5th November 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, Insurance Newslink continued its regular mid-week feature-highlighting key trends from articles relating to Reulators and Trade Associations.
Driven by a 25.5% quarter-on-quarter surge in P&C InsurTech investment, new funding for the global InsurTech sector edged past a billion dollars to $1.1 bn during the third quarter of 2023, up 19.8%, according to the latest Global InsurTech Report from Gallagher Re. Global commercial insurance prices increased 3% in the third quarter of 2023, the same as the prior quarter, according to the Global Insurance Market Index released by Marsh-the third quarter marks the 24th consecutive quarter of pricing increases. The Caribbean islands face a significant and growing threat from the impacts of climate change according to research by Moody's RMS. PERILS released fourth and final loss estimate for the Southeast Australia Floods of October 2022.
The Insurance Development Forum(IDF) reported that seven Country Missions had been completed successfully as part of the Phase 1 Programme for Anticipatory Action and Disaster Risk Reduction. Insurance payouts to help businesses survive bad debts rose by 23% in the first half of the year, to their highest first half yearly figure since 2018 according to figures from the Association of British Insurers(ABI)-the rise reflects the continued challenging trading environment faced by many UK firms.
Duck Creek Technologies announced its partnership with ICEYE, a global provider of natural catastrophe solutions and insights-ICEYE uses reliable, timely, and accessible earth observation data. In a move to accelerate transformation and reshape the insurance industry, Majesco launched Majesco Copilot-the solution has been developed in collaboration with Microsoft, incorporating their AI models through Microsoft’s Azure OpenAI Service into Majesco solutions for P&C and L&AH insurance. Whitespace, the digital e-trading platform and a Verisk company, announced Vega IT as an integration partner-the partnership is a pivotal component of Whitespace’s strategy to expand the delivery of its integration capabilities, ensuring customers have the mechanism to implement solutions quickly.
Hamilton Insurance Group announced the launch of its initial public offering of 15,000,000 of its Class B common shares. Zurich Insurance Group reported a strategic alliance with Kotak Mahindra Bank Limited, India’s third largest private sector bank by market capitalisation, through the proposed acquisition of a 51% stake in Kotak Mahindra General Insurance Company Limited for $488m, through a combination of fresh growth capital and share purchase. Ryan Specialty signed a definitive agreement to acquire AccuRisk Holdings, a medical stop loss managing general underwriter(MGU). The latest financial reports included those from AIG,CNA; Arch Capital, AXIS Capital, RenaissanceRe, and Swiss Re; Aon and WTW.


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