17th July 2022
This week, Swiss Re Institute's latest World Insurance sigma forecasted strong global insurance market growth in 2022 and 2023 with total premium volumes expected to rise above $7tr in nominal terms for the first time ever by the end of this year-however, the combination of a sharply slowing global economy and a multi-decade-high inflation will weigh on total premium growth with an expected below-trend 1.2% annual average growth in real terms over the two years-rising claims costs are seen extending rate hardening, the latter improving underwriting profitability and underpinning premium growth in 2023-furthermore, rising interest rates will over time also support industry profitability by yielding higher investment returns. S&P Global said that EMEA insurers have so far proved resilient against the geopolitical turmoil caused by the Russia/Ukraine war, the resulting uncertainty around energy supply,and China-based supply chain issues affecting manufacturing-these factors have affected European countries' GDP, consumer price indices, and long-term rates. Gallagher Re reported that Internal and external challenges facing Lloyd’s remain critical concerns, despite its positive trajectory in performance, momentum of market reform and marked return to profitability in 2021-this was the first annual report from Gallgher Re on Lloyd's which intends to track the market’s capital and profitability. WTW warned that UK motor claims inflation is expected to accelerate in 2022. GlobalData projected the growth of personal accident and health insurance in the US, life insurance in India, and general insurance in Taiwan, in three separate reports.
The Prudential Regulatory Authority(PRA) published "CP10/22 Insurance special purpose vehicles: Further updates to authorisation and supervision." The Personal Finance Society(PFS) in the UK is to appoint an interim ceo. The European Commission(EC) open finance framework should focus on a level regulatory playing field and ensuring consumer control of their data, said Insurance Europe who separately said insurers are supportive of the EC intention to repeal DMD-remaining rules, but need to ensure consumers can easily access insurance protection at distance.
Allianz Global Corporate & Specialty(AGCS) is to target multinational insurance with a new set-up and dedicated investments. DeNexus further expanded its cyber risk modelling operations into Europe with the opening of an office in Switzerland, Loadsure rebranded and launched a significant platform update, and SiriusPoint announced a strategic partnership with MGA Alta Signa. Superscript is to partner with Virgin Money to bring insurance to business banking customers, whilst German InsurTech wefox closed a funding round of $400m raising its valuation to $4.5bn. WTW boosted its climate risk analytics expertise with the acquisition of Butterwire. There were senior appointments at Catalina and PartnerRe.
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