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5th December 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, the International Association of Insurance Supervisors(IAIS) published its 2021 Global Market Insurance Report-GIMAR)-the report covers the latest findings from the IAIS’ targeted assessment of the impact of COVID-19 on the global insurance sector, the outcome of the first full Global Monitoring Exercise(GME) of potential systemic risks, and key highlights of the global reinsurance market analysis-there was specific focus on the low yield environment and the related trend of growing private equity ownership of insurers, increasing credit risk, and heightened cyber risk. The Intergovernmental Panel on Climate Change(IPCC) distributed the Final Draft of the Working Group III contribution to the Sixth Assessment Report(AR6) to governments-the final draft of the Summary for Policymakers has also been distributed for further review by governments-this is one of the final stages of preparations before IPCC member countries will consider this report in a two-week plenary next year-the Chair of the IPCC Hoesung Lee was named to Bloomberg Businessweek's 2021 Bloomberg 50 List.
Insurance Europe responded to a study on the equitable access to financial services for cancer survivors, and published its position on the European Commission’s legislative package on anti-money laundering(AML). BILTIR reported that assets under management in Bermuda’s long-term (re)insurance sector have grown to $667bn.
In the US, Arbella collaborated with Cognizant to implement the Duck Creek Suite OnDemand to underpin its personal lines operations, and Zywave announced the acquisition of California-based ClarionDoor, provider of intelligent insurance product distribution software available to the commercial insurance market. Hiscox EU pan-European transformation went live in Germany with Sapiens Solutions in the Cloud, and National Friendly partnered with Munich Re Automation Solutions to support launch of a new income protection proposition. Eos Venture Partners(Eos), the venture capital fund focused exclusively on the InsuTech sector, has announced that it is aiming to make a positive impact on the lives of 500 million people by integrating environmental, social, and governance ESG) factors, including closing the protection gap, into investment decisions. The Automotive Sensor market revenue is to grow to $92bn globally by 2026 said Juniper Research, and AX received police accreditation for its security devices. In the London Market, the PPL next generation platform will be delivered in 2022, and Inov8ionLab was launched to support Market transformation. Cincinnati Global is working with Sequel, a Verisk Business, to implement Sequel Claims.
Allianz announced its three-year strategic outlook and raised targets, whilst Aviva completed the sale of its Italy and Poland businesses. Gallagher completed the acquisition of Willis Towers Watson Treaty Reinsurance brokerage operations. Willis Towers Watson launched an industry risk forum for Ports and Terminals. Convex obtained reciprocal jurisdiction reinsurer status in the US, and Convex Europe SA received FCA and PRA approval. HDI Global is to insure mobile crypto wallets from Hoyos Integrity.

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