23rd April 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Gallagher Re estimated the total economic loss worldwide for all natural hazards at an estimated $77bn–the highest Q1 total since 2011, according to its Q1 2023 Natural Catastrophe Report-led by the powerful and devastating earthquakes in Turkey and Syria and severe convective storms(SCS) in the US, Q1 2023 resulted in above average natural catastrophe losses around the world. Colorado State University(CSU) released its first forecast for the 2023 Atlantic hurricane season-CSU said "We anticipate that the 2023 Atlantic basin hurricane season will have slightly below-average activity-current neutral ENSO conditions look fairly likely to transition to El Niño this summer/fall; however, there is considerable uncertainty as to how strong an El Niño would be, if it does develop". Increasingly, unpredictable weather poses challenges for crop insurers in managing underwriting and claims according to Ceres, a global leader in precision agriculture analytics. Political Risk loss frequency surged in 2022 to become “everyone’s risk” as the Ukraine war delivers widespread financial losses, according to WTW. The UK insurance industry is set for a revamp, S&P Global Ratings said in a report-"UK Insurers Must Thrive To Survive". The latest Compare.com/WTW report indicates that UK car insurance premiums jumped by 20%-the biggest annual rise in over a decade. The India life insurance industry is estimated to reach $170bn in 2027 according to GlobalData.
The Chartered Insurance Institute(CII) published its new, 5-year Strategic Plan. An IAIS GIMAR special topic edition provided an assessment of cyber risks in the insurance sector and financial stability implications. Policyholder protection schemes require a jurisdiction-specific approach, clearly defined roles and appropriate funding mechanisms, reported The Global Federation of Insurance Associations(GFIA). London Market Group(LMG) supported parliamentarians’ calls for reform.
Fadata introduced a new Ecosystem featuring best-of-breed technology partners for its insurance platform, whilst Insurity expanded its cloud-based Sure Underwriting Workbench to the London Market. NFU Mutual selected FRISS to streamline trust throughout the policy and claim lifecycle, and omni:us was joint winner of the Zurich Innovation Champiomship Switzerland.
Fairfax Financial is to acquire an additional 46.32% interest in Gulf Insurance Group(GIG) from KIPCO. Pro MGA Global Solutions supported the launch of MGA Nirvana, and Pop Group Holdings received investment from Direct Capital. BMS Group is to acquire West Australian insurance broker Western United Financial Services. Financial reports included those from Travelers, W.R.Berkley; Aspen; and Marsh McLennan.




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