3rd April 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

Trend

• Tweet
• Share on Facebook
• Share on LinkedIn

This week, AIRMIC issued a member's survey on the future of the London Market-it highlighted that "For an industry not typically celebrated for its agility, insurers can be proud of the way they have adapted during the pandemic. Without bolder strides towards digital and talent transformation, however, the legacy systems of the London Market risk the loss of business to more modern competitors."-coincidentally, the London Market Group(LMG) announced that, the Data Council, supported by its Technical Group, had unanimously agreed that ACORD will be the market’s chosen data standards methodology, with the content of the Core Data Record(CDR) set to align with that. Lloyd’s Lab reveals its eighth cohort focusing on decarbonisation and climate change, and Lloyd’s is to partner with Schroders Solutions on a new market investment platform.
Swiss Re Institute revealed that extreme flood events once again drove high losses in 2021, yet 75% of flood risks remain uninsured. S&P Global Ratings reported that the Russia-Ukraine conflict adds to a bumpy start to 2022 for global reinsurers. Global insurance industry collaboration ClimateWise has announced Kevin O’Donnell, president and ceo of Renaissance Re, as its new chair and John Scott, head of Sustainability Risk at Zurich Insurance Group as deputy chair-the initiative celebrates 15 years at the heart of the insurance industry’s climate conversations. The Life insurance industry in Hong Kong is estimated to reach $96.5bn in 2026 according to GlobalData, who also reported that LIC continues to lose market share in the highly concentrated Indian life insurance market, as Generali announced it had become the majority shareholder in its Indian life insurance joint venture. Insurance Europe published its response to a consultation by the European Commission(EC) on its proposal for the establishment of a European Single Access Point(ESAP), which it welcomed, calling for a phased approach.
Allianz Benelux implemented Munich Re’s ALLFINANZ suite of products-the partnership will enable Allianz to greatly speed up the life insurance underwriting journey for Dutch applicants. Juniper Research reported that Smart building deployments are estimated to exceed 115 million globally in 2026, with efficiency savings driving demand. Duck Creek Technologies cemented commitment to EMEA with the appointment of Shreyas Vasanthkumar as managing director, EMEA.
AIG announced a plan to rebrand its Life & Retirement business as Corebridge Financial when it becomes a public company. NFU Mutual was named an ‘Exceptional Workplace’. Occam Underwriting completed its acquisition of terrorism-focussed MGA Beech Underwriting Agencies, and TigerRisk intends to drive growth in Delegated Authority business with two key hires and geographical expansion. Brickell PC Insurance Holdings and Randall & Quilter Investment Holdings(R&Q) announced that they have agreed the terms of a recommended cash acquisition of the entire issued ordinary share capital of R&Q by Brickell as well as $100m of new equity funding. Clyde & Co and BLM are to merge. There were senior appointments at SCOR syndicate and Marsh McLennan, whilst immediate-past CEO of Pool Re Julian Enoizi will start in a newly created global role at Guy Carpenter.


-NEWSLINK GLOBAL TRENDS DATABASES-A STRATEGIC PERSPECTIVE-
REGISTER FOR A 14 DAY FREE TRIAL TO ASSESS OUR GLOBAL TRENDS SELF-SERVICE AND CREATE SPEEDY REPORTS at onlystrategic.com

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 29 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 29 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.