4th September 2023
Last week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months from Research, Publications, and Surveys in the Search Matrix.
The global cyber insurance market has recently returned to profitability following two years of rate increases and tightening terms and conditions-annual premiums reached about $12bn at year-end 2022, and are likely to increase by 25%-30% per year to reach about $23bn by 2025-in a report-"Global Cyber Insurance: Reinsurance" ,S&P Global Ratings said that its survey of global multiline insurers(GMIs) and global reinsurers suggests growth in cyber insurance will depend heavily on reinsurance to provide capital and manage accumulation risk. GlobalData’s “Company Filings Analytics Trends & Signals Q2 2023” report revealed that amid the push for digital transformation, the European pharmaceutical industry finds itself navigating a critical intersection of concerns—data protection, regulations, and the threat of data breaches-this pivotal juncture has thrust cybersecurity into the spotlight in the discussions of companies during Q2 2023, revealing its paramount significance in safeguarding sensitive information, with regulation mentions getting on par with data protection. Callum Higgins, senior Product manager, Moody’s RMS, comment stated "Major Hurricane Idalia made landfall as a Category 3 hurricane near Keaton Beach, Florida at around 11:45 UTC(07:45 local time) on Wednesday, 30th August-it is the first time since records began in 1851 that Taylor County, Florida, experienced a Category 3 hurricane or higher and Idalia matches or surpasses the strongest hurricanes on record to strike Florida’s Big Bend region-the day prior to landfall the storm rapidly intensified with wind speeds increasing by 45 mph, fueled by the anomalously warm waters in the Gulf of Mexico.
Direct Line Group has agreed a voluntary requirement having charged some existing home and motor customers more for their renewal than they would have done if they were a new customer-this is the first time a formal voluntary requirement has been agreed with a firm in relation to the FCA’s motor and home insurance pricing rules. Insurance Europe fully supports the goals of the Retail Investment Strategy RIS) published in May this year: to address the low-level of retail investment participation in financial markets, while protecting investors from mis-selling practices-yet, the industry is concerned that some of the European Commission's RIS proposals will make it much more complicated for consumers to invest and, subsequently, discourage them from doing so or steer consumers towards buying the cheapest, rather than the best, product-Insurance Europe submitted its response to the European Commission’s Have your Say consultation, highlighting the industry’s recommendations to make the RIS fit for purpose.
Apollo, the independent specialist insurer and reinsurer, and Artificial Labs, the algorithmic underwriting InsurTech, announced the launch of a new smart follow collaboration to unlock fast, consistent and reliable capacity for London Market brokers. Aviva appointed a new ceo of UK & Ireland General Insurance and a new CEO of Aviva Canada, whilst Direct Line announced that Adam Winslow, previously with Aviva, is to be appointed as ceo. The Vienna Insurance Group(VIG) is on track to achieve projected results for 2023.
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