26th 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 over the last three months relating to Publications, Research, and Surveys.
Swiss Re Institute reported that after a resilient 2023 powered by strong US economic growth, the world economy is expected to slow by 0.4 ppts. to 2.2% real GDP growth in 2024-major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges-the conflict in the Middle East is heightening risks to the macroeconomic outlook-according to the sigma "Risk on the rise as headwinds blow stronger" the global insurance industry's strengthening financial position offers welcome reinforcement against elevated macroeconomic and geopolitical risks. Insurers in Europe have a difficult legacy to overcome due to rapidly soaring interest rates in 2022 that left them with immense unrealised losses on their fixed income investments, said S&P Global Ratings in its report, "EMEA Insurance Outlook 2024: Navigating the way home". Findings from a global customer survey published in a new Geneva Association report, "The Value of Insurance in a Changing Risk Landscape" show that customers across the world’s six largest insurance markets(the US, China, Japan, UK, France and Germany) are concerned about future insurability–particularly for natural catastrophes, longevity and cyber risk: over 50% of respondents expect it will become more difficult or impossible to get insurance. Lloyd’s launched a consultation on its roadmap for insuring the transition to a lower-carbon economy-the consultation sets out Lloyd’s proposed approach for the next three years across all areas of sustainability for the market, including underwriting, investments, exposure management and capital and reserving. China's motor insurance industry is estimated to reach $171.9bn by 2028, and Netherlands general insurance industry could reach $97bn in the same timeframe, reported GlobalData.
Insurance Europe is to publish pan-European pension survey on 28th November-it also, with PensionsEurope, issued a joint statement on the European Commission's ESG ratings proposal. The Association of British Insurers(ABI) responded to the Autumn Statement 2023, delivered by the Chancellor of the Exchequer.
If Skadeförsäkring selected Guidewire Cloud to streamline operations, increase business agility, and drive P&C industry change. PPL published the third in a series of communications to market firms regarding the planned shutdown of the old platform(PPL v3). Algorithmic underwriting specialists Vi Digital announced a partnership with inari. Redline Underwriting adopted Moody’s RMS Risk Modeler Application on the Intelligent Risk Platform, and Taiping Reinsurance and Taiping Reinsurance Brokers is to use Moody’s RMS Risk Modeler to accelerate risk modelling processes. There were latest financials from Aspen and Fidelis.


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