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25th April 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week,the London Market Group(LMG) and Boston Consulting Group (BCG) launched a joint report which collates input from 45 clients across four key industries-IT, Financial Services, Consumer & Retail and Energy, and examined the key trends disrupting the patterns of risk today. Research from Hiscox highlighted cyber attacks on the rise for businesses. Cyber-attacks and data loss are the top risks facing Directors & Officers, with COVID-19 and the forced change in working practices serving to heighten the concerns according to a global survey from Willis Towers Watson and Clyde & Co. Gracechurch Consulting made four predictions for a post-pandemic London Market with the potential speeding up of digitisation, whilst Advent launched Ecliptic to enable acceleration of London Market modernisation.
The world economy is set to lose up to 18% GDP from climate change if no action is taken, revealed Swiss Re Institute's stress-test analysis. The Geneva Association issued a second report on pandemics and insurance. iProspect revealed the top UK brands to benefit from the new Google Core Web Vitals SEO Metrics, and "Current customer experience will be unacceptable to our customers in two years" said UK insurers in a Pegasystems survey. Meanwhile, UK comprehensive car insurance premiums have fallen by 14%(£87) since the first quarter of 2020 according to the latest Confused.com/ Willis Towers Watson survey. A Chartered Insurance Institute(CII)-accredited training course aiming to help advisers and ABI members’ frontline staff gain a better understanding of mental health issues, and improves accessibility and support for insurance customers, was launched. MIB and Cerner Corporation, a global healthcare technology company, announced an agreement to establish MIB as the exclusive collaborator to provide access to digital patient data from Cerner within the US life insurance industry.
The Prudential Regulation Authority(PRA) published supervisory disclosures in line with its obligations under Article 31(2) of the Solvency II Directive. EIOPA’s Solvency II proposals could come at a cost to some life insurers, said a S&P Global report. Insurance Europe replied to EIOPA on KPIs for Taxonomy Regulation, and published a paper to co-legislators over telematics-based insurance products.
Lloyd’s announced that it has appointed Kroll Bond Rating Agency(KBRA) to provide an additional independent opinion of its financial strength-it received an AA- financial strength rating. SiriusPoint released its Inaugural Environmental, Social and Governance(ESG) Report. Sun Life Financial confirmed a draft prospectus filing for its India Joint Venture IPO. First quarter financials started to emerge, and included Munich Re, Travelers, and W R Berkley.


With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
Full articles on the topics in the Editor's Weekly Overview above are included in those added this week to the unique Insurance Newslink Global Trends Database Research Matrix service at www.onlystrategic.com

The self-search and reporting service across all (re)insurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.

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