Of Special Interest


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18th September 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, leading reinsurers issued releases as the Monte Carlo Rendezvous returned post COVID-Munich Re said macroeconomic turbulence challenges the insurance market and financial strength and expertise will be decisive; Swiss Re expects a rise in demand and prices to continue driven by increasing exposures and risk; Hannover Re also anticipates further price increases next year. S&P Global Ratings highlighted that savings products have gained greater allure for UK insurers, and GlobalData said that the Russian life insurance industry is forecast to decline by 7.3% in 2022 as the Ukraine conflict continues to impact the invader's economy.
Insurance Europe said that the EU Consumer Credit Directive including the right to be forgotten for persons with prior diagnosis would be bad for consumers, and separately highlighted that EU supervision of the third-party litigation funding sector could benefit both claimants and defendants. The third report of the Geneva Association task force on climate change risk assessment features business use cases and new insights into regulatory priorities to offer re/insurers guidance on implementing climate change risk assessment to produce decision-relevant information. Alan Vallance, the Chartered Insurance Institute’s(CII) new chief executive, urged insurance professionals to make the most of the Financial Conduct Authority's(FCA) Consumer Duty “to take greater control of our destiny.”
Insly closed a E1.1m bridge round to accelerate growth of its no-code insurance software to help accelerate growth across operations in Poland, London, and Tallinn. Yokahu products were amongst 9 successful InsurTechs and innovators selected for global InsuTech accelerator, Lloyd’s Lab. Majesco launched a Customer Design Panel to accelerate innovation and enrich customer experiences, and CodeEast and WTW are to collaborate in the US to enable MGAs and Carriers to rapidly digitise their operations in Workers' Compensation insurance. Ageas entered into third-party reinsurance activities via Ageas Re. Acrisure received Lloyd’s in-principle approval for Asta-managed Flux syndicate 1985, Catalina announced Lloyd’s approval for new Asta-managed Syndicate 3232, and Lloyd’s broker Ramon announced an ‘exciting opportunity’ as it expands into Asia. Skuld reported improved half year financials, and there were senior appointments at Chubb, IQUW, and BMS.


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