22nd January 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Aviva’s third annual Risk Insights Report showed that an onslaught of interconnected economic risks, from labour shortages to supply chain disruption, have pushed UK business leaders to the brink as economic concerns top the list of boardroom worries. Marsh published a new report-"Impact of short-term challenges on the net-zero transition". WTW outlined a “New Trilemma” of challenges for Renewables-Sector risk managers-this trilemma will escalate risk management and ESG as key issues for the renewables industry in the year ahead, according to the broker's Renewable Energy Market Review 2023. Bloomberg Intelligence said Royal Mail’s cyber incident provides opportunities for insurers like Axis, AXA, Beazley and Hiscox that have pioneered speciality cyber insurance cover.
EU insurers welcomed the International Association of Insurance Supervisors(IAIS's) work to promote operational resilience good practices but called for more convergence, not new rules. Insurance Europe supported the European Commission’s aim for a Corporate Sustainability Due Diligence(CSDD) Directive, including a requirement to adopt a transition plan, and welcomed the European Financial Reporting Advisory Group’s(EFRAG’s) first set of European Sustainability Reporting Standards, but called for refinements. Insurance Europe also called on the European Data Protection Board(EDPB) to guarantee a transitional period for Binding Corporate Rules(BCRs) update. Insurance Europe's Consumer Hub highlighted EU insurance industry’s many innovative and consumer-centric initiatives.
Moody’s RMS announced that, as of the end of 2022, over 100 active clients have adopted and/or are utilising applications and services on the Moody’s RMS Intelligent Risk Platform(IRP). Allianz Global Investors(AllianzGI) announced the first close of the Allianz Private Debt Secondaries Fund(APDS) at E250m-the fund was launched in September 2022 and is the first private market secondaries fund of Allianz Group. Hannover Re partnered with Stone Ridge in the first cyber risks transfer to the capital markets through proportional reinsurance. MS Amlin strengthened its Asian reinsurance offering with the Phoenix 3 Re launch, and Arcadian Risk Capital(UK) entered into a D&F property binding arrangement with Aviva Insurance Limited UK. BMS acquired Australian specialist insurance broker Austbrokers Coast to Coast, and AnaCap-backed German broker MRH Trowe is to take over leading pension and HR specialist Lurse AG.




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