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12th November 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, Insurance Newslink continued its regular mid-week feature-highlighting key trends from articles over the last three months relating to Cyber.
A new Geneva Association report, "Cyber Risk Accumulation: Fully tackling the insurability challenge", explored obstacles to insuring peak cyber risks-it concluded that the factors which drive extreme cyber losses cannot typically be modelled with standard statistical approaches, not least because the extent of cyber damage heavily depends on the interplay between the incentives and resources of both attackers and victims, which are not easily calibrated and quantified. WTW highlighted the enduring “Trilemma of Tension” in the global power sector in its 2023 Power Market Review-it suggests risk managers should invest in horizon-scanning to assess their own unique risk profile, and to work with partners to enhance their awareness and better inform and guide suitable risk mitigation, management, and transfer strategies. Lloyd’s published details of a comprehensive programme of initiatives to help Black and ethnically diverse individuals participate and progress from the classroom to the boardroom-the programme: "Inclusive Futures", responds to research conducted by Black Beyond Data, based at Johns Hopkins University, exploring Lloyd’s historical links to the transatlantic slave trade and setting them in context through an interactive, digital exhibit called Underwriting Souls.
The International Association of Insurance Supervisors(IAIS) outlined actions for insurance supervisors in addressing natural catastrophe protection gaps. The Insurance Europe Reinsurance Advisory Board(RAB) published a comprehensive report on the importance of an open global reinsurance market-entitled "The Power of Reinsurance: Supporting the resilience of societies through an open and well-regulated reinsurance market"-the report explains how key aspects of the reinsurance business model, particularly global diversification, allows the industry to contribute to narrowing insurance protection gaps, promoting innovation, supporting adaptation against the growing dangers of climate change, and improving financial resilience.
Duck Creek Technologies announced that FCCI Insurance Group has selected Duck Creek Policy to enhance underwriting and customer value across more than 20 US states, plus Washington, D.C., leveraging Duck Creek’s cloud-based solutions. Great American Insurance Group, a US specialty property and casualty(P&C) insurance provider focusing on commercial products for businesses, and Guidewire reported that Great American have selected Guidewire InsuranceSuite on Guidewire Cloud to power its core business, whilst FRISS, a Guidewire PartnerConnect Solution partner, announced the launch of the FRISS Accelerator for Claims Analytics for ClaimCenter Cloud. Novidea issued a new release relating to significant enhancements to its award-winning insurance management platform. Policy Expert, a leading UK personal lines InsurTech, was recognised as an ‘outstanding’ business in the Best Companies accreditation scheme, achieving a 2-star accolade in its first year of taking part in the programme. Root Platform(Root), the low-code, API-first, end-to-end insurance technology platform provider, announced its first strategic partnership in the UK with Connect by Admiral(Connect), a subsidiary of Admiral Group.
There was a spate of financials, including those from Allianz, AXA, Berkshire Hathaway, Direct Line, and Hiscox, Liberty Mutual, and Prudential; Beazley, Hannover Re, Lancashire, Munich Re, and SCOR. There was a senior appointment of Greenlight Capital Re.




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