19th December 2021
This week, Swiss Re Institute's preliminary sigma estimated extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane, resulted in annual insured losses from natural catastrophes estimated at $105bn, the fourth highest since 1970. While Hurricane Ida was the costliest natural disaster in 2021, winter storm Uri and other secondary peril events caused more than half of total losses as wealth accumulation and climate change effects in disaster-prone areas drive claims-man-made disasters triggered another $7bn of insured loss $112bn in 2021. A hew ClimateWise report outlined ways insurance underwriting mechanisms to support net zero can be enhanced to accelerate transition to a safe climate. The Nature Conservancy in California, in partnership with Marsh McLennan released new research that demonstrates the financial benefits that accompany nature-based approaches to wildfire risk reduction, using the devastating 2018 Camp Fire in California as a case study. Ride Sharing spend by consumers is to exceed $930bn globally by 2026; driven by strong COVID-19 recovery and reduced private vehicle usage, according to Juniper Research. The General insurance industry in Mexico is to reach $20bn by 2025, driven by increased auto sales and investment in new digital products forecasted GlobalData. Cirium predicted that 45,000 fuel-efficient aircraft worth $2.9tr are to be delivered by 2040. Insurers and reinsurers rated by S&P Global should carefully consider the role their S&P capital model outcome plays in determining their overall financial strength rating–and act quickly, following the rating agency starting a countdown to changing its capital model in the Spring next year, according to Litmus Analysis.
EIOPA stress test results confirmed European insurance industry’s ability to meet promises to customers even under extreme 1 in 1000-year events. The European Commission’s Social Economy Action Plan encourages better policy and legal frameworks for mutual insurers, and improves awareness in Member States, reported The Association of Mutual Insurers and Insurance Cooperatives in Europe(AMICE).
In the US, Starr Insurance Companies selected Duck Creek Policy to replace its existing policy administration system for the Starr Technical Risks business unit, whilst Majesco published a new report-"Distribution Management: A Path to Maturity". Ebix Europe announced the development of new Electronic Placing Solution to support London Market and global digitisation Initiatives, and MS Amlin Underwriting deployed Sequel Impact for enhanced exposure management. RMS is working with Canopius to enhance climate change risk analysis with RMS Climate Change Models. For more than a decade, the Willis Towers Watson Political Risk Index has been monitoring patterns of political instability in the world’s most vulnerable countries-in the latest edition, the Index assesses the impact of new technologies, particularly social media, on emerging market politics.
Aviva is to increase and extend its ordinary share buyback programme. Swiss Re agreed to sell elipsLife to Swiss Life International and to enter into a long-term partnership supported by reinsurance. Brit is to partner with Lloyd’s to pilot continuous contracts for coverholders, supporting the Future at Lloyd’s vision for delegated underwriting, and DARAG announced the signing of a loss portfolio transfer agreement with China Taiping UK as the first step towards a Part VII transfer. Ryan Specialty moved for Keystone Risk Partners, and new insurer VYRD was established by SiriusPoint and bolt to address the protection gap and coverage challenges faced by Florida homeowners. There was a senior appointment at Swiss Re.
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