1st October 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 Climate.
Research-commissioned by Cowbell, a provider of cyber insurance for SMEs, indicated that lack of cyber education leaves businesses exposed, with inadequate risk prevention efforts making 3 in 4 SMEs a target. Juniper Research said that Customer Data Platforms are estimated to generate over $70bn in additional consumer spend by 2028 globally. GlobalData reported that the Asia Pacific liability insurance industry should surpass $61bn by 2027, and Brazil's general insurance market could grow to over $68bn in the same time period.
Insurers revealed major post-implementation challenges still need to be overcome after reporting their half-year 2023 results under IFRS 17 for the first time, according to a worldwide survey by WTW. The Prudential Regulation Authority(PRA) is consulting on a significant package of reforms to the Matching Adjustment(MA)-this aims to improve the flexibility for life insurers to make more productive, long term investments in the UK economy while supporting safety and soundness and policyholder protection. The Association of Bermuda Insurers and Reinsurers(ABIR) and the Association of British Insurers(ABI) agreed to work together on matters of mutual interest detailed in a Memorandum of Understanding(MoU). The Financial Conduct Authority(FCA) confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market. The Insurance Development Forum(IDF) is to share an implementation update on inclusive insurance in Kenya.
Swiss insurer Vaudiose chose the Guidewire Insurance Suite operating on Guidewire Cloud to power its core operating systems. Root Platform, the low-code, API-first, end-to-end insurance technology platform provider, announced that South Africa-based Invenfin, the venture and growth capital arm of Remgro Limited, has made a further investment of $1.5m in the company. Ariel Re relaunched its Clean Energy division as Ariel Green, recognizing the increasingly crucial role of Technology Performance Insurance in accelerating innovation in solar, energy storage, hydrogen, and bioenergy to help curb climate change. Argenta Syndicate Management(ASML) announced that it has selected Moody’s ESG insurance underwriting solution. InsurTech MGA Loadsure partnered with WeatherOptics, a leading weather intelligence platform, with the aim of bringing weather intelligence into its risk calculations. RiverStone International is to drive investment strategy with Clearwater Analytics.
Aviva announced the acquisition of AIG Life Limited(AIG Life UK) from Corebridge Financial, a quoted subsidiary of American International Group(AIG), for consideration of £460m. Miller and Clearwater Dynamics are to partner to establish a marine insurance solution for the Ukrainian grain corridor. Helios announced interim results.