10th September 2023
This week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months for Underwriting and General Insurance Claims.
As the annual Monte Carlo Rendez-Vous gets underway, the insurance world got back in full swing. Lloyd’s announced a strong set of results for the first six months of 2023, with an underwriting profit of £2.5bn(HY 2022: £1.2bn), an investment return of £1.8bn(HY 2022: £3.1bn loss) and a profit before tax of £3.9bn (HY 2022: loss of £1.8bn). SCOR announced that its Forward 2026 sets two ambitious and equally weighted targets over the duration of the plan. In its latest reinsurance Market Report Gallagher Re said that capital dedicated to the global reinsurance sector totalled $709bn at half year 2023, an increase of 13% versus the restated full-year 2022 base. The potential theft of sensitive data, as well as phishing and ransomware attacks pose the greatest global threat to the insurance sector according to new research from PwC and CSFI, the financial services think tank. S&P Global ratings published three pieces headed Bermudian Re/Insurers set their sights on a brighter future: Update on timing of proposed Methodology: and Assumptions for Insurer Risk-Based Capital Adequacy: and Global Reinsurance stabilises as green shoots emerge. Moody’s RMS estimated $3bn to $5bn in Private Market Insured Losses from Major Hurricane Idalia. GlobalData reported that youthful embrace of sustainable investing signals long-term ESG imperative for pension providers and wealth managers across the world. Insurance Europe responded to the European Commission's ESG proposals. LCP’s seventh annual analysis of Solvency II reporting of 100 of the largest non-life insurers in the UK and Ireland highlighted that the financial strength of the market remains strong but that insurers continue to face new challenges.
The New Lloyd’s Lab InsurTech cohort are to focus on climate, cyber and sustainability in Asia Pacific. Barcelona-based inari raised $5.2m in a seed round and aims to transform the insurance infrastructure market. Polo Managing Agency(PMA), one of two independent Lloyd’s turn-key Managing Agencies, announced a new relationship with DXC Technology which allows PMA’s customers to benefit from DXC’s artificial intelligence and machine learning powered solutions. Majesco and Microsoft announced a strategic alliance aimed at driving long-term digital transformation for insurers.
Allianz announced its first net-zero transition plan with 2030 intermediate targets for core business segments, whilst the newly launched SanlamAllianz aims to provide insurance and financial services in 27 African markets. Intact Financial Corporation and its subsidiary RSA announced that they had reached an agreement with Direct Line Insurance Group to acquire Direct Line’s brokered Commercial Lines operations-the purchase price includes an initial cash consideration of £520m(C$884m), with potential for up to a further £30m(C$51m) contingent payment under earnout provisions relating to the financial performance of the acquired business lines-the transaction will result in the transfer of renewal rights, brands, employees, and systems to RSA-Direct Line also reported it's first half results.
There were senior appointments at Carbon Underwriting and Convex.
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