23rd January 2022
This week, the ClimateWise Principles Independent Review for 2021 reported scores continue to increase across the membership, whilst a Lloyd’s report highlighted insurers role in easing geopolitical climate tensions. Marsh is collaborating with Risilience to support clients’ climate reporting to reach net zero. The Cambridge Centre for Risk Studies(CCRS) at the University of Cambridge Judge Business School is launching a new research consortium on protecting society from future systemic risks-funding will be provided by an international consortium of companies including Pool Re. The Allianz Risk Barometer 2022 highlighted that Cyber perils outrank COVID-19 and broken supply chains as the top global business risk-the Geneva Association published "Insuring Hostile Cyber Activity: In search of sustainable solutions". GlobalData reviewed general insurance in Japan and the life market in Taiwan. UK car insurance premiums fell by 6% in 2021 according to the latest WTW/Confused.com report.
The House of Lords launched an inquiry into the London commercial insurance and reinsurance market. The International Association of Insurance Supervisors(IAIS) published its 2022-2023 Roadmap-it outlines the projects and activities that form the IAIS’ work programme over the next two years, guided by the IAIS’ Strategic Plan 2020-2024. Insurance Europe said the European Commission's(EC) Insurance Recovery and Resolution Directive must not just be a “copy paste” from banking regulation-the EU insurance trade body also responded to a EC consultation on review of Solvency II, and on IFRS 9 highlighted the need for recycling for equities measured at fair value through other comprehensive income.
Juniper Research reported that Blockchain-based insurance claims are estimated to exceed $10bn in cost savings by 2024 as stakeholders benefit from process efficiencies-cost savings growth of 800% is expected by 2024. Swiss Re is one of two pioneers to receive the Digital Trust Label–the world’s first label for digital responsibility launched by the Swiss Digital Initiative. CyberCube introduced three cyber scenarios for the Lloyd’s market, Ecliptic launched ARIES to radically improve Delegated Authority(DA) oversight, and Davies enabled Samphire Risk to launch following regulatory approval. SiriusPoint invested in US Crypto data and technology provider Lukka. Tempcover partnered with WTW in the continued drive to reinvent usage-based insurance for the digital generation.
DARAG completed two more portfolio transfers in Europe. Conduit Holdings published a strong January 2022 trading update. There were senior appointments at Lloyd's, Agrisure, Gallagher Re, and r10.
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