Of Special Interest


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14th November 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, all eyes continued to be on COP26, with a last minute softening of the final statement as China and India agreed to reduce coal usage rather that phase it out. There will be much comment in the forthcoming days, but one thing is certain-the global insurance industry has a major role to play to ensure climate change progresses. In the second week of COP26, the Global Federation of Insurance Associations(GFIA) published a selection of charts on how property catastrophe insurance operates in different countries. Insurance Europe unequivocally supported the collective global momentum to combat climate change. The Global Resilience Index Initiative(GRII) multi-partner taskforce announced its formal launch. The Insurance Task Force(ITF) as part of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative(SMI), launched its Disaster Resilience Framework for Climate-Vulnerable Countries. The Flood Re CEO told COP26 "Flood resilience is not being priortised", and Convex Group announced a multi-million-dollar partnership with the Blue Marine Foundation(BLUE). Corporate Leaders Groups and CISL responded to the final Glasgow Climate Pact Statement.
Forrester research indicated that global InsurTech funding remained hot in Q3 2021. DataBarracks commented on the rise of ransomware decryptors but warned it was still not game over. Hexaware Technologies partnered with Duck Creek Technologies to accelerate digital transformation for insurers, and Swiss Re Corporate Solutions is to provide Mitsui Sumitomo Insurance and its Group companies(MSIG) with PULSE technology platform to manage global insurance programmes. Majesco announced a partnership with Larsen & Toubro Infotech(LTI), and Willis Towers Watson is to work with Indeez to serve the needs of gig workers and digital platforms in Asia Pacific.
The Lloyd's Market Association(LMA) issued its latest guidance on updated FCA Pricing Practices and Product Reviews. Hannover Re is to its sell 49.8% stake in HDI Global Specialty to majority shareholder HDI Global, and Compre completed its SiriusPoint legacy deal. European insurers were to the fore in the latest financial announcements-they included Ageas, Allianz, Aviva, Direct Line, Faifax Financial, and Generali; Berkshire Hathaway, Munich Re, PartnerRe, and White Mountains. Three senior leadership appointments were announced at the Association of British Insurers(ABI).

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