4th September 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

Trend

• Tweet
• Share on Facebook
• Share on LinkedIn

Last week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months from Research, Publications, and Surveys in the Search Matrix.
The global cyber insurance market has recently returned to profitability following two years of rate increases and tightening terms and conditions-annual premiums reached about $12bn at year-end 2022, and are likely to increase by 25%-30% per year to reach about $23bn by 2025-in a report-"Global Cyber Insurance: Reinsurance" ,S&P Global Ratings said that its survey of global multiline insurers(GMIs) and global reinsurers suggests growth in cyber insurance will depend heavily on reinsurance to provide capital and manage accumulation risk. GlobalData’s “Company Filings Analytics Trends & Signals Q2 2023” report revealed that amid the push for digital transformation, the European pharmaceutical industry finds itself navigating a critical intersection of concerns—data protection, regulations, and the threat of data breaches-this pivotal juncture has thrust cybersecurity into the spotlight in the discussions of companies during Q2 2023, revealing its paramount significance in safeguarding sensitive information, with regulation mentions getting on par with data protection. Callum Higgins, senior Product manager, Moody’s RMS, comment stated "Major Hurricane Idalia made landfall as a Category 3 hurricane near Keaton Beach, Florida at around 11:45 UTC(07:45 local time) on Wednesday, 30th August-it is the first time since records began in 1851 that Taylor County, Florida, experienced a Category 3 hurricane or higher and Idalia matches or surpasses the strongest hurricanes on record to strike Florida’s Big Bend region-the day prior to landfall the storm rapidly intensified with wind speeds increasing by 45 mph, fueled by the anomalously warm waters in the Gulf of Mexico.
Direct Line Group has agreed a voluntary requirement having charged some existing home and motor customers more for their renewal than they would have done if they were a new customer-this is the first time a formal voluntary requirement has been agreed with a firm in relation to the FCA’s motor and home insurance pricing rules. Insurance Europe fully supports the goals of the Retail Investment Strategy RIS) published in May this year: to address the low-level of retail investment participation in financial markets, while protecting investors from mis-selling practices-yet, the industry is concerned that some of the European Commission's RIS proposals will make it much more complicated for consumers to invest and, subsequently, discourage them from doing so or steer consumers towards buying the cheapest, rather than the best, product-Insurance Europe submitted its response to the European Commission’s Have your Say consultation, highlighting the industry’s recommendations to make the RIS fit for purpose.
Apollo, the independent specialist insurer and reinsurer, and Artificial Labs, the algorithmic underwriting InsurTech, announced the launch of a new smart follow collaboration to unlock fast, consistent and reliable capacity for London Market brokers. Aviva appointed a new ceo of UK & Ireland General Insurance and a new CEO of Aviva Canada, whilst Direct Line announced that Adam Winslow, previously with Aviva, is to be appointed as ceo. The Vienna Insurance Group(VIG) is on track to achieve projected results for 2023.


REGISTER FOR A 14 DAY FREE TRIAL at www.onlystrategic.com TO ASSESS OUR GLOBAL TRENDS SELF-SERVICE RESEARCH DATABASES AND CREATE SPEEDY REPORTS


NEWSLINK:HINDSIGHT-INSIGHT-FORESIGHT

Increasingly, financial services companies and their
regulators are taking a global view as instant
communications make the world a smaller place and are
accelerating the maturity of developing countries.
Insurance Newslink 30 years ago predicted this trend and
over that period of time has uniquely brought together
strategic intelligence from source across all
insurance/reinsurance markets and related IT/InsurTech
trends into an internet-based Research Matrix database
self-service and reporting facility. As technology and
analytics progresses, with such advances as machine
learning, artificial intelligence, and dispersed
digitisation uplift following the COVID-19 pandemic, the
service will play an increasingly important role in adding
value to internal company analytics in a global market
context.
Today, Insurance Newslink has over 57,000 expertly
selected articles from source indexed across a Matrix of
date, continent /country, company, regulatory, company,
research/publications, and IT applications by business
function. Our Banking Newslink Global Trends service
commencing in 2000 has over 37,000 articles, and Financial
Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each
other’s positioning and IT suppliers of all types and
sizes need to understand the key business and regulatory
issues and opportunities. The surge of InsurTech, FinTech
and digitisation initiatives have emerged from all over
the globe-only a few years ago, the Chinese were finding
out about progress in the US and Europe and could well now
be ahead of the field. Speedier change is impacting the
mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker,
better decisions across market players and suppliers
bringing global market,IT, and regulatory trends together,
adding value for student through to CEO.
Our content is read broadly equally across The Americas,
Europe, and Asia Pacific by all ranges of management and
we are increasing the number of distribution partners. Our
service is available from a single user to a corporate
subscription.
For the past 40 years, we have worked with over 100 market
players and major technology suppliers-go to our
consultancy site-Shillito Market Intelligence Ltd at
www.shillito.org.uk for more background and a list of some
of our clients. For the last 30 years, our Newslink Global
Trends Research Database has been proven as the core
content for our numerous white papers, university business
school lecturing, training, speaking, and chairing events
globally.