Of Special Interest


[x] [x]

27th March 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week,Lloyd’s announced a strong return to profitability in its 2021 full year financial results, with an overall profit of £2.3bn(2020: £0.9bn loss) and a combined ratio of 93.5(2020: 110.3)–the best quality result reported for six year-the material turnaround in performance has been driven by the Lloyd’s Market’s keen focus on underwriting profitability, as well as leveraging favourable trading conditions to achieve premium growth-premium rates increased by 10.9%, continuing the trend of 16 consecutive quarters of positive rate movement. The Intergovernmental Panel on Climate Change(IPCC) opened a virtual meeting considering the Working Group III contribution to the Sixth Assessment Report-the session is scheduled to run until 1st April. The Government of Mexico, IDF, UNDP, and the German Government, are to develop an insurance programme to protect climate vulnerable farmers. Insurance businesses are rethinking their strategies and the way that they undertake business, as 55% of senior executives working in the sector say that over the last 1-2 years, they have experienced increased pressure on ESG matters from stakeholders such as regulators, customers and employees, in comparison to 46% across all sectors, according to a survey by DWF-the survey, of 480 senior executives in 13 countries, shows that 28% of the insurance executives felt that the ESG performance of their own company was "weak"-some 65% of insurance leaders also said that poor ESG performance is affecting their company a great deal, in comparison to an average of 59% of executives across all companies surveyed-there is a desire to change, whilst recognising it will be challenging. Russia’s general insurance industry is expected to decline by 14% in 2022 due to the Russia-Ukraine crisis, according to GlobalData research.
Insurance Europe said the European Commission(EC) must totally rethink its unworkable suitability and appropriateness proposals, which would create significant problems for insurance customers-it also welcomed the EC ELTIF review, but warned asset class remains unattractive for long-term institutional investors. European insurers paid E2.8bn in claims and benefits per day in 2020-assets increase to E10.6tr.
Board directors are still failing to take ransomware seriously enough said Databarracks research. Hannover Re made its InsurTech innovation platform hr/equarium openly accessible, RMS joined the Global Earthquake Model Foundation, and WTW released a new version of its Radar pricing software to take advantage of the latest open source capabilities.
Berkshire Hathaway is to acquire Alleghany Corporation for $848.02 per share in a $11.6bn transaction. Oman Insurance acquired the Generali life business in the UAE. Marsh launched ESG Risk Rating to measure companies’ ESG. Ardonagh announced 2021 financials. There were senior appointments at Pool Re and Ardonagh.


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 29 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 55,000 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 29 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.