17th September 2023
This week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months relating to the London Market.
The annual Monte Carlo Reinsurance Rendezvous took place-Newslink included releases from Hannover Re, Munich Re, Fitch Ratings who reported that Asia's reinsurers continued to experienced hard market conditions in 2023 to offset the impact of inflation-induced rising claims, climate change and financial market volatility, and Verisk who estimated that the global modelled insured average annual loss from natural catastrophes is $133bn, a new high captured in the latest analysis using its extreme event solutions models. GlobalData reported that the Japanese general insurance industry is estimated to surpass $116bn by 2027, and the South Korean life insurance industry could surpass $190bn in the same timescale.
Insurance Europe wrote to the European Commission calling for its forthcoming EU initiative to not only reduce existing reporting requirements, but also to ensure that any new reporting is kept to an absolute minimum, is proportionate, simpler, more consistent across EU regulation, and insurance companies have sufficient time for implementation. A Geneva Association report laid out key considerations to ensure AI regulation in insurance protects customers without compromising innovation.
PwC UK announced an alliance with Clearspeed Inc. to combat fraud. Lloyd’s and Moody’s are to develop an emissions accounting solution through the Lloyd’s Lab. Fadata’s clients now benefit from direct access to NewgenONE Contextual Content Services Platform(OmniDocs), and Insly recorded a 36% increase in license fees in the first half of the year. Moody’s RMS launched a Cyber Industry Steering Group to facilitate growth potential of the Global cyber insurance market and PERILS and CyberAcuView announced a US Cyber Industry Loss Index.
Aviva announced that it had agreed to sell its 25.9% stake in Singapore Life, together with two debt instruments, to Sumitomo Life for a total consideration of £0.8bn(SGD 1.4bn). Ardonagh and Markerstudy are to create a major personal lines player with over £3bn in annual GWP. Chubb launched Lloyd's Lithium Battery Consortium, Connect Underwriting announced specialist MGA Stability Risk, Envelop Risk reported a partnership initiative to aid cyber growth and resilience, and RiverStone International broadened its European reach with the acquisition of Catalina Insurance Ireland. BMS Group acquired two Canadian brokers. Skuld reported first half results.
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