29th May 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, following its successful placement of green bonds in 2020 and 2021, Munich Re successfully placed its first green subordinated bond, for the first time in the company's history in a private placement to qualified institutional buyers in the US market(volume $1.25bn). AIG released its second ESG report, whilst Yokahu, an InsurTech using parametric underwriting and data visualisation to provide Hurricane/Tropical Cyclone protection, announced the launch of strategic partnerships with four key insurance brokers based in the Caribbean. IPCC Working Group I co-chairs were among the 2022 TIME100 List of the 100 most influential people in the world. GlobalData reported that home insurance premiums in Australia grew by 5.9% in 2021-the highest in the last seven years-driven by rising insurance costs due to increased frequency of natural disasters in the country. Forecasters at NOAA’s Climate Prediction Center, a division of the US National Weather Service, are predicting above-average hurricane activity this year—which would make it the seventh consecutive above-average hurricane season.
According to a new survey by Marsh and Microsoft, the toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago. There were also reports on cybersecurity and the rise in ransomeware from Databarracks, Opengear, and Verison. WTW launched specialist cyber coverage for ports and terminals, and Insurance Europe published its response to a consultation by the European CommissionEC) on its proposal for a Cyber Resilience Act.
The London Market Group(LMG) announced the publication of two documents-both focussing on what it is that Government and the regulators need to do to safeguard the London Market’s leading position in the years to come-the LMG has been campaigning over the last year for five concrete changes that will allow the market to seize new global market and trade opportunities-the most important of these is a competitiveness objective for the regulators, and that is now set to be included within the upcoming Financial Services and Markets Bill. Insurance Europe welcomed the exclusion of reinsurance from the OECD Pillar One tax rules but some clarifications were required.
Apollo Group announced the first of its kind insurance solution for Europe’s first zero-occupancy on-road autonomous vehicle journey, completed by Oxbotica. Lumera acquired and invested in Ai-London for continued European expansion, and Majesco Claims for P&C was named a Leader in the “The Forrester Wave: P&C Claims Management Systems, Q2 2022” report in the US.
Allianz Partners announced a preferred partnership deal which will see it take on the majority of Aetna International’s health insurance portfolio outside the Americas, Thailand, and India. HDI International is to strengthen its operations in its core market Brazil through the acquisition of the retail business of Sompo Seguros. RSA announced changes to its UK senior leadership team and a new structure bringing customer operations and claims together to create a single function dedicated to supporting customers and brokers. Following the announcement that Brickell's cash acquisition would not proceed,Randall & Quilter(R&Q) is now focussed on raising approximately $100m via a Placing and up to $8m via an Open Offer. There were senior appointntments at Canopius.




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