26th February 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Amwins, the global distributor of specialty insurance products and services, released its "State of the Market" report, providing up-to-date market intelligence on pricing, capacity and coverage trends across multiple business segments and industries. Bloomberg Intelligence said “Electric vehicles(EVs) made up 23% of all new UK auto sales in 2022, and while insurers charge 12% more on average to insure them, that may not be nearly enough. Repairing a damaged EV can cost 53% more than a conventional auto fix. EV batteries also have uniquely challenging risk profiles capable of significantly boosting insurers' third-party costs-we therefore contend that the 12% extra average cost to insure an EV is probably an inaccurate reflection of additional risk, squeezing margin at Admiral, Direct Line, Hastings and other motor insurers.”-a new study from Juniper Research found that revenue from EV(Electric Vehicle) charging will exceed $300bn globally by 2027. GlobalData reported that Cyclone Gabrielle and Auckland floods will erode profitability of property insurers in New Zealand, and also highlighted that insurers in the facing business interruption claim lawsuits could lose business due to hampered reputations. Marsh McLennan launched "Staying Above Water", a new report exploring systemic responses to rising flood risk, whilst Moody’s RMS estimated total Economic and Insured Losses from the Turkey Earthquakes are likely to exceed $25bn and $5bn respectively. The organisational structures, workplace culture, and wider risk management ecosystems that combine to minimise cyber threats are still often lacking at rated entities, according to a report by S&P Global Ratings.
Industry groups called on MEPs to ensure the AI Act is risk-based and facilitates innovation in Europe. Service providers and road users are pushing back against vehicle manufacturers’ call for delay to EU rules on access to in-vehicle data.
BI4ALL's solution has responded to Portugal-based Mudum Seguros's need to reinforce its internal data capacity and integrate into a single data programme. A new Claims Module by Fadata aims to simplify insurance claims processing on all levels. Ocean Re continues to develop and expand client opportunities through new agreement with Moody’s RMS. Thai Life Insurance is partnering with Munich Re Automation Solutions with the adoption of its SaaS-based underwriting solution.
Stockholm-based Brookfield Underwriting was acquired by Swedish broking group Säkra, and new MGA Casper selected Pro MGA Global Solutions as its Incubation Partner. Munich Re surpassed profit guidance in 2022 despite challenging times, reporting a profit of E3.4bn and is on course to achieve Ambition 2025-consolidated profit is expected to increase to E4bn in 2023. Other financials included those from Liberty Mutual and QBE. Skuld continued strong growth in successful 2023/24 renewals.




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