26th September 2021

Newslink Insurance Global Trends-Editor's Weekly Highlights

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This week, S&P Global Ratings said global reinsurers are grappling with how to incorporate climate change risk-while reinsurers have increased their efforts to incorporate climate change in their decision-making process, the report says many companies are facing difficulties in robustly implementing these considerations, and the rating agency's scenario analysis suggests that reinsurers' estimates of their exposure to natural catastrophe risk could be underestimated by 33%-50%. The Insurance Development Forum(IDF) and the Vulnerable Twenty(V20) Group of Ministers of Finance shared their joint vision to establish a global public private partnership on risk and resilience analytics and underscored the necessity to develop risk analytics based on country demand in a roundtable on the margins of the United Nations General Assembly with the theme “Strengthening Global Physical Climate Risk Management Capabilities”.
Insurance Europe said only a permanent reduction of capital requirements would enable insurers to contribute further to Europe’s economy. It responded to the European Commission(EC) on its upcoming proposals for a Data Act and for a European digital identity, and also replied to the IASB on its upcoming workplan. During the online annual meeting of the International Underwriting Association(IUA), chairman Rob Kuchinski explained the IUA’s commitment to improving data processing in the London Market-he confirmed company market involvement in the Future at Lloyd’s project and its Transformation Blueprint saying “We fully support and endorse the vision to create structured data at the point of placement for efficient downstream processing." At a meeting of the PPL Board on Friday, a unanimous decision was taken that the NextGen version of the placing platform(PPL) would be built by Deloitte-Bronek Masojada, chair of the PPL Board, commented “This was an important decision for the market in its journey towards more efficient and effective electronic placement of risk. PPL has undertaken extensive work to look at the two main options available; to continue to build our own platform or to partner with an existing offering. The pros and cons for each choice were explored thoroughly and presented to the Board. The choice of Deloitte offers the market the control that it wants on the development of the platform–both now, and in the future, and a partner that has been deeply involved in the build so far, offering expertise and continuity. We are very much looking forward to building on the strong work done so far on NextGen and delivering the platform that the market wants and needs.”
RMS estimated $1.1–$2.2bn in total US insured losses from Hurricane Nicholas-Apollo partners have adopted RMS ExposureIQ to understand risk exposure faster. r10 Consulting, a management consultancy working across the London Market, announced the launch of the r10 Partner Ecosystem. In the US, Duck Creek's Distribution Management solution was chosen by FCCI Insurance Group, Frankenmuth Insurance deployed Guidewire's Digital solution, and a
new Celent report commissioned by Majesco highlighted the digital chess game of the independent insurance agent.
Convex established a European subsidiary, and Volante obtained ‘in-principle’ approval for a new Asta-managed syndicate at Lloyd’s. There were senior appointments at the IUA, London Market Group(LMG), Beazley, MS Amlin, SiriusPoint, and Skuld.



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