19th June 2022
This week, Swiss Re's latest SONAR report, celebrating its 10th anniversary, scanned the horizon for emerging risks for the insurance industry. GlobalData reported that rising cyber threats and soaring premiums will make cover even more unaffordable for many UK SMEs, whilst analysis by Rapid7 indicated what data is most at risk to(and prized by) Ransomware attackers. Businesses should prepare for a rise in civil unrest incidents as the cost-of-living crisis follows hard on the heels of the COVID pandemic, according to Allianz Global Corporate & Specialty(AGCS).
The Insurance Development Forum(IDF) announced a trio of key efforts launched during the IDF Summit 2022-The Summit highlighted the urgent need to build better risk management and protection systems for all-the objective was to inspire, foster new ideas and catalyse positive action. Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, according to a global survey by WTW. Insurance Europe published a summary of its key positions on the Holistic Framework and the Insurance Capital Standard, ahead of the International Association of Insurance Supervisors’(IAIS) Global Seminar. A social media poll of 723 financial planners and insurance professionals across PFS/CII members revealed that most consumers were shopping around for cheaper protection policies, cutting back on how much they spend and pulling cash out of their savings pots.
ACORD released its updated Insurance Digital Maturity Study. FRISS was named to the 2022 CB Insights Insurtech 50 List of Most Innovative Insurtech Startups. Over 4000 damaged vehicles in the UK, set to be written off by insurers throughout 2021, were kept on UK roads thanks to the digital solution Vision from OEC connecting workshops with sparse vehicle parts-saving motor insurers over £12m in write-off payouts.
Beazley launched a D&O solution for crypto companies-CryptoGuard will put out capacity of up to $10m. IQUW entered the Crisis Management market,TMK announced the sale of Tokio Marine Highland’s US construction business to Intact, and BMS acquired Australian retail broker SRG Group.
Bruce Carnegie-Brown was re-appointed chairman of Lloyd's for a further term, and there were major appointments at HDI, PartnerRe, and SCOR.
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