Of Special Interest


[x] [x]

12th December 2021

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, a Fitch Ratings report said US property/casualty (P/C) insurers are poised to generate statutory underwriting profits and steady earnings next year, despite challenges from higher inflation and a likely reduction in contributions from investment gains. US Life Insurance activity returned to growth YOY in November according to the latest MIB statistics. GlobalData said environmental, social and governance(ESG) practices have become more than a buzzword, with businesses across all market sectors including the insurance sector, making efforts to adopt and integrate ESG practices into their day to day operations-its recent insurance industry poll revealed that most respondents(21.6%) believed that managing the long-term risks of climate change is the main driver for the adoption and integration of ESG practices in the insurance sector-a slightly lower proportion of respondents 20.2% cited that the incorporation of such practices was already a key part of their company’s values and ethics and a further 19.2% of respondents felt that ESG provided an opportunity for insurance businesses to differentiate themselves from the competition. Research carried out by cyber crime experts FoxTech revealed that among the worst industries at risk of cybersecurity breaches are computer software development companies with an average cyber risk score of 166, followed by publishing(152), research(115), transportation, trucking & railroad(111) and civil engineering(102).
The Global Federation of Insurance Associations(GFIA) responded to a consultation by the Financial Action Task Force(FATF) on revisions to Recommendation 24, which focuses on the transparency of beneficial ownership and legal persons, and its Interpretive Note. The Financial Conduct Authority(FCA) is to introduce a new Consumer Duty to drive a fundamental shift in industry mindset-it also proposes stronger requirements on oversight of appointed representatives.
Twelve Capital and Eos Venture Partners have joined forces to launch a joint InsurTech focused growth fund. The Sequel Hub launch aims to bring new efficiency to Specialty distribution. Hiscox is utilizing RMS Location Technology to deliver largest scale, high-speed point of quote pricing for coverholders. Data-driven insights specialist Prodinity has expanded with the opening of a new development unit in Krakow, Poland in addition to its offices in London.
LV= has reported that 66% of members voted for the Bain Capital acquisition offer-75% was required for the acquisition offer to proceed. Argenta is to withdraw from Lloyd’s China Platform. Sompo International's UK legal entity has been awarded ‘Chartered Insurer’ title by the Chartered Insurance Institute(CII). BMS has acquired specialist reinsurance broker PWS Mexico. Climate Transition Pathways(CTP) accreditation framework incubated by Willis Towers Watson continued to build cross-industry endorsement with Arch and Fidelis declaring their support-Willis Towers Watson also announced the acquisition of Aerosure, a leading aviation industry specialist, focused on the Australia, New Zealand and Pacific Island region. Sedgwick expanded its EFI Global offerings through the acquisition of ABESIM B.V. in Belgium. Randall & Quilter GWP grew by over 80% to $714m for the first nine months. RSA announced that Ken Norgrove has been appointed as ceo, UK & International, succeeding Scott Egan who will be leaving the business at the end of 2021. There were senior appointments at Marsh McLennan.

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 28 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 55,000 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 35,000 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 28 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.