27th November 2022

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Michel M. Liès, the Insurance Development Forum(IDF) Steering Committee chairman, and chairman of Zurich Insurance Group, reported on IDF actions at COP27, whilst The Intergovernmental Panel on Climate Change(IPCC) circulated the final draft of the Summary for Policymakers and a longer report of the Synthesis Report of the Sixth Assessment Report to governments for review and comments. Insurance Europe updated its Sustainability Hub. The Reinsurance Advisory Board(RAB) responded to a consultation by the Insurance Regulatory and Development Authority of India(IRDAI) on its draft amendments to its reinsurance regulations, generally welcoming the changes but calling for removal of remaining unnecessary barriers for foreign carriers. The Association of British Insurers(ABI) published an ambitious new Blueprint, setting out a multi-year strategy and work plan to improve Diversity, Equity and Inclusion across the insurance and long-term savings industry. In support of the Financial Conduct Authority’s FCA) flagship regulatory reform, the Consumer Duty, the Personal Finance Society(PFS) announced a good practice guide for personal finance firms.
S&P Global Ratings commented "The UK government's announcement of its proposed change to Solvency II is likely to be neutral for the creditworthiness of rated insurers in the UK as we expect them to broadly maintain their capital positions, as measured by S&P Global Ratings' risk-based capital model." In a speech at the Insurance Institute of London, Institute president and Marsh UK & Ireland ceo Chris Lay highlighted how, despite being a global hub for financial services and insurance, the UK is not perceived as a viable location for captive insurance vehicles due to regulatory barriers.
DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, global (re)insurers and investors in insurance-linked securities(ILS), opened an office in London as part of its strategy to build out its cyber expertise in Europe. As insurance telematics and usage-based insurance(UBI) programmes continue to grow globally, insurers increasingly have opportunities to tap into consumer behaviour and create personalised services, said Sharona Sagi, director of Business Applications, Earnix at a recent event. HDI Global Specialty SE has selected Sapiens for complete P&C core transformation. Verisk Specialty Business Solutions announced a 70th client has chosen Sequel Impact to enhance its exposure management capabilities.
Chubb received regulatory approval from the China Banking and Insurance Regulatory Commission to increase the company's ownership in Huatai Insurance Group from 47.3% to 83.2%. Lloyd’s estimated Hurricane Ian claims at between $2.3bn-$3bn. Superscript’s advisory service, SuperscriptQ, was granted authorisation to operate in Europe as a Lloyd’s broker, and WTW and The Nature Conservancy launched the first ever coral reef insurance policy in the US. There were senior appointments at Insurance Europe, Liberty Mutual, and AdvantageGo.



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