16th October 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, a second Lloyd's report, in collaboration with Aon, called on the insurance industry to help customers build resilience against the impacts of the conflict in Ukraine. ReMark, a SCOR company, published its 9th Global Consumer Study(GCS)-this year, the annual survey covers 12,728 respondents across 22 markets. In an uncertain climate riddled with extreme weather events, rising energy prices, soaring inflation and geopolitical instabilities, the new GCS looked at insurance as a tool of consumer empowerment-from improving insurance literacy and providing data-optimised consumer experiences to embracing tech responsibly, ReMark called on the industry to put people at the heart of the insurance experience-this year’s study examined 10 insights covering insurance consumer journeys, life & health insurance(L&H), and, for the first time, property & casualty(P&C). GlobalData estimated the potential growth of the Taiwan life market by 2026.
The Geneva Association became a supporting institution of the UN-convened Net-Zero Asset Owner Alliance, and The Intergovernmental Panel on Climate Change(IPCC) were honoured to have been declared a co-laureate of the 2022 Gulbenkian Prize for Humanity, together with the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services(IPBES). Insurance Europe urged caution on potential supervisory overreach on pricing. The cost-of-living crisis is causing consumers to want claims paid faster and to feel more in control during the claims process, according to the findings of the latest Chartered Insurance Institute(CII) Public Trust Index.
The Gracechurch London Insurance Technology Monitor highlighted high expectations for e-trading but there was stll work to do in the London Market. Cyber initiatives were to the fore-a new version of the DeNexus Cyber Risk Quantification and Management platform was launched to better quantify and manage cyber risk,the Prodinity Cyber Solutions went live, and GlobalData reported that UK SMEs know they face greater cyber risk than ever but many remain uninsured. In a time of rapid claims cost inflation, insurers need to be able to “turn on a sixpence” to implement pricing and underwriting changes extremely quickly-however, many insurers currently lack the operational agility to do so, according to Earnix ceo Udi Ziv’s presentation at an Earnix Summit in London. Ornikar, the French motor mobility innovator, selected Guidewire InsuranceSuite on Guidewire Cloud for its core operating system, whilst Sapiens announced the deployment of its cloud-first P&C platform IDITSuite with Germany-based agricultural insurer VEREINIGTE HAGEL. WTW announced the launch of Risk Intelligence Quantified(Risk IQ). Hampden redefined Syndicate 2689 as Hampden Risk Partners, and BMS Group offset backdated Greenhouse Gas emissions for the past four years. There were senior appointments at IQUW, MSAmlin, SiriusPoint, and WTW.





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