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9th May 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

Global commercial insurance prices increased 18% in the first quarter of 2021, according to the Global Insurance Market Index released this week by Marsh-the quarter is the first to show a fall in the average rate of increase since the index reported the first rise in global rates in Q4 2017. S&P Global's latest EMEA Insurance Monitor said the market will continue stabilising In 2021. Willis Towers Watson announced the launch of Climate Transition Pathways(CTP), an accreditation framework that provides insurance companies and financial institutions with a consistent approach to identifying which organisations have robust transition plans aligned to the Paris Agreement, and supports their role as stewards in the transition to a low-carbon economy, and "AXA for Progress" was published setting out the insurer's objectives on ESG matters.
The Intergovernmental Panel on Climate Change(IPCC) circulated the final draft of the Working Group I contribution to the Sixth Assessment Report(AR6) to governments for comment on the Summary for policymakers. The Global Federation of Insurance Associations(GFIA) published a position paper that outlines why policymakers should follow the risk-based approach promoted by the Financial Action Task Force(FATF) when developing any new rules regarding anti-money laundering(AML) and combating the financing of terrorism(CFT)-it said anti-money laundering rules should not be applied to general insurance which poses close to non-existent risk. The Financial Conduct Authority (FCA) has proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their defined contribution pension savings-this includes booking an appointment with Pension Wise if the consumer wishes.
EDII was launched initially in the London Market-ceo Caroline Bedford said “EDII is designed to encourage and test creative ideas in the digital field in a practical forum, enabling participants to drive change and deliver immediate and long-lasting value within their own companies.” Guidewire unveiled its End-to-End Usage-Based Insurance Solution, and New Jersey-based CURE Auto Insurance selected Guidewire InsuranceNow to accelerate speed-to-market and business growth. The Floow and Direct Line Group expanded their app telematics partnership, and in the US, Clear Blue chose Sapiens ReinsurancePro solution. Unive Insurance, the largest insurer in The Netherlands, is to offer cyber protection to over 1m policyholders in partnership with Sontiq. Willis Towers Watson said the latest version of its DataValidator technology was due for release.
DARAG announced a reinsurance agreement with Lyft Captive, whilst Charles Taylor reported that it has acquired Insurance Engineering Services(IES), a premier loss adjusting practice with a pan-European footprint serving leading global and domestic insurance groups. There were further first quarter financial releases, including AIG, Allstate, The Hanover and RSA("our best such quarterly result of the last decade" said Group chief executive Hester in the last report before the Intact Financial acquisition is finalised): Hannover Re, Hiscox, Greenlight Capital Re, Munich Re, and RenaissanceRe. Corant appointed Paul Scope as chair of Bermuda operations.


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