15th January 2023

Newslink Global Insurance Trends-Editor's Weeekly Highlights

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This week, Fitch Ratings’ 2023 sector outlook on the London Market was ‘neutral’ as demand for specialist insurance products should not be significantly affected by the economic slowdown with price increases and higher reinvestment yields offsetting rising claims inflation. Thomas Blunck, member of the Board of Management at Munich Re, said "Climate change is taking an increasing toll. The natural disaster figures for 2022 are dominated by events that, according to the latest research findings, are more intense or are occurring more frequently. In some cases, both trends apply. Another alarming aspect we witness time and again is that natural disasters hit people in poorer countries especially hard. Prevention and financial protection, for example in the form of insurance, must therefore be given higher priority." According to research by Lexis Nexis Risk Solutions, 54% of young people in Ireland have been tempted to buy fake insurance online.
For the past 17 years the World Economic Forum’s Global Risks Report has warned about deeply interconnected global risks-conflict and geo-economic tensions have triggered a series of deeply interconnected global risks, according to its 2023 report-these include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost of living and debt servicing. At the same time, these crises risk undermining efforts to tackle longer-term risks, notably those related to climate change, biodiversity and investment in human capital. The Global Federation of Insurance Associations(GFIA) published a set of dos and don’ts on the concept of open insurance. The International Association of Insurance Supervisors(IAIS) 2023-2024 Roadmap outlined a two-year workplan addressing key risks and trends in the insurance sector. Insurance Europe said that an outright EU-wide ban on inducements would undermine the goals of the EC’s Retail Investment Strategy, and also reported that the new Financial Stability Board(FSB) initiatives on cyber incident reporting should aim to encourage best practices and avoid creating new requirements. The Financial Conduct Authority(FCA) is proposing to update guidance, introduced during the COVID-19 pandemic, to support insurance customers in financial difficulty. The damaging rift between the Chartered Insurance Institute(CII Group) and the Personal Finance Society(PFS) continued.
Duck Creek Technologies announced it had entered into a definitive agreement to be acquired by Vista Equity Partners (Vista), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6bn. Paul Hackett, Chief Business Analyst at Munich Re Automation Solutions, wrote a guest article headed "The Digital Underwriter: The Key to Unlocking Customer-Centricity". Juniper Research reported that mobile operators could lose $2.5bn of business messaging revenue to OTT Apps globally by 2023-5G to account for 23% of Automotive Cellular Connections globally in 2027.
Direct Line's CEO Penny James updated on current trading, weather related costs and outlook and said as a result the Board no longer expects to declare a final dividend for 2022. According to ProGlobal $1bn+ in global re/insurer loss funds are redundant. Superscript scooped £45m in Series B funding, whilst TMK launched its first life science insurance product, ‘IntelliMed’, with intellectual property and cyber coverage under one policy. There were senior appointments at Lloyd's, Antares, and Earnix.




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