16th April 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Lloyd’s announced the launch of the Lloyd’s Private Impact Fund with the appointment of Schroders’ specialist private assets investment division, Schroders Capital, as its Portfolio Manager-the newly-launched fund will invest globally across private equity, infrastructure, natural capital and real estate targeting the long-term themes of Climate Mitigation, Climate Adaptation, Circular Economy and Social Inclusion. SCOR Investment Partners, the asset management company of the SCOR Group, said that its second flagship Insurance-Linked Securities(ILS) fund, SCOR ILS Fund–Atropos Catbond Fund, has surpassed $1bn of assets under management. ClimateWise mapped out a path to help insurers and reinsurers take nature into account when underwriting risk-the report hopes to reaffirm the insurance industry’s vital role in protecting the natural world by offering guidance on how to bring its risk expertise to bear before, not only after, natural disasters and extreme weather events. TSR reduced its forecast issued in early December and predicted North Atlantic hurricane activity in 2023 will be 25-30% below the 1991-2020 30-year norm. Singapore's life insurance industry was estimated to reach $77bn by 2027 by GlobalData.
The International Underwriting Association(IUA) proposed reforms to the UK discount rate, used by courts to calculate lump sum compensation fair awards in personal injury cases-a dual rate model, featuring both short and long-term rates, would provide fairer and more accurate compensation payments, the association argues, which would provide claimants and re/insurers with greater certainty over agreed settlements. A group of industry representatives—including Insurance Europe has published a statement calling for a clear, unequivocal and immediately applicable EU Repair Clause to create a right to accessible and affordable repairs. Insurance Europe also responded to a consultation conducted by the European Commission(EC) on its proposals for VAT in the digital age(ViDA), and also called for appropriate governance, funding, prioritisation and scope for European Single Access Point.
Strategic priorities in the global insurance sector are shifting as firms increase their focus on operational resilience, according to new research from AutoRek, a reconciliation and finance automation FinTech. In the US National Safety and Risk expanded its product offering with the selection of the Majesco Loss Control and Property Intelligence solution.
Apollo announced ICX Consortium within its Apollo ibott 1971 division, and Arch Insurance acquired Thimble, a leading US InsurTech platform for small business customers and agents, The launch of innovative (re)insurance startup-Aspect Labs aims to bring a new perspective to Direct and Facultative(D&F), with backing from Everest Re and AmTrust. SiriusPoint acknowledged an indication of interest from Third Point, whilst Swiss Re's shareholders approved all proposals put forward by the Board of Directors at its Annual General Meeting.



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