Of Special Interest


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9th April 2023

Newslink Global Trends-Editor's Weekly Highlights

This week, Gallagher Re reported that reinsurance buyers were unable to avoid the variable but universal price corrections driving rates up at the 1st April renewals-the renewal was challenging, with buyers facing similar discipline from the reinsurers to that seen at 1st January- in some cases, particularly within smaller markets that had escaped previous rate hikes, significant structural changes were imposed by reinsurers, and these dramatic adjustments may have impacted ceding insurers’ financials profoundly. Global multiline insurers' strong capitalisation, competitive advantages, and business and geographical diversification are allowing them to navigate difficult conditions well, S&P Global Ratings said in a report. WTW said in its latest Energy Market Review that market volatility is very likely to continue for the global energy sector, which remains beset by challenges including: the necessity of net zero transition; dramatic price fluctuations; immature alternative development and adoption strategies; and a fluctuating regulatory backdrop-the uncertainty resulting from these market disruptions is one factor fuelling continued insurance price increases across the sector.
The International Association of Insurance Supervisors (IAIS) published its report on the targeted jurisdictional assessment(TJA) of the implementation of the Holistic Framework supervisory material. The Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector was adopted by the IAIS in November 2019 and endorsed in December 2022 by the Financial Stability Board(FSB). Consumer and industry groups urged the EC Commissioner Breton to bring forward market-enabling legislation on access to in-vehicle data, functions & resources.
DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, global (re)insurers and investors in insurance-linked securities(ILS), announced the launch of Version 5.3 of its DeRISK Platform-DeRISK 5.3 is an evidence-based, data-driven cyber risk quantification and management tool that aims to help the risk transfer community better understand, mitigate and transfer the risks associated with cyber breaches. Guidewire announced Garmisch, its latest cloud release, and also that it had received two accolades-in Celent XCelent Awards and ‘Luminary’ Tribute for Policy Administration in EMEA.
Munich Re discontinued its membership in the Net-Zero Insurance Alliance(NZIA)-ceo Joachim Wenning said “In our view, the opportunities to pursue decarbonisation goals in a collective approach among insurers worldwide without exposing ourselves to material antitrust risks are so limited that it is more effective to pursue our climate ambition to reduce global warming individually."-Zurich later in the week announced it was also going to leave the NZIA. Nexus Underwriting announced that it had completed the acquisition of a majority stake in Spectrum Risk Management, a specialist MGA headquartered in Dubai focusing on Marine and Property insurance and reinsurance. DARAG Group announced the conclusion of an agreement between an undisclosed Cayman-based captive company and its Bermudian insurance carrier, DARAG Bermuda(DBL)-the transaction structure is a renewal of a previous novation agreement.


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