15th May 2022
This week, the Swiss Re Institute reported that decades of rising inequality in advanced markets have taken a $252bn toll on insurance protection. Gallagher Re publisdhed its assessment of risks caused by inflation on the insurance sector. The Political Risk Report 2022, published by Marsh Specialty, noted that while land borders between countries remain key delineators of political risk–as exemplified by the current Russia/Ukraine conflict–competition for ocean territory, minerals, and space will increasingly influence interstate relations. The annual AGCS study indicated that shipping losses fell, but the Ukraine war, costly issues with large vessels, the shipping boom, and sustainability concerns muddied the waters.
The Global Federation of Insurance Associations(GFIA) terminated the membership of the All-Russian Insurance Association ARIA, reflecting its condemnation of the Russian government’s military actions in invading Ukraine. The average price paid by UK households for both their home buildings and contents insurance so far in 2022 fell to record lows according to the Association of British Insurers (ABI)’s latest Household Insurance Premium Tracker. The Chartered Insurance Institute declared a consolidated operating surplus of £3.3m for 2021, compared with a £4m operating deficit in 2020.
Duck Creek reported that it had transitioned US-based Distinguished Programs from on-premise to a cloud-native SaaS solution. Guidewire and Bdeo Technologies announced that Bdeo’s new Ready for Guidewire accelerator for Guidewire ClaimCenter is now available. Whitespace, the fully digital e-trading platform, announced a further development of its defined data capabilities.
AXA S.A. received regulatory approval to operate as a licensed reinsurer. Altelium and Tokio Marine Kiln(TMK) are to partner on the first data-driven insured warranty for battery energy storage systems. Fidelis joined the UN-convened Net-Zero Insurance Alliance. Superscript became the first Lloyd’s broker to launch a dedicated product for digital asset businesses, and Pool Re reduced its overall reinsurance pricing. Tysers is to be sold to Australia-listed UAB. Financial reports included those from Allianz, Zurich, Intact Financial; Beazley, Conduit, and Munich Re.
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