13th August 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Martin Bertogg, head of Catastrophe Perils at Swiss Re, said: "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses. The above average losses reaffirm a 5–7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanised settings, globally. The cyclone and flood events in New Zealand in the first quarter of 2023 are testimonies of the risk to today's large urban centres, continuing patterns observed in 2021 in the Germany flooding, and in 2022 in Australia and South Africa." PERILS disclosed its third industry loss estimate for the Kahramanmaras Earthquake Sequence, which affected large parts of south-central Turkey and neighbouring Syria on 6th February 2023-the event has cost the insurance industry a total of TRY92.8bn.
Duck Creek Technologies India announced a historical milestone with its expansion into the Indian general insurance market-it now offers India-based insurers the ease, convenience, and power of modern cloud-based software-as-a-service(SaaS), delivered as a full suite of capabilities or as stand-alone solutions-with this expansion, Duck Creek reinforces its market commitment by establishing its data centre in India, supported by nearly 1,000 local employees-in partnership with its first core systems full-suite India-based insurance customer, HDFC ERGO-Duck Creek says it will deploy its solutions to empower HDFC ERGO to take new products to market faster and significantly improve their customers’ experience throughout the policy lifecycle and across the insurer’s entire portfolio. Guidewire announced Hakuba, its latest cloud release, which drives profitability for P&C insurers-new capabilities include the Autopilot Workflow Service to orchestrate process automation across the P&C insurance lifecycle and the Integration Data Manager, a convenient way to store and govern third-party data for use with InsuranceSuite-commercial lines offerings are expanded with a new Rating App for agile rate development, London Market underwriting improvements with detailed financials, and Cyence Model 6 to keep up with the constantly evolving cyber threat landscape. Barents Reinsurance SA selected Moody’s RMS to provide natural catastrophe modelling services for its expanding property portfolio. Majesco announced the impact and success of its January 2021 acquisition of ClaimVantage, a global provider of enterprise claims platforms as well as absence and accommodation management for the L&AH market segment.
SiriusPoint and Eaton Gate, a London-based Managing General Underwriter(MGU), announced a new partnership. It was a busy week for financial statements-half year and second quarter results included those from Allianz, Liberty Mutual, and Zurich; Argo, Hannover Re, Hiscox, Lancahire, Munich Re, and Ryan Specialty. There were interim appointments at Lloyd's.

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