11th February 2024

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

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.
Global commercial insurance rates increased by 2% in the fourth quarter of 2023(down from a 3% increase in Q3), according to the Global Insurance Market Index released by Marsh-the fourth quarter marks the 25th consecutive quarter of rate increases-rates continued to be relatively consistent across almost all regions in Q4-as with Q3 and Q2, this was largely driven by a continuation of the trend for pricing decreases in financial and professional lines and a small decrease for rates in the cyber insurance market-moderating rate increases for property risks also contributed to the quarter’s results, with increased competition offsetting the impact of strong demand and ongoing losses. Lloyd’s announced a new USD Enhanced Yield Liquidity Fund on the Lloyd’s Investment Platformt-the new fund is specifically designed to offer an investment opportunity in place of long-term strategic cash held at Lloyd’s, targeting higher return opportunities, coupled with high liquidity and low Solvency II capital charge efficiencies. The Chinese property insurance industry is estimated to surpass $67bn by 2028 reported GlobalData.
Insurance Europe shared its views on the European Commission’s proposal for a 'Business in Europe: Framework for Income Taxation(BEFIT)-while the insurance industry supports the goal of harmonising corporate tax rules across the EU, it raises serious reservations about the current draft EU Directive. The Financial Conduct Authority(FCA) announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection(GAP) insurance, following a request from the FCA-the firms which have agreed to this action account for 80% of the UK GAP market.
Corvus Insurance, the cyber underwriter powered by a proprietary AI-driven cyber risk platform, introduced a newly expanded Tech E+O product that features an enhanced appetite backed by Travelers. Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, announced that Paris-based Caisse Centrale de Réassurance(CCR) chose Clearwater to power its entire investment management processes and streamline its unlisted assets workflow-CCR is a state-owned reinsurer that provides insurance companies operating in France with state-guaranteed coverage against natural disasters and other exceptional risks in the public interest. Fadata announced that DICEUS has become an official partner of the Fadata Ecosystem-the DICEUS AI-powered chatbot, Vitaminise, will deliver Fadata clients customer experience through customised conversational flows and convenient features. Sapiens International Corporation announced that OPES Digital Insurance, the leading digital insurer in Vietnam, has gone live with Sapiens IDITSuite for Property & Casualty, coupled with Sapiens Intelligence, to modernise its core P&C insurance processes. Telematics insurance grows in popularity in the UK driven by lower premiums and environmental concerns according to The Green Insurer.
Hannover Re confirmed guidance for 2024 on the back of further improvements in terms and conditions and sustained attractive prices, whilst SCOR announced "very strong" January renewals. Asta announced the “in-principle” approval of an innovative syndicate-in-a-box(SIAB) to deliver a breakthrough insurance product that will accelerate the development of new therapeutic drugs. AnaCap and TA backed Germany-based MRH Trowe completed 4 bolt-on acquisitions in January. WTW launched a world-first parametric insurance protection for the endangered South Pacific coral reef system. Financials included those from CNA and Pro Global.


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