Of Special Interest


[x] [x]

12th September 2021

Newslink Insurance Global Trends-Editor's Weekly Highlights

This week, Lloyd’s announced an aggregated profit of £1.4bn for the first half of 2021(HY 2020: £0.4bn loss), driven by a substantially improved underwriting result of £1bn. Gross written premiums increased to £20.5bn(HY 2020: £20bn) due to an increase in premium rates, high customer retention and new growth for the first time in four years. Premium rates increased by 9.9%, continuing the trend of 15 consecutive quarters of positive rate movement. The combined ratio of 92.2 (HY 2020: 110.4 and 97 excluding COVID-19 claims for FY 2020) is a solid improvement with a 4.8 percentage point reduction on the previous year, excluding COVID-19. With another Virtual Monte Carlo Rendezvous beginning tomorrow, the major reinsurers were setting out their strategy and latest research-Munich Re said "Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy. With cyber continuing to be a strategic growth market, the increase in ransomware attacks calls for greater prevention. Data analytics and artificial intelligence are future trends–and Munich Re is leading the way with a network of partnerships and worldwide expertise. Market conditions in primary insurance and reinsurance continue to develop favourably." The Swiss Re Institute expects insurance market premium growth to continue, driven by increased exposures, risk awareness and evolving client needs, with global p & c premiums forecast to more than double to $4.3tr by 2040. At its annual Investor Day 2021, SCOR's Executive Committee, led by Laurent Rousseau, ceo, presented an overview of the extension of the “Quantum Leap” strategic plan building on its global tier 1 reinsurer position and creating sustainable value for its stakeholders. Global reinsurers performed well in the first half of 2021 with a further expansion of their capital bases and strong headline underwriting results and ROEs-underlying ROEs, while less strong, were nonetheless noticeably improved, according to the latest Reinsurance Market Report from Willis Re. Fitch said the global reinsurance sector outlook was improving for 2022.
The Global Federation of Insurance Associations(GFIA)said in response to the IAIS that supervision should be based on clear legal standards, not subjective metrics like insurer culture. Insurance Europe responded to ESMA for advice on digital finance, and replied to the EC on its proposals for a regulation on artificial intelligence(AI).
Forrester reported that InsurTech funding in the second quarter remained strong, and also issued a new report headed "The State Of Customer Obsession In Insurance". Texas-based Germania Insurance subscribed to Guidewire InsuranceSuite in Guidewire Cloud for business growth-the software supplier also released fiscal year 2021 results. HDI Global entered the autonomous vehicle sector following a deal with AutoGuardian by Smartcone in Canada, and HDI Global Specialty(HDS) selected Sapiens to accelerate growth and enable faster time-to-market. Majesco launched Insight Driven Underwriting Workbench–Majesco Digital Underwriter360 for P&C, and ProLion highlighted five things an employer needs to instil in remote teams to halt the rise of ransomware. Willis Towers Watson is to partner with Applied Systems to enhance real-time pricing.
A new hybrid working philosophy was launched by Atradius, and AXA and Bharti completed the combination of their non-life operations in India into ICICI Lombard. Davies announced the acquisition of Asta subject to regulatory approval. Zurich deepened emissions cuts and added green options for customers. Willis Towers Watson outlined its growth strategy at its Investor Day.

An ideal ongoing global intelligence source for office-based and dispersed staff

Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 28 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and
dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 54,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 35,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 28 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.