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5th September 2021

Newslink Global Trends-Editor's Weekly Highlights

This week, Lloyd’s released a new report that identified emerging geopolitical risks and provides businesses with practical advice on how to mitigate them. "Shifting powers: meeting the challenges of the geopolitical landscape" produced in partnership with the University of Cambridge’s Centre for Risk Studies, explores the transformation of the geopolitical risk landscape over the last decade and focuses on the ten most pressing risks these themes present today, which range from cyber-attacks, social unrest and the migration crisis. Willis Towers Watson announced that Liberty Specialty Markets has aligned capacity to support the Climate Transition Pathway(CTP) solution, an accreditation framework that provides insurance companies and financial institutions with a consistent approach to identifying businesses with robust low carbon transition plans aligned to the Paris Agreement. A report from Litmus Analysis suggested substantial differences in the approach of Hannover Re, Munich Re, SCOR and Swiss Re, with SCOR leading the way-all of the big four European reinsurance groups grew their books of property & casualty business at the recent mid-year renewals–but substantial differences emerged in the extent to which they achieved rate increases, something that could be an important indicator for the year-end renewals. Fitch Ratings said Hurricane Ida is expected to generate significant economic and insured losses in Louisiana, but is unlikely to trigger ratings downgrades of individual property/casualty insurers or reinsurers-Bloomberg Intelligence also reviewed Hurricane Ida reinsurer exposure compared with previous major events, and CoreLogic estimated losses at $27-40bn. Global insurance M&A dipped in the first half of 2021 reported Clyde & Co.
The Global Federation at Insurance Associations(GFIA) responded to a consultation by the Financial Action Taskforce(FATF) on its draft amendments to recommendation 24, which covers the transparency and beneficial ownership of legal persons. Petra Hielkema started in her new position as Chairperson of the European Insurance and Occupational Pensions Authority(EIOPA).
ACORD, the global standards-setting body for the insurance industry, announced the results of its 2021 ACORD InsurTech Innovation Challenge London. Winner Intelligent AI provides a 360-degree view of risk, with over 300 datasets (including AI, IoT, Satellite, NatCat and Open Data) to create a Digital Twin of Risk for any global property portfolio or assets. Duck Creek solutions went live with Indigo's grenfield initiative in the Caribbean. Manchester-based Ignite Software Systems, a provider of insurance policy administration systems to brokers, MGAs, and insurers, signed an acquisition agreement with Sequel to accelerate the expansion of Ignite’s technology platform and form part of Sequel’s digital ecosystem.
Ascot aligned global reinsurance capabilities into a new division, and Fairfax Financial announced a successful completion of OMERS investment in Brit. Willis Towers Watson announced its new Global Leadership Team to drive the company forward, and there were senior appointments at Canopius, MS Amlin, Swiss Re, and Whitespace.

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