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2nd April 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, key financial results published for private US property/casualty insurers significantly worsened in 2022 from a year earlier-according to preliminary figures from Verisk and APCIA, the $26.9bn underwriting loss is the largest since 2011. According to a report by Gallagher Re,
global reinsurers Year-on-year premium growth averaged 12.1% for FY 2022, supported by improved pricing for commercial lines and reinsurance business-the average combined ratio deteriorated marginally to 95.7(FY 2021: 94.7), mainly due to an inflation-driven increase in the attritional loss ratio, but investment losses weighed on the average full-year ROE, which dropped to 10%(FY 2021: 12.6%). PERILS disclosed its initial industry loss estimate for Cyclone Gabrielle which affected the North Island of New Zealand in February is NZD1,543m. Marsh released its 2023 Political Risk Report outlining the major shifts and trends in the global political and economic landscape that will impact multinationals and investors in the coming year, and Marsh McLennan published its 2022 Environmental, Social and Governance(ESG) report:" Succeeding Together". Satisfying policyholders is becoming costly for French Life Insurers according to S&P Global Ratings. GlobalData estimated that the Indonesian general insurance industry is to surpass $7bn by 2027. The International Association of Insurance Supervisors(IAIS) released its Year in Review 2022.
Lloyd’s Lab announced 13 InsurTechs joining its first ever European-focused cohort. Lumera was selected by Bpf HiBiN in The Netherlands to provide a SaaS policy administration platform. Majesco integrated ACORD Solution Group’s ADEPT to improve speed, accuracy and security of data exchange for its customers operating in the London Market. WTW are to collaborate with Sapiens to optimise real-time pricing and speed to market for insurers.
Intact Financial and RSA announced their exit from the UK Personal Lines Motor market. Co-op Insurance officially launched space travel cover. AnaCap and Founders sold a minority stake in Germany headquartered broker MRH Trowe(MRHT) to TA Associates at a 4.3x money multiple. There were financials from China Pacific, esure; and Canopius.


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