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17th October 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, the Insurance Task Force(ITF), as part of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative (SMI), published a Sustainable Products and Services Showcase detailing the wide-ranging insurance support that is empowering customers to develop, invest in and scale their sustainability initiatives, supporting green innovation across multiple sectors and geographies. The showcase illustrates the innovative risk management and risk transfer solutions currently available, and their role in underpinning and safeguarding the efforts of multiple industries as they drive climate-positive action to adapt and transition to a sustainable future. It includes insurance coverages across the hydrogen supply chain, solar energy, wind power, and carbon capture, together with parametric and microinsurance schemes protecting coffee farmers in Nicaragua and cyclones in Australia. Premium income for the London company market jumped by 20% in 2020, acording to a new report by the International Underwriting Association(IUA). Large commercial and wholesale risks worth £27.976bn were written in the City last year, with a further £5.162bn completed in offices elsewhere, but overseen and managed by London operations. Combining these two figures gives an overall intellectual and economic premium of £33.138bn, up from a figure of £27.633bn in 2019. The latest report from Fitch Ratings uses SecurityScorecard’s(SSC) grading platform to analyse the cybersecurity risk of over 400 global insurance companies, representing approximately two-thirds of global insurance premiums-the report found that that there is a positive correlation between the agency’s credit ratings. New global research From Allianz Partners showed disconnect between awareness of mental health and willingness to use support services.
UK comprehensive car insurance premiums have fallen by 16% (£97) since the third quarter of 2020, with UK motorists now paying £514 on average-according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson-this is the biggest annual drop since 2014. According to a nationally-representative survey into 2,000 UK workers, conducted by corporate transport technology specialist Kura, an increase of just £5 to daily travel costs may hold the key to solving the UK’s car-led climate emergency. Guidewire Software EMEA released new insights from its "Love, Hate or Indifferent" insurance customer attitudes study-the new findings focus on the number of insurance customers uncertain as to whether they are insured when working from home. Further, many have mixed feelings about insurance staff working remotely themselves. 1.4m UK consumers spend two days on hold to their life insurance providers according to research by DeadHappy. Munich Re Automation Solutions launched its advanced predictive underwriting enablement technology, Predictor, in South Africa, and an accelerated pace of digitisation in the financial sector across the Asia-Pacific(APAC) region due to the COVID-19 pandemic is expected to support the growth of online life bancassurance, according to GlobalData.
Broker Howden had a busy time with acquisitions in Belgium, Norway, and major UK intermediary Aston Lark. Hannover Re committed to acheiving net zero emissions, whilst Arch and RenaissanceRe reported recent catastrophe losses. Apollo announced a $90m investment by Alchemy Partner, Nexus said that refinancing will boost its next growth stage, and Occam acquired terrorism-focussed MGA Beech Underwriting. There were senior appointments at Canopius, SiriusPoint, and DARAG.

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