29th August 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

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Continual risk measurement and mitigation are core requirements for a successfull insurance market-technology advances are increasingly contributing to decision making, rating, and speedier claims settlement. This week, Lloyd’s announced a two-year partnership with geospatial InsurTech McKenzie Intelligence Services(MIS)-the new agreement provides the Lloyd’s market with access to multi-source intelligence including world-class satellite imagery, through the Global Events Observer(GEO) platform, which will help deliver faster claims decisions and payments for customers, and supports the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology led insurance marketplace. Aerial mapping company Bluesky International announced it was working with the Dutch mobile mapping specialist Cyclomedia to bring together imagery and height data, captured from the air and at street level, to fuel a growing demand for virtual city applications in the UK. Tokio Marine became the latest globally leading insurance institution to partner with cyber risk analytics specialist CyberCube-in a wide-ranging agreement, Tokio Marine has gained access to a suite of CyberCube’s products including Account Manager, Portfolio Manager and a range of other cyber modelling solutions. Cyber liability insurance for small and medium sized businesses(SMB's) is not a replacement for having a comprehensive cybersecurity strategy in place, said Algirdas Sakys, Information Security Manager at NordVPN Teams. Verti Versicherung AG, Germany’s second-largest direct motor insurer, is set to turn to AI-based software from FRISS, and Skuld announced the launch of its inaugural online claims tool. Quotall reported a new partnership with WHSmith to launch an insurance service for UK retail customers, and has also entered into a partnership with specialist motor insurer MCE Insurance. RMS estimated insured losses from the recent Western and Central Europe floods will be between E5–6.5bn. Sapiens is to enable one of South Africa’s top five banks to align with the latest, market-leading trends.
UK Insurance firms may not be ready to implement new product governance rules to ensure insurance provides fair value, according to a review published by the Financial Conduct Authority(FCA). Bermuda International Long Term Insurers and Reinsurers(BILTIR) has become a supporter of the Principles for Sustainable Insurance(PSI), part of the United Nations’ Environment Programme(UNEP). Bermuda (re)insurers paid out $29.3bn to European Union(EU) policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020 according to commercial market claims data collected by the Bermuda Monetary Authority(BMA).
Pecuniary Loss claims at Lloyd's more than quadruple in the wake of COVID-19 reported Insurance DataLab. Swiss Re and Climeworks, a leading specialist in carbon dioxide air capture technology, are partnering to combat climate change- the partners signed the world's first long-term purchase agreement for direct air capture and storage of carbon dioxide, worth $10m over ten years.


Full articles on the topics in the Editor's Weekly Highlights above are included in those added this week to the Newslink Global Trends Research Database Service at
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