broker, to join its platform-initially, Miller is using the Whitespace Platform in its Casualty team.
Intangic MGA, a data science-driven London-based Managing General Agent(MGA), announced the launch of the Intangic CyFi Dashboard, the first early warning tool to provide companies with data-backed predictions for cyber breaches and offer pre-breach insurance, whilst WTW launched its updated Cyber Quantified modelling tool at Airmic 2023. WTW also announced its new Property Rebuild Assessment Service, powered by Kroll’s Property Insurance Valuation Platform. Fidelis Insurance Holdings announced the launch of an Initial Public Offering(IPO).


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