9th July 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Lloyd’s announced the winner of its first Lloyd’s Europe Innovation Competition. REOR20 took the prize for its entry on addressing European protection gaps with a breakthrough Artificial Intelligence system for flood risk understanding and mitigation. UK home and motor insurers must improve their treatment of vulnerable customers and how they handle customers claims, a review by the Financial Conduct Authority(FCA) has found-following an increase in complaints about insurance claims, the FCA uncovered examples of lengthy complaints handling times and people not given appropriate settlements-the FCA discovered instances of motor insurance customers being offered a price lower than their car’s fair market value after it had been written off, which is against FCA rules-relevant firms have been told to put these wrongs right and where necessary provide redress to affected customers. GlobalData estimated that The Philippines’ general insurance industry is set to grow at a compound annual growth rate(CAGR) of 11.6% from PHP136.4bn($2.4bn) in 2023 to PHP211.5bn($3.7bn) in 2027, in terms of gross written premiums(GWP).
Clearwater Analytics announced that Aviva went live 1st April 2023 on the Clearwater platform as the comprehensive solution for its investment accounting operations and regulatory reporting. InsurTech Qover is partnering with the UK’s largest digital bank, Monzo, to provide a simple, tailored travel insurance solution that can be accessed by Monzo Premium account holders in the UK through the Monzo app. Malta-based GasanMamo Insurance appointed ROAR Digital Marketing, an award-winning agency specialising in strategic search engine and analytics solutions, to increase its online presence throughout Europe.
Fusion Specialty Europe announced the launch of its Southern Europe branch in Madrid, and the appointment of Filippo Cibin as a partner. Nayms SAC, the crypto-native insurance marketplace, announced the issuing of the world's first crypto-denominated industry loss warranty(ILW) through the second segregated account or 'cell' within its marketplace. SCOR Investment Partners, the asset management company of the SCOR Group, reported the opening of its Swiss subsidiary located in Zurich. SiriusPoint and Compre completed a significant reinsurance Loss Portfolio Transfer. BMS Group entered into an agreement to acquire Brisbane-based specialty broker Bluebook Insurance Brokers-the deal is the sixth Australian acquisition by BMS in the past 12 months. Tim Bailey, UK ceo, Zurich, is the new president of the Association of British Insurers(ABI), and The British Insurance Brokers’ Association(BIBA) appointed Graeme Trudgill, its current executive director, to succeed Steve White as its next chief executive.


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