13th February 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, ESG issues were to the fore-WTW said in a report that there is considerable lack of confidence on the part of global executives in their own organisations’ approach to reputational and ESG ‘risk readiness’-many believe that only a moderate amount of assessment has gone into these areas-the broker also reported in a survey of the UK With Profits Life sector that an increasing number of insurers are taking steps to rationalise their with-profits products and funds in order to simplify complex portfolios and address associated rising costs around emerging risk management solutions. Insurance Europe published an updated set of key messages on the European Commission's(EC)’s proposal for an EU Green Bond Standard(EUGBS), and also published its updated key messages on the EC’s proposals for the Corporate Sustainability Reporting Directive(CSRD), of which the industry is highly supportive. The Association of Mutual Insurers and Insurance Cooperatives in Europe(AMICE), the voice of the mutual and cooperative insurance sector in Europe reported that that it has become a supporting institution of the United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance(UNEP PSI). Chaucer announced a new collaboration with Moody’s to revolutionise the way businesses manage their ESG profile.
Insurers need to adapt policies as the majority of UK consumers intend to continue working from home post-pandemic, said GlobalData-the research company also reported that the general insurance industry in Australia is estimated to reach $73.6bn in 2026. The Global Federation of Insurance Associations(GFIA) wrote to the South Korean authorities to ask for clarifications related to changes to data protection rules for insurers and reinsurers operating in the jurisdiction. The Personal Finance Society(PFS) is looking to gather evidence of the value of advice to challenge the Financial Conduct Authority’s(FCA) perceptions.
Altelium, the battery health InsurTech, has launched a new company, Altelium(North America) Inc., to allow businesses in the US and Canada involved in the manufacture, integration or application of electric battery cells to benefit from its bespoke insurance solutions. DeNexus Inc. announced the release of Version 4.0 of the DeRISK Platform, a tool that provides evidence-based authentic and transparent data in order for industrial companies to measure the financial impact of cyber risks on their business. FRISS announced double digit growth in a turbulent year for InsurTechs, and Verisk completed a strategic investment in Berlin-based Rocket Enterprise Solutions as part of its European expansion-Rocket is a fast growing InsurTech provider in the German property claims sector. RMS conducted the risk analysis for NN Re, part of NN Group, which will issue a new catastrophe bond through Orange Capital Re DAC.
SCOR took full advantage of the hardening P&C reinsurance market at 1st January 2022, delivering 19% premium growth. Hamilton Insurance Group announced the formation of Hamilton Select Insurance in US, and RiverStone International launched a Bermudan office. Financial announcements included those from CNA, Intact, manulife, and Zurich: Beazley and Everest Re; and WTW. There were senior appointments at Howden and TigerRisk.





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